Peace for the World

Peace for the World
First democratic leader of Justice the Godfather of the Sri Lankan Tamil Struggle: Honourable Samuel James Veluppillai Chelvanayakam

Thursday, July 26, 2012


TABLE-Sri Lanka May trade deficit widens 2.1 pct


Wed Jul 25, 2012  

ReutersJuly 25 (Reuters) - Sri Lanka's May trade deficit edged up
2.1 percent year-on-year to $865 million, central bank data
showed on Wednesday.
    The following table shows trade performance in May.
    Trade performance in May 2012:
                     May '12         May'11          Y/Y growth
                     (in millions of dollars)       (in percent)
Exports                710.1           836.1             (15.1)
Imports              1,575.0         1,683.2              (6.4) 
Balance of trade      (865.0)         (847.1)              2.1
Surplus/(deficit)
    
                     Jan-May 2012    Jan-May 2011    Y/Y growth 
                     (in millions of dollars)      (in percent)
Exports              4,023.9         4,255.5          (5.4)
Imports              8,208.1         7,611.5           7.8  
Balance of trade    (4,184.2)       (3,356.0)         24.7
Surplus/(deficit)
    
    - Gross official reserves were at $5.81 billion by end-May
from end-April's $5.84 billion, and were sufficient to finance
3.4 months of imports.
    - Sri Lanka recorded a peak trade deficit of $9.7 billion
last year, prompting the central bank to raise policy rates,
restricting credit growth, and allow flexibility in the exchange
rate by refraining from intervening in the
market. 
    - Revenue from tourism rose 20.6 percent year-on-year in May
to $57.3 million, while it gained 24.9 percent to $397.1 million
in the first five months of 2012 compared to the same period
last year. 
    - The cost of oil imports fell 19.7 percent to $376.6
million in May year-on-year, but it has risen 20.3 percent to
$2.17 billion in the first five months due to increased oil
imports for power generation in the face of a drought, which has
reduced the hydro power generation capacity.
    - Exports of tea, Sri Lanka's main agricultural crop, fell
7.3 percent year-on-year in May to $109 million and it recorded
a 10.8 percent drop to $530.1 million in Jan-May.
    - Revenue from garments and textiles, the island nation's
top exports, fell 13.5 percent to $278.2 million in May.
    - Imports of consumer and intermediate goods fell 11 percent
and 10 percent respectively in May, while investment goods rose
11.4 percent compared to a year ago.
    - Sri Lanka imported $268.5 million worth of consumer goods,
$972.5 million of intermediate goods and $331.9 million of
investment goods in May.
    - Workers' remittances from abroad rose 22.4 percent to
$507.1 million in the month compared with a year ago.
    - Foreign direct investment has recorded $437 million
through to end-May 2012, while portfolio investments to the
Colombo Stock Exchange has also increased to $186.5
million on a net basis in the first six months. 
    - Net foreign inflows into government's treasury bills and
bonds recorded $441 million in the first half of the year, while
long-term inflows to the government has amounted to $633 million
during the first five months of 2012. 
($1=130.8500 Sri Lankan rupees)

 (Reporting by Ranga Sirilal and Shihar Aneez in Colombo;
Editing by Anand Basu)
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