Exports increase

COLOMBO: Sri Lanka’s trade deficit widened 31.3 percent from a year earlier to 144.5 million dollars in February, according to Central Bank figures released Wednesday.

Higher earnings from sales of clothes and tea helped push exports up 9.8 percent to 590.5 million dollars in February while imports rose 1.7 percent to 734.9 million dollars, the bank said.

However, the overall balance of payments was a surplus of 53 million dollars for the two months ending February as private remittances rose 10 percent to 427 million dollars, the bank said in a statement.

The island’s gross official reserves stood at 2.58 billion dollars, equivalent to three months of imports.

Sri Lanka’s 26 billion dollar economy grew by 7.4 percent in 2006, the best in 28 years, over 6.0 percent reported in 2005.

AFP