Earnings from exports reached a level of US dollars 958 million in July 2011. Reflecting high base of exports in July 2010, earnings from exports grew by 9.4 per cent in July 2011, stated the Central Bank.

The largest contribution to the growth in exports in July was from the industrial sector, led by a significant increase in exports of machinery and equipment, diamond and jewellery and textiles and garments. Earnings from exports of machinery and equipment increased by 88.6 per cent to US dollars 85 million in July 2011, the Bank further said.

This comprised mainly cruise ship, transformers, static converters, inductors, circuits and insulated cables. Exports of diamond and jewellery increased by 87.5 per cent to US dollars 45 million, year-on-year while earnings from textiles and garments increased by 5.0 per cent to US dollars 385 million in July 2011 recording the highest monthly value. Agricultural exports, which accounted for 21.5 per cent of export earnings in July 2011, decreased by 3.6 per cent to US dollars 205 million, mainly due to lower value and volume of tea exports. Earnings from rubber exports increased substantially while higher prices fetched by minor agricultural exports supported higher exports in the category.

During July 2011, workers’ remittances increased by 21.1 per cent to US dollars 415 million over the same month of 2010.