Feb 10, 2014 (LBO) - Sri Lanka's exports rose 6.2 percent to 10.38 billion US dollars in 2013 from a year earlier and imports fell 6.2 percent to 17.99 billion US dollars, the Central Bank said.
In December 2013 exports rose 13.2 percent from a year earlier to 986.1 million US dollars with industrial products up 15.2 percent to 741.2 million US dollars, continuing trend seen in the last quarter amid a recovery in development markets.
Apparel rose 26.9 percent to 453.9 million US dollars, rubber products rose 22.4 percent to 93.9 million US dollars.
Agricultural products rose 11.4 percent to 242.1 million US dollars with tea rising 7.3 percent to 148.4 million US dollars. The central bank said higher prices helped tea, though volumes fell.
Imports in December rose 2.1 percent to 1,551.1 million US dollars with consumer goods up 25.8 percent to 302.2 million US dollars. Intermediate goods rose 6.7 percent to 936.3 million US dollars with textile falling 10.2 percent to 174.1 million US dollars.
Investment goods imports fell 22.5 percent to 165.1 million US dollars with transport equipment falling 35.4 percent to 37.5 million US dollars and building materials falling 11.3 percent to 107.9 million US dollars.
The trade deficit fell in December 12.9 percent to 565.0 million US dollars.
Annual import data had been revised down by 783 million US dollars from earlier data reported up to November ending the year at 17.9 billion US dollars, down 6.2 percent.
The trade deficit contracted 19.2 percent to 7.6 billion US dollars.
A trade deficit is caused when a country spends foreign exchange flowing through channels other than merchandise exports, such as through exports of labour (remittances) and exports of debt (government or private borrowings), foreign investments and tourism.
A lower level of Treasury borrowings or a build up foreign reserves through sterilizing foreign exchange purchases by the Central Bank could reduce imports and trim the trade gap until bank credit growth picks up.
The Central Bank said there was a 'balance of payments surplus' of 991 million US dollars during the year, higher than estimated.
Official reserves were 7.2 billion US dollars in December 2013, up from 6.8 billion US dollars a year earlier.
In December 2013 exports rose 13.2 percent from a year earlier to 986.1 million US dollars with industrial products up 15.2 percent to 741.2 million US dollars, continuing trend seen in the last quarter amid a recovery in development markets.
Apparel rose 26.9 percent to 453.9 million US dollars, rubber products rose 22.4 percent to 93.9 million US dollars.
Agricultural products rose 11.4 percent to 242.1 million US dollars with tea rising 7.3 percent to 148.4 million US dollars. The central bank said higher prices helped tea, though volumes fell.
Imports in December rose 2.1 percent to 1,551.1 million US dollars with consumer goods up 25.8 percent to 302.2 million US dollars. Intermediate goods rose 6.7 percent to 936.3 million US dollars with textile falling 10.2 percent to 174.1 million US dollars.
Investment goods imports fell 22.5 percent to 165.1 million US dollars with transport equipment falling 35.4 percent to 37.5 million US dollars and building materials falling 11.3 percent to 107.9 million US dollars.
The trade deficit fell in December 12.9 percent to 565.0 million US dollars.
Annual import data had been revised down by 783 million US dollars from earlier data reported up to November ending the year at 17.9 billion US dollars, down 6.2 percent.
The trade deficit contracted 19.2 percent to 7.6 billion US dollars.
A trade deficit is caused when a country spends foreign exchange flowing through channels other than merchandise exports, such as through exports of labour (remittances) and exports of debt (government or private borrowings), foreign investments and tourism.
A lower level of Treasury borrowings or a build up foreign reserves through sterilizing foreign exchange purchases by the Central Bank could reduce imports and trim the trade gap until bank credit growth picks up.
The Central Bank said there was a 'balance of payments surplus' of 991 million US dollars during the year, higher than estimated.
Official reserves were 7.2 billion US dollars in December 2013, up from 6.8 billion US dollars a year earlier.
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