Sri Lanka's trade deficit jumped 320 percent to $344.5 million in February from $82.1 million a year earlier, the central bank said on Monday.
(in millions of dollars)
------------------- February 2010 ---- Jan-Feb 2010
Exports -------------- 629.0 ---------- 1,100.9
Imports -------------- 973.4 ---------- 2,134.3
Balance of trade -- (-)344.5 ------- (-)1,033.4
- By end-February gross official reserves were at $5.03
billion, sufficient to finance 5.5 months of imports and down
1.3 percent from the end of 2009.
- For the first two months of 2010, Sri Lanka's trade
deficit widened by 277.8 percent to $1.03 billion, compared
with $273.6 million deficit a year ago.
- Cost of oil imports has risen 165 percent in the first
two months due to high oil prices compared to a year ago.
- Exports of tea, Sri Lanka's main agricultural crop, have
risen 49 percent to $312.4 million in the first two months,
while garment and textile exports have fallen 18.1 percent to
$422.2 million.
- Workers' remittances from abroad have risen 13 percent to
$564.4 million in the first two months.
- The central bank has estimated the trade deficit would
rise 56 percent in 2010 to $4.87 billion compared to $3.1
billion in 2009. The central bank expects exports to rise by
14.2 percent to $8.1 billion and imports by 27 percent to $13
billion. The island nation posted a record $5.9 billion in
2008.
(in millions of dollars)
------------------- February 2010 ---- Jan-Feb 2010
Exports -------------- 629.0 ---------- 1,100.9
Imports -------------- 973.4 ---------- 2,134.3
Balance of trade -- (-)344.5 ------- (-)1,033.4
- By end-February gross official reserves were at $5.03
billion, sufficient to finance 5.5 months of imports and down
1.3 percent from the end of 2009.
- For the first two months of 2010, Sri Lanka's trade
deficit widened by 277.8 percent to $1.03 billion, compared
with $273.6 million deficit a year ago.
- Cost of oil imports has risen 165 percent in the first
two months due to high oil prices compared to a year ago.
- Exports of tea, Sri Lanka's main agricultural crop, have
risen 49 percent to $312.4 million in the first two months,
while garment and textile exports have fallen 18.1 percent to
$422.2 million.
- Workers' remittances from abroad have risen 13 percent to
$564.4 million in the first two months.
- The central bank has estimated the trade deficit would
rise 56 percent in 2010 to $4.87 billion compared to $3.1
billion in 2009. The central bank expects exports to rise by
14.2 percent to $8.1 billion and imports by 27 percent to $13
billion. The island nation posted a record $5.9 billion in
2008.
