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Sri Lanka trade widens

May 27, 2010 3:56:15 AM - itnnews.lk

The country’s trade deficit expanded by 9.3 percent to 428 million US Dollars in March this year This is revealed by the Central Bank releasing its external sector performance review

The Central Bank attributed the widened trade gap to increased imports of consumer goods and intermediate goods. Earnings from exports, led by industrial exports grew by 4.8 percent in March 2010 to 663 million US Dollars while the expenditure on imports also increased by 6.5 percent to 1.091 Billion US Dollars.

Industrial exports, led by higher earnings from exports of rubber products, diamond and jewellery, petroleum products, machinery and equipment, and food and beverages, grew by 5.1 percent in the period under review. Earnings from agricultural exports grew only marginally due to the low volumes of exports despite the higher prices fetched by tea and rubber in world market.

Remittance from the Sri Lankan migrant workers in March 2010 grew 14.1 percent over March 2009 receiving 891 million US Dollars.