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Sri Lanka exports, imports decline; trade gap shrinks in February


June 07, 2016 (LBO) – Sri Lanka’s exports fell 1.7 percent to 887.7 million US dollars in February, while imports fell at a faster 5.9 percent to 1,439.3 million US dollars from a year earlier, official data showed. The trade gap has shrank 11.9 percent to 551.7 million US dollars from a year earlier. On a cumulative basis, the trade deficit decreased by 10.5 per cent to 1,246 million US dollars in the first two months of 2016 from 1,391 million US dollars in the corresponding period in 2015. Earnings from exports declined by 1.7 percent to 888 million US dollars in February 2016 reflecting lower commodity prices in the international market. The largest contribution to this decline was from the petroleum products exports, followed by gems, diamonds and jewellery and spices exports.
Earnings from petroleum products in February 2016 declined by 55.6 percent reflecting a reduction in both bunker fuel export volume and average price level. Meanwhile expenditure on imports declined by 5.9 per cent to 1,439 million US dollars in February 2016, continuing the declining trend observed in the preceding seven months.
The largest contribution to this decline came from fuel imports, which declined by 43.7 percent to 149 million US dollars. trade-gap-feb-2016
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