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Exports and imports have shown marked increases during January 2003, a Central Bank of Sri Lanka press release said.

It said that the export sector growth was supported by a strong performance of industrial exports, including machinery, mechanical and electrical equipment, textiles and garments.

"Export earnings in US dollar terms increased for the fourth consecutive month, by 11 percent in January 2003 in comparison with the level recorded in January, 2002.

Expenditure on imports in US dollars too increased by 12 percent in January, 2003 continuing its upward trend experienced since July, 2002. Consequently, the trade deficit expanded to US dollars 150 million in January, 2003 from a deficit of US dollars 131 million recorded in January 2002," the Central Bank said. It said the export earnings in January, were US dollars 382 million compared with earnings of US dollars 343 million in January, 2002.

"This was the highest recorded level of exports for the month of January, which is generally a lean month for exports. This high growth was led by an industrial export growth of 16 percent, partly offset by a decline in agricultural exports by about nine percent," the press release said.

It said expenditure on imports at US dollars 531 million recorded an increase of 12 percent in January, 2003 compared to imports of US dollars 474 million in January, 2002.

"The import of consumer goods increased by seven percent in January, 2003. Within this category, food and drink imports declined by 10 percent due to lower imports of wheat, milk products and other food imports. Imports of non-food consumer goods increased by 34 percent. Within this category, motor cars and cycles recorded a substantial improvement of 131 percent, while radio receivers and television increased by 32 percent over January 2002," the Central Bank press release said.

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