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Sri Lanka’s import cost outweighs export earnings

Sri Lanka’s export earnings grew by 5.8 per cent (year-on-year) to USD 7,842 million during the first eight months this year while imports increased by 10.9 percent, Central Bank’s weekly economic review revealed.  

This was a result of higher earnings from exports of textiles and garments, petroleum and rubber products, machinery and mechanical appliances food, beverages and tobacco and base metals. 

Import expenditure stood at USD 15,083 million during the first eight months of 2018 increased by 10.9 per cent (year-on-year). 

Imports of fuel ,personal vehicles and textiles have contributed to higher export expenditure.   

As a result, the deficit in the trade account expanded to USD 7,240 million during the first eight months this year from USD 6,184 million in the corresponding period of 2017. 

The export unit value index increased by 0.4 per cent (year-on-year) in August 2018 mainly due to high prices registered in industrial exports. 

The import unit value index in August 2018 increased by 2.0 per cent (year-on-year) due to high prices recorded in intermediate goods and consumer goods imports. 

Accordingly, the terms of trade deteriorated by 1.5 per cent (year-on-year) to 102.7 index points in August 2018.

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