Sri Lanka exports up in Jan 2014, trade gap down amid low credit growth

Mar 26, 2014 (LBO) – Sri Lanka’s exports surged 23.3 percent to 898.0 million US dollars in January 2014, and the trade gap narrowed 5.9 percent to 755.9 million US dollars amid low credit growth, official data showed. Industrial exports rose 23.6 percent to 691.6 million US dollars with apparel also up 23.4 percent to 412.0 million US dollars, the Central Bank said.

Agricultural products grew 14.9 percent to 116.1 million US dollars, with higher prices also coming for tea. The Central Bank said the average export price of tea had risen to 5.31 US dollars per kilogram in January 2014 from 4.58 dollar a year earlier.

Rubber product exports were up 16.6 percent to 73 million US dollars. Petroleum export revenues from bunkers and aviation fuel had fallen 18.4 percent to 33 million US dollars despite a 10.6 percent rise in volume, due to falling prices.

Imports had risen 7.9 percent to 1,654 million US dollars in January from a year earlier. Intermediate goods had rise 22 percent to 1,033 million US dollars with fuel imports up 68.1 percent to US dollars 490 million in January.

Crude oil imports were up 41.2 percent, refined petroleum products were up 85.4 percent and cola by 79.4 percent.

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