Sri Lanka exports top US$10bn, record growth in 2011

Feb 27, 2012 (LBO) – Sri Lanka’s exports topped 10 billion US dollars in 2011 growing at above 20 percent, a threshold achieved only on eight occasions since 1951, which exporters have reached for two years running. Sri Lanka’s exporters have shipped 10,486.9 billion US dollars worth goods in 2011, up 22.4 percent from a year earlier with textiles and garments growing 24.6 percent to 4,201.3 million US dollars and rubber goods up 58.7 percent to 884.8 million US dollars.

Hard Work

Exports also grew 20.9 percent in 2010, making 2011 the second year running that exports grew over 20 percent, the only occasion it has happened so far since 1951, according to Central Bank data.

In 2010 however exports recovered from a 12 percent slump in 2009 to 7,084 million dollars amid a global economic downturn from the previous high of 8,110 million US dollars.

Exports grew 30.5 percent in 1951 (to 387 million US dollars), 39.5 percent in 1974 (to 511.2 million US dollars), 37.4 percent in 1984 (to 1,462 million US dollars), 28.2 percent in 1990 (1,983.90 million US dollars), 20.6 percent in 1992 (to 2,460 million US dollars).

Dollars values of exports sometimes climbs steeply due to a weakening of t