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Thursday, September 02, 2010 - 05.52 GMT |
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Workers’
remittances increase first half 2010 - CB |
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During the first half of 2010, workers’ remittances increased by 13.5 per cent over that of the corresponding period of 2009 to US dollars 1,820 million, stated the Central Bank in its report ‘External Sector Performance–June’.
Earnings from exports grew by 23 per cent in June 2010 to US dollars 697 million led by higher earnings from the industrial and agricultural exports. Expenditure on imports increased by 32 per cent to US dollars 1,114 million in June 2010 reflecting increases in all major categories of imports, stated the Central Bank.
It also said the largest contribution to the growth in exports in June 2010 was from the significant increase in exports of apparel and rubber products. Earnings from textiles and garments exports increased by 24 per cent to US dollars 305 million, led by higher garments exports to the United States and the European Union, which increased by 34 per cent and 8 per cent, respectively.
Earnings from exports of rubber products increased by 110 per cent to US dollars 52 million, led by retreated and pneumatic tyres, as well as other rubber products, such as gloves. Earnings from exports of petroleum products also increased by 62 per cent. Agricultural exports, which accounted for 24 per cent of export earnings in June 2010, also increased year-on-year, reflecting the strong performance by the tea sector, the Bank added.
The average export price of tea in June 2010 was US dollars 4.32 per kg reflecting a year-on-year growth of 11 per cent. The minor agricultural exports earnings increased by 62 per cent mainly due to higher prices fetched by cardamoms and essential oils and significant increase in the export volumes of sesame seeds, cocoa, cloves and pepper.
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