Financial Times

Export earnings up in June

Export earnings in June 2006 grew significantly by 22.9 percent to $632 million, reaching the highest ever value recorded in a single month, the Central Bank said last week.

In a statement on monthly data, the Bank said industrial exports, the largest contributor for this growth, increased by 24.8 percent in June 2006 reflecting a robust performance in textiles and garments, food and beverages and petroleum products.

Agricultural exports continued to grow with higher performance of tea and rubber.

Cumulative exports in the first half of 2006 grew by 8.8 percent from $2,906 million in 2005 to $3,162 million this year.

Imports grew by 15.3 percent to $940 million in June 2006 reflecting the increases in intermediate and investment goods, which grew by 10.5 per cent and 38 per cent, respectively.

The growth of the intermediate good imports was led mainly by petroleum products.

Investment goods imports were driven by the imports of transport equipment, machinery and equipment and building materials.

Imports in the first half of 2006 grew by 20.3 per cent to $4,955 million. Expenditure on petroleum imports, which accounted for 21 percent of overall imports increased by 41.0 per cent to $1,039 million in the first half of 2006.

The trade deficit reached $308 million in June 2006. The cumulative trade deficit for the first half of 2006 increased to $1,793 million. Private remittances grew by 24 per cent to $1,174 million during the first half of 2006, containing the current account deficit.

The overall balance of payments registered a surplus of $146 million by end June 2006. The gross official reserves stood at $2,509 million (3.1 months of imports) by end June 2006.

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