Sri Lanka’s Central Bank says country’s exports have risen to US$ 965.4 million in January this year
The Central Bank of Sri Lanka has reported that the country’s exports have risen 11.6 percent to US$ 965.4 million in January 2018, and imports have risen 12 percent to US$ 2,014 billion, driven by rising incomes from labour tourism exports and higher financial sector inflows.
According to Central Bank statistics, textile and apparel exports have increased 20 percent to US$ 434.8 million in January 2018 from a year earlier, with garments up 1 percent to US$ 409.3 million and textiles up 25.9 percent to US$ 18.5 million.
Rubber products have risen 22.6 percent to US$ 71 million dollars; petroleum products have increased 78 percent to US$ 52.7 million amid rising prices.
Statistics have further noted that tea exports were up 10.1 percent to US$ 111.8 million partly helped by price increases, and seafood was up 25.8 percent to US$ 22.9 million.
Imports have increased 12 percent to US$ 2,014.5 million.
Earnings from tourism have increased to US$ 443 million US which is an 8.9 percent increase and workers’ remittances have increased 8.8 percent to US$ 729 million.
Meanwhile, there has been a US$ 37 million of inflows to the stock market, US$ 170 million to bonds and the government has reportedly borrowed US$ 116 million in project loans.
OSL take:
The statistics of the Central Bank of Sri Lanka shows an impressive growth in the country’s exports sector. The re-assignment of the EU’s GSP Plus trade concessions to Sri Lanka has resulted in a surge in textile and apparel exports. The re-assignment of the US GSP facility to the country will also add to the growth in the apparel and textile exports sector in Sri Lanka. The country has also recorded an increase in earnings through tourism. Therefore, investments in Sri Lanka’s exports sector as well as the tourism sector would yield good returns to the investors.
| Article Code : | VBS/AT/11042018/Z_7 |