Sri Lanka July 2011 export earnings up 9.4%, tea down

Sept 27, 2011 (LBO) – Sri Lanka’s exports rose 9.4 percent to 958 million US dollars in July 2011 from a year ago although earnings from tea, its main agricultural export fell, the central bank said. Spending on imports shot up 58 percent to 1.78 billion US dollars in July from the year before, with investments goods up sharply.

The trade gap in July 2011 widened to 819.5 million dollars, up 230 percent compared with last year.

During the first seven months of 2011, the cumulative earnings from exports increased by 30.3 percent to 6,014 million US dollars while spending on imports rose 48.3 percent to 11,091 million US dollars.

As a result, the trade deficit in January – July 2011 expanded to 5,077 million US dollars.

The central bank said in a statement on the island’s external sector performance for July 2011 that the largest contribution to the growth in exports in July was from the industrial sector.

This was led by a significant increase in exports of machinery and equipment, diamond and jewellery and textiles and garments.

Earnings from exports of machinery and equipment increased by 88.6 percent to 85 million dollars in July 2011.

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