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Sri Lanka’s exports slip 13.4-pct in October

Dec 06, 2012 (LBO) - Sri Lanka's exports slipped 13.
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4 percent to 770.4 million US dollars in October from a year earlier, with tea being hit by Middle East tensions with apparel falling amid weak demand, the Central Bank said.
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"Given the slowing down of global demand, exports of industrial exports continued to decline by October 2012," the Central Bank said.

"Earnings from exports of garments, which have a share of around 38 per cent in total export earnings, have made the largest contribution to the decline in earnings from industrial exports.

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"The decline in earnings from exports of rubber products as well as gems including diamonds and jewellery also made a significant contribution to the decline in export earnings in October 2012."

Exports of apparel had fallen 16.6 percent to 297.2 million US dollars in October and tea had fallen 9.

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6 percent to 187.5 million US dollars.

In the first ten months of the year exports had fallen 6.

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6 percent to 8,163 million US dollars.

Falling exports also reduce the money available to be spent on imports.

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But imports are also driven by spending power that comes from remittances which grew 17.
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6 percent to 7.5 billion US dollars in the first ten months and other foreig
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