S Lankan trade gap narrows from Jan to Sept
Sunday, 23 November 2008
COLOMBO, Nov 22 (AFP): Sri Lanka's trade deficit narrowed during the nine months to September, as a slowdown in the global economy hurt export sales, official data showed today.
The nation's trade deficit from January to September widened 88.1 per cent to 4.61 billion dollars from 2.45 billion dollars reported in the same period 2007, the Central Bank of Sri Lanka said.
The trade deficit in September widened 103.0 per cent to 582.5 million dollars from 287.0 million dollars a year earlier, the bank said.
The better performance was driven by tea and rubber exports, despite a drop in recent global demand for commodities, it said.
Sri Lanka, the world's biggest exporter of tea after Kenya, earned 995.2 million dollars from January to September, up from 727.6 million dollars over the same period in 2007, the bank said.
"Sri Lanka's tea prices, which reached record high levels in recent times, decreased from the third week of September onwards as certain buyers took on a 'wait and see' attitude, in anticipation of further price reductions."
The nation's trade deficit from January to September widened 88.1 per cent to 4.61 billion dollars from 2.45 billion dollars reported in the same period 2007, the Central Bank of Sri Lanka said.
The trade deficit in September widened 103.0 per cent to 582.5 million dollars from 287.0 million dollars a year earlier, the bank said.
The better performance was driven by tea and rubber exports, despite a drop in recent global demand for commodities, it said.
Sri Lanka, the world's biggest exporter of tea after Kenya, earned 995.2 million dollars from January to September, up from 727.6 million dollars over the same period in 2007, the bank said.
"Sri Lanka's tea prices, which reached record high levels in recent times, decreased from the third week of September onwards as certain buyers took on a 'wait and see' attitude, in anticipation of further price reductions."