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| Friday, 28 January 2005 |
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Export earnings up 13% to $ 5,244 million in first 11 months of 2004 - Central Bank During the first eleven months of 2004 export earnings increased by 13 per cent to US dollars 5,244 million as compared with export earnings of US dollars 4,638 million in the corresponding period in 2003, the Central Bank said yesterday. Industrial exports dominated by textiles and garments had been the main contributor to the overall growth. Industrial exports increased by 15 per cent. The export earnings from textiles and garments increased by 11 per cent to US dollars 2,549 million in the first eleven months of 2004 over the exports in the same period in 2003. Agricultural exports grew by 11 per cent in the first eleven months of 2004 compared with 1 per cent increase during the corresponding period in 2003, reflecting higher performance in all plantation crops. Exports of tea, rubber and coconut registered healthy growths of 8 per cent, 40 percent and 28 per cent in the first eleven months of 2004. The export of rubber benefited from the supply shortage in the world market arising from the adverse weather conditions which prevailed in rubber producing countries and the growing demand for natural rubber in the international market. The growth of the coconut exports was attributed to the higher exports of desiccated coconut. Exports of desiccated coconut grew by 47 per cent during first eleven months of 2004, benefiting from the increased demand from Middle Eastern countries," the Central Bank said. The growth in expenditure on imports increased to US dollars 7,191 million, recording a growth of 22 per cent from US dollars 5,917 million in the first eleven months of 2003. Of this increase 90 per cent accounted for intermediate and investment goods while consumer goods and other imports contributed by 10 per cent. The trade deficit in the first eleven months amounted to US dollars 1,947 million. The trade deficit expanded by US dollars 669 million compared to the deficit in the first eleven months of 2003, mostly due to the increase in petroleum imports by US dollars 351 million in the first eleven months of 2004. This deficit has been financed largely with the remittences and other inflows. Export earnings increased by 27 per cent to US dollars 519 million in November 2004 outperforming the 8 per cent growth recorded in the corresponding month in 2003. This is the second highest monthly export growth recorded in 2004. Expenditure on imports grew by 40 per cent recording US dollars 762 million in November, 2004 which included petroleum imports of US$ 157 million. Over 89 per cent of import growth in November arose from intermediate and investment goods. The resulting trade deficit was US dollars 244 million. The higher growth of exports in November, 2004 was mainly attributed to the increased performance in textiles and garments exports, which accounted for 48 per cent of total exports. The export of textiles and garments grew by 26 per cent to US dollars 248 million in November 2004. Expenditure on imports increased by 40 per cent to US dollars 762 million in November 2004, arising mainly from imports of intermediate goods. The import expenditure on intermediate goods increased by 48 per cent to US dollars 467 million in November 2004 compared to US dollars 315 million in November 2003. The surge in imports of intermediate goods was driven by the higher petroleum imports. |
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