Sri Lanka Down on Exports

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Sri Lanka’s export declines 10.7-Pct in November 2014: Central Bank
26 Jan, 2015 08:47:48
Jan 26, 2015 (LBO) – Sri Lanka’s exports declined 10.7 percent, to 921million US dollars in November 2014 from a year earlier due to decline in earnings from textiles and garments followed by rubber products ,gems, diamonds and jewellery categorized under industrial exports, the Central bank said.
Apparel exports were down 14.4 percent to 420.7 million US dollars in November 2014, with the decline in garment exports to the EU and to the USA by 16.6 percent and 17.8 percent, data showed.Gems, Diamonds and jewellery were down by 31.1 percent to 27.7 million US dollars in November.Exports of machinery and mechanical items had declined 15.5 percent to 29.1 million US dollars and rubber products also declined 16.7 percent to 69.6 million US dollars. The bank says exports earning from rubber products declined mainly due to the decline in rubber tyre exports.

Agricultural exports were down 4.4 percent to 233.1 million US dollars with tea shrinked 4.5 percent to 137.6 million US dollars. Spices export also were down 33.3 percent to 23.3 million US dollars.

The leading markets for merchandise exports of Sri Lanka during the first eleven months of 2014 continued to be the USA, UK, Italy, India and Germany accounting for about 50 per cent of total exports.

Imports grew 4.8 percent to 1,645.1 million US dollars In November 2014 with consumer goods up 39.8 percent to 365.1 million US dollars including 76.1 percent growth to 94.1 million dollars of motor cars.

“The increase in import expenditure in November 2014 was mainly led by imports of consumer goods with significant increase in imports of personal motor vehicles such as motor cycles and motor cars as well as rice imports.” Central Bank said in a statement.

Intermediate goods were up 1.6 percent to 907.8 million US dollars with fuel imports down 26.5 percent to 266.3 million US dollars.

Investment goods imports were down by 10.4 percent to 371.1 million US dollars with machinery and equipment down 4.4 percent to 180.0 percent while transport equipment also down 16.6 percent to 92.2 million US dollars and building materials declined by 14.6 percent to 97.9 million US dollars.

As the growth of imports weighed on the export earnings, the trade deficit widened to US dollars 724 million in November 2014, compared to US dollars 538 million in November 2013, data showed.

During the first eleven months of 2014, the main import origins continued to be India, China, UAE, Singapore and Japan accounting for about 59 per cent of total imports.

Trade deficits are caused when market participants in a country earn and spend money from selling abroad sources other than goods.

In November worker remittances (exports of labour) rose 9.1 percent to 619.3 million US dollars, and tourism earnings rose 17.5 percent to 173 million US dollars.

In the eleven months to November exports were up 7.5 percent to 10,107.8 million US dollars, imports up 7.1 percent to 17,617.6 million US dollars and the trade gap widened by 6.6 percent over the corresponding period in 2013,

Long term loans obtained by the government during the year to end November 2014 amounted to US dollars 1,438.7 million, compared to US dollars 1,547.8 million during the corresponding period in 2013.

Net inflows to the Government securities market from January to end November 2014 amounted to US dollars 4,726.6 million, which comprised net inflows to Treasury bills and Treasury bonds amounting to US dollars 1,711.2 million and 1,500 million US dollars of International Sovereign Bonds US dollars.

Net inflows to the Colombo Stock Exchange (CSE) during this period stood at US dollars 150.2 million, with a net inflows of US dollars 43.3 million being recorded in November 2014.

Inflows to Licensed Commercial Banks (LCBs) and Licensed Specialised Banks (LSBs) during the eleven months in 2014 amounted to US dollars 450 million.

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