S Lanka industrial exports surge in Jan, trade deficit narrows

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COLOMBO, Mar 31 (LBO): Sri Lanka's exports surged 72.4 per cent in January 2011 to 813.4 million US dollars, helped by 121.9 per cent increase in apparel exports to 385.4 million US dollars, the central bank said. Imports of textiles had increased 55.2 per cent in January 2011, indicating more demand in the apparel export business. Total industrial exports, which also includes rubber goods rose 92.5 per cent to 615.8 million US dollars. The central bank said exports to the European Union had increased 143.5 per cent despite the loss of 'GSP+' trade concessions. Exports to the US had increased 95.8 per cent. Rubber products, mainly gloves and solid tyres had increased 118.7 per cent. Imports grew at a slower 21.3 per cent in January to 1,501.1 million US dollars narrowing the trade deficit by 10.2 per cent to 687.6 million US dollars. Consumer goods imports rose 35.6 per cent to 316.7 million US dollars. Intermediate goods rose 15.7 per cent while petroleum imports fell 10.4 per cent to 364.9 million US dollars. In Sri Lanka large volumes of petroleum in imported from power, but high rainfall reduced the need for thermal generation. Sri Lanka has also commissioned a coal power station, which Central Bank governor Nivard Cabraal said will stabilise petroleum imports.