Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka trade deficit narrows in 2012 despite decline in export earnings
Mon, Feb 11, 2013, 11:44 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 11, Colombo: Responding to policy measures adopted earlier in the year to curb imports, Sri Lanka's trade deficit in 2012 declined by 4.1 percent to US$ 9.3 billion compared to 2011 despite the decline in export earnings.

The Central Bank in its External Sector Performance report released Monday said although expenditure on imports of investment goods increased, imports of consumer goods and intermediate goods declined steadily from around April 2012 in response to the measures taken by the government and the Bank to curb the rising trade deficit.

Earnings from exports also declined in 2012 along with the weakening of global demand but the deficit in the trade account of the balance of payments contracted in 2012, the Central Bank said.

Earnings from exports declined in December 2012, as earnings from industrial exports declined but, agricultural exports, especially, tea exports have performed well.

Sri Lanka's tea exports have fetched favorable prices since around May 2012 and have therefore helped to maintain export earnings during much of the year, the Bank stated.

Expenditure on imports, especially food imports and vehicles declined considerably in December 2012. Following the government's measure to impose heavy taxes on motor vehicles and raise fuel prices in February 2012, import expenses have continued to drop.

In 2012, export earnings declined by 7.4% earning US$ 9.77 billion while import expenses declined by 5.8% amounting to US$ 19.09 billion.

Earnings from tourism increased 25.1% to US$ 1.038 billion with tourist arrivals totaling 1,005,605 in 2012, a growth of 17.5 per cent.

Inflows to the government, which include Treasury Bills and investments at the Colombo Stock Exchange, increased 20.8% in the year to bring in US$ 5.257 billion.

Gross official reserves amounted to US$ 6.877 billion, while total international reserves which include gross official reserves and foreign assets of commercial banks, amounted to US$ 8.358 billion by end 2012.



ColomboPage - Recent 10 Stories
Sri Lanka stock exchange issues request for suppliers of Central Counter Party
-- [53 minutes ago]
Sri Lanka to review former government's Airbus deal, US$ 12 million penalty if cancelled
-- [1 hour and 7 minutes ago]
Human Rights Watch criticizes former Army commander's appointment to parliament
-- [1 hour and 56 minutes ago]
US Bureau of Democracy, Human Rights and Labor funds $ 500,000 grant for Strengthening Investigative Journalism in Sri Lanka
-- [6 hours ago]
Former Chief Minister Pillayan further remanded till February 24
Matthew Abeysinghe breaks Julian Bolling’s record for most gold at SAG
High level Sri Lanka-Bahrain talks held to renew trade, strengthen bilateral cooperation
Senior Solicitor General Jayantha Jayasuriya selected to be Sri Lanka's next Attorney General
Sri Lanka Speaker receives death threats for refusing demands of joint opposition
Sri Lanka Navy arrests seven local fishermen engaged in illegal fishing

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.