Imports in June 2011 shot up 50 percent to 1.7 billion US dollars with a 66 percent increase in investment goods to 377 million US dollars, the bank said in a statement on the island's external trade.
The cumulative earnings from exports during the first half of 2011 increased by 35.2 percent to 5,057 million US dollars from the year before while expenditure on imports during the period rose 46.5 percent to 9,307 million US dollars.
The trade deficit in the January - June 2011 period expanded to 4,250 million US dollars from the previous year.
Tea exports in June 2011 were up 11 percent to 116 million dollars from the previous year while shipments of garments, the island's main industrial export, went up 37 percent to 332 million dollars.
"Growth in export earnings in June 2011 was led by the industrial exports, particularly textiles and garments and rubber products," the statement said.
"Earnings from food, beverages and tobacco exports decreased reflecting lower exports of cocoa preparations and seafood."
The average export prices of tea and rubber remained around 4.54 US dollars a kilo and 5.04 US dollars a kilo.
Earnings from minor agricultural product exports increased by 26.0 percent to 34 million US dollars, mainly due to the higher prices.
Increased earnings from mineral exports were led by higher exports of gems.
"Increased domestic demand as well as higher prices of certain consumer and intermediate goods continued to drive import expenditure," the central bank said.
"Among the intermediate goods imports, expenditure on textiles and clothing imports made a significant contribution towards the growth in import expenditure in June 2011 due to increased volume as well as prices."
Expenditure on imports of investment goods increased by 66.0 percent year-on-year, owing to higher imports of machinery and equipment.
"With respect to the consumer imports, expenditure on food and beverages increased in June 2011 mainly due to the higher expenditure incurred on wheat and sugar," the central bank said.
Expenditure on imports of non-food consumer goods also increased in June 2011, particularly, motor vehicles on which 84 million US dollars was spent.
The average import price of crude oil increased by 43.9 percent to 111.21 US dollars per barrel in June 2011.
The central bank statement noted that trade data for 2010 and the first three months of 2011 were updated based on revised data received from the Sri Lanka Customs.
"Value of airplanes imported on operating lease terms were adjusted for the relevant periods," it said.
"Accordingly, year-on-year growth in exports shows an increase of 21.0 percent against the previously reported growth of 17.3 percent in 2010, while imports for 2010 records a growth of 31.8 percent against the previously reported growth of 32.4 percent."
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Brandix first in world to get ISO 50001Thursday,21th July 2011 http://www.dailynews.lk/2011/07/21/bus02.asp The Brandix Group has achieved another global first for Sri Lanka by becoming the first apparel manufacturer in the world to receive ISO 50001, less than a month after the stringent Energy Management Systems standard was introduced by the International Standards Organisation. On Thursday July 14, 2011, auditors from Det Norske Veritas (DNV) - Netherlands confirmed that the Brandix Eco Centre at Seeduwa, a 130,000 square foot Green factory producing apparel for Marks & Spencer (M&S) was compliant with ISO 50001:2011, a standard that became official worldwide on June 17, 2011. With this certification, Brandix also became only the third manufacturing entity worldwide across all sectors of industry to be ISO 50001 certified, and the only apparel producer in this ultra exclusive group. Due to the fact the Brandix factory had already achieved and maintained compliance well before the standard was released, it was able to obtain this certification in a short time period, whereas normal certification could take up to three months, officials said. This is the second time that the Brandix Group and its Green factory have achieved global firsts for Sri Lanka’s apparel industry. In April 2008 the Brandix Eco Centre became the first apparel factory in the world to receive a Platinum rating from the Leadership in Energy and Environmental Design (LEED) Green Building Rating System of the US Green Building Council (USGBC). “Periodic achievements of compliance with the world’s most stringent environmental standards are important milestones in our road map to reaching the highest possible levels of sustainable manufacture,” Brandix Director AJ Johnpillai said. “They are also critical to positioning the capability and commitment of Sri Lanka’s apparel industry to eco-friendly operations, and represent a significant competitive advantage,” he said. The latest standard introduced by the International Standards Organisation, ISO 50001: 2011 establishes a framework for industrial plants, commercial facilities or entire organisations to manage energy with a strong focus on continuous improvement. |