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Sri Lanka December 2008 exports fall sharply

Feb 19, 2009 (LBO) - Sri Lanka's total exports in December 2008 fell 19.
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1 percent to 681 million dollars from a year ago, dragged down by a sharp fall in its main product tea, as well as garments, the central bank said.
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"The performance of agricultural and industrial exports appears to have been affected by the adverse global economic circumstances," it said in a statement on the island's trade performance.

Total imports fell 9.7 percent to 1,049 million dollars in December with petroleum imports down 38.

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4 percent.

"The low import growth witnessed during the last two months is expected to prevail throughout a greater part of 2009," the statement said.

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The island's trade deficit increased by 15.

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1 percent to 368 million US dollars in December 2008.

Cumulative earnings from exports during the year (January December 2008) grew 6.

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5 percent to 8,137 million US dollars compared with the year before.

Total spending on imports during the year rose 24 percent to 14,008 million US dollars from the previous year.

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As a result, the deficit in the trade balance increased to 5,871 million US dollars during 2008, compared to the deficit of 3,656 million US dollars the previous year.

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