Positive Trend

July 13, 2007 (LBO) – Sri Lanka’s exports in May has surged 25.8 percent driven by a 45.5 percent jump in apparel shipments largely to the United States and the European Union, the Central Bank said Friday. Exports grew to 641 million US dollars in May 2007 against 509 million dollars in May 2006.

“Persistently strong demand for apparel has provided a basis for the strong trade performance in recent months,” the Central Bank said.

“Strong growth was also witnessed in rubber based products, machinery and equipments, desiccated coconut and pepper.”

Cumulative exports during January to May grew by 14.4 percent from 2,530 million US dollars in 2006 to 2,894 million US dollars in 2007.

Imports

Imports grew by 8.1 per cent from 938 million US dollars in May 2006 to 1,014 million US dollars in May 2007.

“The growth was primarily driven by intermediate and investment goods,” the Central Bank said.

“Rapid growth in imports of textile materials in recent months reflected in higher exports of apparel. Continuing the trend, textiles imports recorded the highest monthly value indicating continuous growth momentum in apparel exports in the future.”

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