Sri Lanka's 2011 Export Earnings Rise by 22.4pct while Imports Up by 50pct Affecting Trade Deficit to Increase by 99.6pct

24th February 2012, www.news360.lk

Sri Lanka’s trade deficit during the year 2011 has jumped to US$ 9.74 billion, an increase of 99.6% over the previous year’s figure of just US$ 4.88 billion.

The country’s total export earnings during the year 2011 has risen by 22.4% year on year to achieve a figure of US$ 10.48 billion, while its import bill has climbed up to US$ 20.23 billion, an year on year increase of 50%.

Out of the total import cost, the country has spent US$ 4.63 billion to import oil while motor cars and cycle imports which falls under the consumer goods imports has cost  US$ 1 billion.

Expenditure on imports of textiles and clothing has amounted to US$ 2.23 billion while gold imports have seen a bill of US$ 604 million.

Sri Lanka also has spent US$ 4.66 billion to import investment related goods to the country.

The country’s export earnings have been backed by exports of textiles and garments which has seen growing by 24.6% year on year to bring in US$ 4.20 billion.

Island nation has seen its tourism sector bringing in US$ 830 million, a 44.2% year on year growth.

Worker remittances to the country during the year 2011 have hit a record mark of US$ 5.14 billion.

Related Info :

• Sri Lanka's Exports in December 2011 Went up 24pct to $ 906mn with Sharp Gains in Textiles & Rubber