CBSL says export earning have declined

CBSL says export earning have declined

CBSL says export earning have declined

Written by Tharushan Fernando

22 Oct, 2015 | 9:08 pm

The Central Bank of Sri Lanka says that the total earnings from exports amounted in August 2015 reflected a decline of 19.5 per cent, year-on-year, showing decreases in all major export categories.

The lower earnings from tea, textiles and garments, transport equipment and rubber products mainly contributed to the overall decline in exports earnings during the month, it is observed.

The latest data released by the Central Bank of Sri Lanka notes that in August last year Sri Lanka’s export earning were 993M US Dollars and that figure for August 2015 had dropped to 798 million US Dollars.

Earning from tea exports in August 2015 declined by 33.9 per cent to US dollars 92 million due to the combined effect of lower export volumes and prices and tea export earnings from Russia and the Middle East declined, year-on-year.

The Central Bank adds that export of seafood declined by 41.7 per cent due to a 88.3 per cent decline in seafood exports to the EU market reflecting the impact of the ban on exports of fisheries products to the EU from Sri Lanka.

The Central Bank goes on to say that earnings from rubber product export declined during the month due to the drop in the exports of rubber tires.

The Central Bank adds that export earnings from textiles and garments, which accounted for half of the exports in the month,declined by 6.6 per cent.

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