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Progressive recovery in exports in March

Export earnings have increased by US dollars 37 million in March, 2003 over February, 2003, showing a progressive increase in monthly export earnings that was recorded since January, 2003.

When compared with a decrease of 25 per cent experienced in March, 2002, the export earnings in US dollar terms grew by 15 per cent, in March, 2003.

Meanwhile, the expenditure on imports measured in US dollar terms, grew by a lower rate of 4 per cent in March than the higher rate of increase in the first two months. This was mainly due to low imports of petroleum products and rice during March, 2003.

As a result, the monthly trade deficit narrowed down to US dollars 73 million in March, 2003, compared to a deficit of US dollars 110 million in March, 2002 and US dollars 122 million in February, 2003, the Central Bank said.

The cumulative export earnings during the first quarter of 2003 increased by 10 per cent, in contrast to a drop of 15 per cent in the comparable period in 2002. Similarly, the cumulative imports increased by 13 per cent as against a decrease of 16 per cent in 2002.

Consequently, the trade deficit in the first quarter of 2003 increased to US dollars 344 million, compared with a deficit of US dollars 277 million recorded during the first quarter of 2002.

Export earnings in March, 2003 amounted to US dollars 423 million, compared with US dollars 366 million in March, 2002.

The cumulative export earnings during the first quarter of 2003 were US dollars 1,190 million, compared with earnings amounting to US dollars 1,080 million recorded during the corresponding period in 2002, the release from the Central Bank Information Department said.

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