Sri Lanka exports grow 14-pct in July 2017 driven by industrial and argi sectors

Sept 29, 2017 (LBO) - Sri Lanka's  exports grew 13.9 percent with earnings from exports up to 1,016 million dollars in July 2017, the Central Bank said. "Since March 2017 Sri Lanka’s exports have performed well and exports earnings crossed the one billion dollar mark in July from a year ago for the second time," it said. “Earnings from industrial exports grew by 11.6 percent year-on-year to 757 million dollars in July 2017, led by increased exports of textiles and garments.” Garment exports to the EU market increased by 10.6 percent year-on-year to 188 million dollars in July 2017, signalling the positive impact of the restoration of the GSP+ facility in May 2017. Earnings from agricultural exports increased by 21.8 percent year-on-year to 253 million dollars in July 2017 mainly due to the notable performance recorded in tea exports. Export earnings from food, beverages and tobacco increased significantly by 46.8 percent year-on-year to 34 million dollars. Due to higher export volumes and prices of bunker and aviation fuel, earnings from the export of petroleum products increased significantly by 21.5 percent year-on-year in July 2017. Export earnings from chemical products (led by perfumes), printing products (led by currency notes) and base metals and articles increased during the month compared to the corresponding month of the previous year. However, export earnings from leather, travel goods and footwear, and gems, diamonds and jewellery declined in July 2017. The deficit in the trade balance expanded to 575 million dollars in July 2017 from 541 million dollars in July 2016. Meanwhile, the cumulative trade deficit during the first seven months of 2017 widened to 5,329 million dollars from 4,732 million dollars in the corresponding period of 2016.