Drastic decline observed in exports for the month of June

Drastic decline observed in exports for the month of June

Drastic decline observed in exports for the month of June

Written by Tharushan Fernando

21 Aug, 2015 | 9:02 pm

According to a press release from the Central Bank of Sri Lanka on the external sector performance, earnings from exports of tea, textiles and garments and industries has declined.

The Central Bank of Sri Lanka says that tea exports continued to decline in June 2015 for the eleventh consecutive month, due to lower demand from main tea buyers such as Russia – recording a drop of 29 per cent and the Middle East, a drop of 24 per cent. It adds that earnings from exports of textiles and garments declined reflecting lower exports to EU countries despite the growth in exports to both the USA and non-traditional markets.

It also notes that the drop for the month of June in exports of textiles and garments was 4.9 percent. The Central Bank of Sri Lanka added that Sseafood exports continued to decline in June 2015 = consequent to the ban on exports of fisheries products to the EU from Sri Lanka and that seafood exports in June 2015 had dropped 4.2 percent compared to June 2014.

Expenditure on imports in June 2015 increased by 13.5 per cent, year-on-year.

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