Export earnings grow

Export earnings in April 2005 grew by 10.1 per cent to US dollars 411 million, as compared with US dollars 373 million in April 2004. Expenditure on imports in April 2005 also increased by 9.4 per cent to US dollar 689 million from US dollars 630 million in April 2004. The resulting trade deficit was US dollars 278 million, the Central Bank said yesterday.

Export earnings in the first four months of 2005 increased by 11.8 per cent to US dollars 1,944 million from US dollars 1,738 million in 2004. Total expenditure on imports during this period was US dollars 2,619 million, an increase of 6.5 per cent compared to US dollars 2,459 million in the first four months of 2004.

Trade deficit during January - April, 2005 declined by US dollars 47 million bringing down the deficit from US dollars 722 million in January - April, 2004 to US dollars 675 million in 2005. This has been financed by an increase in remittance and other inflows.

Private remittances in the first four months of 2005 reached US dollars 654 million recording a 24 per cent growth. Tourist arrivals in May grew by 35.5 per cent to 42,261 arrivals. The total arrivals in the first five months of 2005 grew by 8.1 per cent to 208,389 arrivals. Tourist earnings too grew by 8 per cent in the first five months of 2005.

These favourable developments culminated in increasing gross official reserves and total reserve during January - April, 2005.