Trade deficit widens in June

23 August 2013 02:51 am - 0 - {{hitsCtrl.values.hits}}

A A A

Sri Lanka’s June trade deficit expanded 25 percent Year-onYear (YoY) to US $ 829.1 million amid a sharp increase in import expenditure, though trade gap for the first six months narrowed 7.1 percent YoY to US $ 4.55 billion.

The export earnings during the month improved 6.8 percent YoY to US $ 807.4 million with all three export categories reporting positive growths, helped by the depreciation of the Lankan rupee against the US dollar.

The export income from agricultural products rose 8.1 percent YoY to US $ 192.6 million with tea export revenue improving 14.5 percent YoY to US $ 116 million.

Revenue from industrial products rose 6.3 percent YoY to US $ 610.8 million with revenues from textile and garment and rubber products exports rising 14.9 and 7.7 percent to US $ 357 million and US $ 6.9 million, respectively.

“Garment exports to the USA increased by 24.8 percent, yearon-year, while garment exports to the EU increased by 6.7 percent YoY in June 2013.”

“Earnings from exports of machinery and mechanical appliances increased by 25.5 percent, led by increased exports of electrical machinery and equipment and home appliances,” the Central Bank said.

However, the cumulative export earnings for the first six months declined 4.5 percent YoY to US $ 4.66 billion.

Import expenditure during June rose as much as 15.3 percent YoY to US $ 1.63 billion, led by higher expenditure on crude oil imports. The June oil bill rose 45.5 percent YoY to US $ 582.2 million.

“The average import price of crude oil rose by 9 percent YoY to US $ 10.25 per barrel in June 2013, while the import volume of petroleum in June was also significantly higher on YoY basis due to increased imports of crude oil,” the Central Bank said.

On a cumulative basis however, the oil bill declined 12.8 percent YoY to US $ 2.34 billion.

Import expenditure on consumer goods rose 18.7 percent YoY to US $ 274 million of which expenditure on food and beverages and other consumer goods increased 11.8 percent and 24.7 percent YoY to US $ 120.8 million and US $ 153.3 million, respectively.

“Among other imported items that contributed significantly to the increased import expenditure in June 2013 were vehicles, classified under consumer goods.

“Increased imports of vehicles could be attributed mainly to the recent appreciation of the rupee against several currencies including the Japanese yen, due to currency movements,” the Central Bank said.

The expenditure on investment goods declined 1 percent YoY to US $ 269.6 million. The expenditure on machinery and equipment and building material imports rose 8.5 percent and 2 percent YoY to US $ 138.6 million and US $ 92.9 million, respectively. Transport equipment imports fell 29.1 percent YoY to US $ 37.7 million.

The cumulative expenditure on import expenditure however declined 5.8 percent YoY to US $ 9.21 billion.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Trade deficit widens in June

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Sri Lankan among NASA’s new crew for next simulated Mars journey

Ranil Wickremesinghe caravan moves on despite barking dogs

Former MP Palitha Thewarapperuma dies from electrocution

Street food vendor arrested for verbally harassing foreigner

New Visa procedure implemented

Racing event tragedy leaves seven dead including eight-year-old child

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

No footboard riding allowed, no liability for accidents: Railways Department

Six patients claim Rs.600 million from Keheliya and others for permanent loss of sight

SLPP, UNP initiates action for forming broad alliance

Here is the way!

Pakistan lose key players for last two T20Is against New Zealand

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident