Foreign trade records moderate growth

Earnings from exports stood at $918 m in January 2012 indicating a marginal decline of 0.6 percent compared to January 2011. The expenditure on imports was 20.1 percent to $1,883 m in January 2012 showing a deceleration for the second consecutive month.

Industrial exports, which contribute about 80 percent of the total exports grew by 3.3 percent to $733 m in January 2012.

In industrial exports, textiles and garments remained the major contributor recording a growth of 1.6 percent to $367 m.

Exports of petroleum products grew by 106.2 percent to $45 m mainly due to increased bunkering exports.

Earnings from rubber based products increased by 20.7 percent due to the increased demand from major export destinations, particularly from USA.

Export earnings from gems, diamonds and jewellery increased by 44.6 percent and earnings from machinery and equipment increased by 28 percent in January 2012 compared with the corresponding month of 2011.

Among industrial exports earnings from transport equipment, food, beverages and tobacco, printing and leather products, travel goods and footwear which contributed to about 11 percent of total exports declined by 32.1 percent in January 2012.

The growth in imports decelerated to 20.1 percent in January 2012 compared to year-on-year increases of 78.5 percent and 31.3 percent recorded in November and December of 2011.

The deceleration in expenditure on imports was mainly driven by mineral products and diamonds and precious stones in the intermediate goods category and vehicle imports in the consumer goods category.