Export earnings surpass US $ 1,000 m
Record achievement, all time high in March :
Earnings from exports and expenditure on imports have grown
significantly on a year-on-year basis in March 2011, the Central Bank
said yesterday. Earnings from exports in March 2011 increased by 59.5
per cent, year-on-year, to US dollars 1,057 million reflecting increases
in all major categories of exports.
This is the first time that monthly export earnings surpassed the US
dollars 1,000 million level.
Expenditure on imports increased by 73.0 per cent to US dollars 1,689
million in March 2011. As a result, the trade deficit in March 2011
expanded to US dollars 632.4 million. During the first quarter of 2011,
the cumulative earnings from exports and expenditure on imports have
increased by 54.3 per cent to US dollars 2,721 million and 39.9 per cent
to US dollars 4,458 million, respectively, the Bank said.
The largest contribution to the growth in exports in March 2011 was
from the industrial sector, led by significant increases in exports of
textile and garments. Other key categories of industrial exports, except
machinery and equipment, also performed well in March 2011. Exports of
petroleum products increased by 361.1 per cent reflecting higher volumes
and prices of bunkering and aviation oil, compared to March 2010.
Earnings from exports of rubber products increased by 75.6 per cent
during the month. Agricultural exports, which accounted for 16.0 per
cent of the total export earnings in March 2011, increased by 40.3 per
cent, year-on-year, reflecting the sound performances by the tea,
rubber, coconut and minor agricultural sectors, as they continued to
gain higher prices in the international market.
In line with the higher oil prices in the international market, the
average export price of rubber increased by 70.5 per cent, year-on-year,
to US dollars 5.13 per kg in March 2011.
The average export price of tea remained high at US dollars 4.86 per
kg during the month. Earnings from minor agricultural exports increased
by 75 per cent to US dollars 40.3 million in March, 2011 led by the high
prices of cocoa products, sesame seeds, nutmeg and mace.
All major categories of imports increased in March 2011, reflecting
higher prices in the international market and higher domestic demand.
The largest contribution to the overall increase was from
intermediate goods (60.1 per cent), followed by consumer goods (21.3 per
cent). Expenditure on intermediate goods imports increased due to
significant increases in petroleum and textiles and clothing imports.
The average import price of crude oil stood at US dollars 111.31 per
barrel in March 2011.
Textile and clothing imports, which are used as inputs for apparel
exports, increased by 115.5 per cent during the month. Expenditure on
imports of consumer goods increased mainly due to the higher expenditure
on non-food consumer goods, particularly, motor vehicles (US dollars 90
million), medical and pharmaceutical products (US dollars 28 million)
and electrical equipment (US dollars 14 million). Import expenditure on
food and drink also increased due to higher expenditures incurred on
imports of sugar (US dollars 51 million) and wheat (US dollars 52
million).
Investment goods imports also increased in March 2011, due to
substantial higher imports expenditure in machinery and transport
equipment.
During March 2011, workers’ remittances increased by 34.9 per cent to
US dollars 503 million over that of 2010.
The gross official reserves continued to remain above the targeted
level and stood at US dollars 7.2 billion by end April 2011, without
Asian Clearing Union (ACU) balances. Based on the previous 12-month
average expenditure on imports of US dollars 1,273 million per month,
the gross official reserves without ACU balances were equivalent to 5.6
months of imports. |