Earnings from exports increased significantly by 36.0 per cent, to US dollars 834 million in November, 2010. This is the highest monthly increase since October 2004, stated the Central Bank issuing 'External Sector Performance – November 2010'.
Cumulative earnings from exports during the first eleven months of 2010 increased by 15.4 per cent to US dollars 7,339 million, reflecting one of the highest cumulative growth rates in the recent past, the Bank further said.
The largest contribution to growth in export earnings came from the industrial exports, followed by the agricultural exports. Industrial exports, which accounted 76 per cent of total export earnings, were led by textile and clothing exports. Earnings from garment exports to Sri Lanka’s major markets, the EU and USA, increased by 39.2 per cent and 28.7 per cent respectively, in November 2010.
Earnings from machinery and equipment exports increased significantly to US dollars 67 million in November 2010. This comprised mainly of transport equipment, such as boats and bicycles, and electrical equipment, such as transformers, static converters, inductors, circuits and insulated cables. Earnings from rubber products, petroleum products and food, beverages and tobacco categories also contributed towards the growth in industrial export earnings in November 2010, the Bank said.
Earnings from agricultural exports, which accounted for 22.9 per cent of total export earnings, also grew reflecting increases in export volumes and prices in all sub-sectors of agricultural exports. The average export prices of tea and rubber remained high at US dollars 4.55 per kg and US dollars 4.14 per kg respectively, in November 2010.
During the first eleven months of 2010, workers’ remittances increased by 23.9 per cent to US dollars 3,761.9 million (after adjusting for revisions by commercial banks) over that of the corresponding period of 2009.