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's trade deficit narrows 17.7 percent in April 2014
Fri, Jun 20, 2014, 11:41 am SL Time, ColomboPage News Desk, Sri Lanka.

June 20, Colombo: Sri Lanka's external sector strengthened further in April 2014, and trade deficit narrowed by 17.7 percent to US$ 682 million as earnings from exports substantially increased while expenditure on imports declined during the month, the Central Bank said Friday releasing the External Sector Performance review.

Earnings from exports in April 2014 increased significantly on a year-on-year (YoY) basis by 9.4 percent to US$ 765 million, while expenditure on imports declined by 5.3 percent to US$ 1.444 billion.

The cumulative trade deficit for the first four months of 2014 contracted by 12.1 percent, as the growth in export earnings of 16.9 percent outpaced the 2.6 percent increase in import expenditure.

Improved performance in agricultural exports, followed by industrial exports, led the significant growth in exports.

Earnings from agricultural exports increased 13.7 percent for April to US$ 199.7 million, out of which tea exports increased by 9.8 percent amounting to US$ 116.8 million.

Earnings from industrial exports, which account for more than three fourths of total export earnings increased by 8.0 percent, year-on-year, to US$ 559.5 million in April 2014, reflecting an increase in earnings from export of textiles and garments by 22.5 percent to US$ 336.8 million.

Expenses on fuel imports decreased significantly by 8.8 percent YOY to US$ 316.3 million and expenses on Food and Beverages declined 14.2 percent to US$ 108.8 million in April compared to same month in 2013.

During the month Workers' Remittances grew by 7.5 percent to US$ 554.0 million and earnings from tourism increased 49.8 percent to US$ 162.7 million.

By the end of April 2014, Sri Lanka's gross official reserves amounted to US$ 8.9 billion, while total international reserves, which include foreign assets of commercial banks, amounted to US$ 10.2 billion.

The domestic foreign exchange market has remained relatively stable during the year so far up to 19 June 2014, with the rupee marginally appreciating by 0.40 percent against the US dollar, the Central Bank said.

ColomboPage - Recent 10 Stories
First poll result in Sri Lanka Uva PC elections: Moneragala postal votes, majority for UPFA
-- [30 minutes ago]
Indian ruling party leaders discuss Tamil issue with Sri Lankan President
-- [3 hours ago]
Voter turnout around 65 percent at Sri Lanka provincial polls
-- [4 hours ago]
Violence reported during voting in Sri Lanka's Uva Province
-- [6 hours ago]
Four Army soldiers in Sri Lanka killed when earth mound collapses
-- [6 hours ago]
Maldivian, Sri Lankan Presidents discuss ways of enhancing bilateral relations
Sri Lanka looking to coal and renewables for energy needs - report
Special security programme in Uva Province during poll
Voting begins for Sri Lanka's Uva Provincial Council elections today
Former principal of Sri Lanka's Trinity College donated Rs. 202 million college's funds to LTTE - police

Copyright © 2000, 2014 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.