Increase of export earnings in December 2007

(March 10, Colombo, Sri Lanka Guardian)The Central Bank revealed that Sri Lanka recorded the highest ever earnings through exports as the total value of exports reached an all time high of US$ 863 million in December 2007. The increase is a growth 22.7% year on year, with the major contributions coming from the apparel and agricultural sectors.

The apparel sub sector spearheaded the industrial sector with a contribution of 78% of the total exports while the agricultural exports contributed for 17% in the month of December.

Cumulative exports for the year 2007 reached US$ 7,740 million with a growth of 12.5% of increase from the year 2006.

The imports for December 2007 increased from 33.6% year on year, reaching US$ 1,159 million. Petroleum products contributed to 60% of the total imports in the month of December.

Cumulative imports recorded an increase of 10.2% from the year 2006 with total value of US$ 11,301 million. The trade deficit settled at US$ 3,560 with a moderate increase of 5.6% year on year growth and 34% increase since the year 2006.

The overall Balance of Payment (BOP) registered a surplus of US$ 531 million at the end of 2007 with gross official reserve of US$ 362.5 sufficient for 3.3 months of import cover.

- Sri Lanka Guardian