Sri Lanka’s export earnings fell 6.6 percent Year-on-Year (YoY) to US $ 827.6 million in November 2012 despite a 4.6 percent YoY rise in earnings from textile and garment exports, the data released by the Central Bank showed.

The expenditure on i mports also declined 8.4 percent YoY to US $ 1.8 billion as a result of reduction in expenditure on consumer and investment goods. Thus the trade gap narrowed 9.8 percent YoY to US $ 993 million in November 2012.

The export earnings from agricultural products fell 8 percent YoY to US $ 190.2 million despite tea export earnings rising 0.6 percent YoY to US $ 126 million.

Export earnings from industrial products too fell 6.4 percent YoY to US $ 632.8 million. Earnings from textile and garments recorded a positive growth of 4.6 percent YoY to 364 million. Export earnings from rubber products fell 0.4 percent YoY to US $ 75.5 million.

The export earnings for the first 11 months of 2012 fell 6.6 percent YoY to US $ 8.9 billion.

Expenditure on consumer goods during the month of November fell 28.8 percent YoY to US $ 235.5 million.

“The declining trend in imports continued into November 2012, given the continued reduction in expenditure on imports of items such as gold, vehicles, and transport equipment, which have largely driven the decrease in import expenditure in recent months,” the Central Bank said in a statement.

Expenditure on intermediate goods fell 0.3 percent YoY to US $ 1.175 billion. Expenditure on petroleum and textile and textile articles rose 18.7 percent and 5.6 percent YoY, respectively.

Meanwhile, expenditure on import of machinery and equipment fell 10 percent YoY to US $ 230.1 million while expenditure on transport equipment fell 55 percent YoY to US $ 55.8 million. However, import expenditure on building materials rose 36.2 percent YoY to US $ 123 million.

The import expenditure on the first 11 months of 2012 fell 4.5 percent YoY to US $ 17.5 billion. The trade gap for the first 11 months narrowed 2.1 percent YoY to US $ 8.5 billion.

Meanwhile workers’ remittances rose 12.7 percent YoY in November to US $ 491.2 million. Workers’ remittances for the first 11 months stood at US $ 5432 million, up by 17.1 percent YoY.

However, Foreign Direct Investments (FDIs) during the first 11 months of 2012 fell 9.4 percent US $ 614.7 million. The government has set a FDI target of US $ 1.75 billion for 2012.

Portfolio investment at the Colombo Stock Exchange during the first 11 months amounted to US $ 280.3 million while tourism earnings rose 23 percent YoY to US $ 905.3 million.

Commercial Bank’s long term foreign borrowings during the first 11 months amounted US $ 973 million and the government had borrowed US $ 4.7 billion by way of Treasury bill and bonds and long term loans.