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| Wednesday, 18 August 2004 |
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Increased exports reduce Lanka's trade deficit with Australia by over 50% The trade deficit between Sri Lanka and Australia has reduced by more than 50% compared to the previous year as a result of an increase in exports from Sri Lanka, President, Sri Lanka-Australia-New Zealand (SLANZ) Business Council, M. Balasubramaniam said. Addressing the ninth Annual General Meeting of SLANZ Business Council, which is affiliated to the Ceylon Chamber of Commerce (CCC), he said exports growth is mainly due to many new items being exported to the Australian market. "Though the balance of trade is still in favour of Australia, this is a very welcome sign", he said. Balasubramaniam said that the Council intends to organise an exhibition of products of Australia and New Zealand jointly with Sri Lanka, Australia and New Zealand Association (SLANZA) to coincide with the 50th Anniversary of SLANZA, in May 2005. This will be the first time the SLANZ Business Council and SLANZA will be joining together to promote trade, he added. "We had four delegations from Australia and New Zealand and the Committee is exploring the possibility of taking a delegation, mainly to Australia. But we need members' participation at these events, in order to make them successful." One of the other areas the SLANZ Business Council has been focusing is on Corporate Social Responsibility Trade with New Zealand is comparatively smaller than with Australia, but there again the balance of trade is in favour of New Zealand. With New Zealand too, Sri Lanka's exports have increased over the previous year, with imports too being marginally higher, Balasubramaniam said. |
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