Central Bank Of Sri Lanka has released another press release regarding the external sector performance of the country for the month of April in 2010. The document also carries the data for April 2009 for comparison.
Sri Lanka earnings from exports 2009-2010
In April 2010, we have a trade deficit : the total external sector performance balance is negative in numbers at -($115.4 million) after adding the workers remittances($308.2 million) to the balance of imports($967.1 million) and exports($543.5 Million). During the month of April in 2009, we had a balance of trade ($83.5 million), a trade surplus.
The numbers for the first quarter of 2010 also shows a trade deficit, it is again negative in numbers at -($-686.1 million) after adding the workers remittances($1198.8 million) to the balance of imports($4191.9 million) and exports ($2307.0 Million). During the first quarter of 2009, it was a positive figure of balance ($198.8 million).
The workers remittances are trending upwards and according to the CBSL : During the first quarter of 2010, workers’ remittances increased by 14.5 per cent over that of the corresponding quarter of 2009 to US dollars 1,199 million. The gross official reserves, with and without Asian Clearing Union (ACU) funds, increased to US dollars 5,440 million and US dollars 5,215 million, respectively, by end April 2010.
Sri Lanka’s Earnings from exports grew by 24.2 per cent in April 2010 to US dollars 543 million led by higher earnings from the industrial and agricultural sectors.There were significant increases in exports of machinery and equipment, comprising mainly of transport equipment such as boats and bicycles and electrical equipment such as transformers, static converters, inductors and insulated cables. Earnings from exports of rubber products, petroleum products and diamond and jewellery have also performed well. Export earnings from textiles and garments have increased marginally to US dollars 227 million in April 2010 after seven consecutive months of year-on-year declines.
Lower exports of fresh and frozen fish from Sri Lanka, have resulted in lower earnings from food, beverages and tobacco exports. The earnings this sector have declined by 7.3%.
Agricultural exports, which was 24.4% of export earnings in April 2010, increased year-on-year, reflecting the sound performances by the tea, rubber, coconut and minor agricultural sectors. Thanks to higher oil prices, the average export price of natural rubber increased by 126.7 per cent, from US dollars 1.39 per kg in April 2009 to US dollars 3.16 per kg in April 2010. But Sri Lankan rubber industry could not reap much profit due to heavy rains during April 2010.
Sri Lanka expenditure on imports 2009-2010
All major categories of imports increased in April 2010, increasing the expenditure. Expenditure on imports of intermediate goods increased, mainly led by higher petroleum and fertilizer imports. Import price of crude oil averaged at $85.02 per barrel in April 2010 vs $54.45 per barrel in April 2009. Expenditure on imports of consumer goods increased by 63.6 per cent, imports of sugar, milk products and other food items were responsible for higher expenditure. Import of milk products expenditure alone increased by 258.6 per cent in April 2010. Expenditure on investment goods also increased in April 2010, led by higher imports of transport equipment, particularly motor cycles, followed by machinery and equipment such as electrical equipment and printing machinery.
A link to the CBSL “DOC’ in PDF format available after the jump.
External Trade Performance April 2010, Sri Lanka
The local copy in PDF; Sri Lanka External Sector Perfomance April 2010
The CBSL Press release (The original in Microsoft DOC format)