Sri Lanka exports drop 9.2 percent April

June 11, 2012 (LBO) - Sri Lanka's exports fell 9.2 percent to 680.1 million dollars in April, while the country’s import bill slipped 3.3 percent to 1,441.0 million dollars, due to slower sales of apparels and tea, official data showed. The bank said the average crude oil import price rose to 121.21 dollars per barrel from 119.45 dollars per barrel in April 2011. The island also spent more to buy refined petroleum products.

As a result, the trade gap in April widened by 2.6 percent to 761.0 million dollars, the statement said.

For the four months to April, export earnings fell 3.1 percent to 3,313.8 million dollars, while imports accelerated by 11.9 percent to 6,633.6 million dollars, over the same period a year earlier.

This resulted in the trade deficit expanding by 32.3 percent to 3,319.9 million dollars in April this year, as against the same period a year earlier.

Tourist arrivals continued to grow in April, with arrivals up nine-percent to 69,591, the bank said adding the holidaymakers brought in 72 million dollars, up from 15.8 percent reported in the same month 2011.

Earnings from migrant workers netted in 1,968 million dollars for the four months to April, recording an increase of 16.6 percent.

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