Sri Lankan exports grow 6.3pc in 2013

COLOMBO, Feb 11 (Xinhua): Sri Lanka's exports grew 6.3 per cent in 2013 to US$10.3 billion, and a lower trade deficit was recorded due to lower imports, the Central Bank said in its latest report on Tuesday.
The latest revised data provided by Sri Lanka Customs indicate that expenditure on imports amounted to $17.9 million in 2013. down 6.2 per cent from 2012.
As a result, the cumulative trade deficit contracted by a significant 19.2 per cent to $7.6 billion in 2013 compared to 2012.
"Earnings from exports, which surpassed $1.0 billion during the preceding two months continued to rise in December 2013, recording an increase of 13.2 per cent in December 2013, while expenditure on imports recorded a marginal increase of 2.1 per cent," the Central Bank report said.
As earnings from exports increased by more than the increase in expenditure on imports, the trade deficit contracted significantly by 12.9 per cent to $565 million in December 2013.
Exports in December 2013 increased to $986 million due to higher earnings from industrial and agricultural exports.
Industrial exports, which account for more than three quarters of total export earnings, increased by 15.2 per cent on a year-on- year basis to $741 million in December 2013 with continued growth in exports of textiles and garments.