Rishad says industries driving exports surge encouraging

Sri Lanka’s January to November exports in 2011 recorded US $ 9,581.4 million, surging from $ 7841 million in the corresponding period of 2010.

“As the Minister of Industry and Commerce, I am pleased to note that the exports performance has increased by 22.2% on a year on year basis. What is also very encouraging to note is that our exports surge is driven by industrial sector” said Minister of Industry and Commerce Rishad Bathiudeen.

Minister Bathiudeen announced this acknowledging the latest exports performance numbers released by the Central Bank on 25 January 2012.

According to the Central Bank, the exports of machinery and equipment, petroleum products, rubber based products, diamond and jewellery, food, beverages and tobacco and textile and garments continued to record healthy growth levels in November 2011, compared with the corresponding month of 2010.

Industrial exports grew by 35% in November 2011 in which machinery and equipment increased substantially by 97.3% in November 2011 compared to November 2010.  “The sharp increase in machinery and equipment exports which is due to the export of two vessels to Singapore and Tanzania shows that our boat and ship building industries continue to grow” he added. The export value of boats manufactured in Sri Lanka doubled in 2009 to US $ 58 million from $ 22 million in 2008. In 2010 the value of boat exports was US $ 64 million and up to August 2011 it has almost doubled reaching US $ 124 million. Also contributing to exports rise is the textiles and garments industry, which rose by 28.5%.