Lankapage Logo CP 17 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 contracts by 12 percent in September 2016 as exports increase
Wed, Jan 11, 2017, 09:20 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 11, Colombo: Sri Lanka's trade deficit contracted by 12 percent to US$ 645 million in September 2016 from US$ 733 million a year earlier due to the combined effect of an increase in exports and a decline in imports, according to the Central Bank data released in its External Sector Performance Review Wednesday.

Earnings from exports grew 5.7 percent in September 2016, year-on-year, to US$ 898 million largely to the growth in all major categories of exports. The highest contribution to the growth was from industrial exports led by transport equipment, food beverages and tobacco and rubber products, followed by agricultural exports, led by tea.

Expenditure on imports declined by 2.5 percent to US$ 1.543 billion in September 2016 compared to the same month in 2015 largely due to the lower expenditure incurred on importation of personal motor vehicles and fuel.

On a cumulative basis, earnings from exports declined by 3.0 percent to US$ 7.763 billion during the first nine months of 2016 while expenditure on imports decreased by 1.7 percent to US$ 13.95 billion resulting in no net change in cumulative trade deficit of US$ 6.18 billion.

Tourist arrivals continued to expand, recording a marginal growth of 3.6 percent in September 2016. Cumulative tourist arrivals during the first nine months of 2016 increased by 14.6 percent earning US$ 2.5 billion compared to US$ 2.18 billion earned in the corresponding period of 2015.

Workers' remittances declined marginally by 1.1 percent to US$ 577.9 million in September 2016 in comparison to US$ 584.2 million in September 2015. However, cumulative inflows from workers' remittances at US$ 5.382 billion during the first nine months of 2016 recorded a growth of 3.9 percent in comparison to US$ 5.182 billion in the corresponding period of 2015.

Foreign investments at the Colombo Stock Exchange recorded a net inflow of US$ 5.1 million in September 2016. However, the cumulative foreign investments in the CSE during the first nine months of 2016 recorded a net outflow of US$ 19.02 million.

During the first nine months of 2016, the overall BOP is estimated to have recorded a surplus of US$ 243.1 million, in comparison to a deficit of US$ 2.316 billion recorded during the corresponding period of 2015.

Sri Lanka’s gross official reserves as at end September 2016 amounted to US$ 6.5 billion, equivalent to 4.1 months of imports, while total foreign assets stood at US$ 9.1 billion, equivalent to 5.8 months of imports.

The rupee recorded a depreciation of 0.1 percent against the US dollar during the period from end 2016 to 10th January 2017.

 


ColomboPage - Recent 10 Stories ::
Australia and Sri Lanka sign new partnership to fight Chronic Kidney Disease
-- [1 hour and 6 minutes ago]
Australia and Sri Lanka to enhance cooperation in maritime security
-- [1 hour and 32 minutes ago]
Death toll from bad weather in Sri Lanka rises to 91, 110 missing, tri forces launch massive search & rescue operation
-- [1 hour and 56 minutes ago]
Hertz, Dollar and Thrifty launch in Sri Lanka
-- [2 hours ago]
India offers scholarships to children of Sri Lanka estate workers
-- [3 hours ago]
Sri Lanka Navy ships Sagara and Nandimithra return home on completion of Singapore visit
-- [9 hours ago]
Sri Lanka state-owned retail chain Lanka Sathosa will not be sold, Minister assures
-- [9 hours ago]
Heavy rains in Sri Lanka cause havoc with floods, landslides, claim 23 lives
Subdued performance in Sri Lanka's external sector as trade balance widens substantially in February 2017
Iran, Sri Lanka sign 2 MoUs on science, technology cooperation

Copyright © 2000, 2016 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.