Sri Lanka exports up 37-pct in April

July 11, 2011 (LBO) – Sri Lanka’s exports rose 37 percent in April 2011 to 745.7 million US dollars driven by a 41 percent gain in industrial exports to 574 million US dollars, while imports also rose 53 percent to 1.5 billion US dollars, the Central Bank said.

Intermediate goods rose 34 percent to 831 million dollars. Textiles, a key input to the export garment industry rose 70 percent to 187 million US dollars. Petroleum imports fell 1.2 percent to 313 million US dollars.

Investment goods rose 107 percent to 371 million US dollars.

The trade deficit rose 73 percent to 1,882 million US dollars.

In the four months to April, exports rose 50.2 percent to 3.46 billion US dollars with apparel exports rising 64 percent to 1.52 billion US dollars.

Imports rose 43 percent to 5.99 billion US dollars with intermediate goods rising 44 percent to 3.2 billion US dollars.

The trade gap expanded 34 percent to 2.5 billion US dollars. The central bank said worker remittances rose 22 percent to 415 million US dollars. Remittances increase the incomes of people driving imports and the trade gap.

The government is also a net foreign borrower, which also increases domestic spending power and imports. Apparel exports rose 32 percent to 302 millio