Sri Lanka exports recover in November

January 10, 2006 (LBO) – Sri Lanka earned more from exports in November pushing cumulative export growth for the year to 8 percent from 6.5 percent in October, the Central Bank said. Exports rocketed up by 24.3 percent to 623 million dollar in November 2006 compared with the same month of the previous year.

In October exports fell by 10.2 percent.

“Industrial exports, the largest contributor to this growth, increased by 21.6 per cent in November 2006 reflecting a strong performance in textiles and garments, diamond and jewellery and petroleum products,” Central Bank said in a statement.

“Agricultural exports were benefited by higher performance of tea and rubber.”

The 8 percent growth has pushed cumulative exports to US dollars 6,179 million from 5,719 million in the first 11 months.

Sri Lanka’s export growth has been low in 2006, with exporters complaining that an overvalued rupee was putting them out of competition.

The depreciated steeply in the last quarter of 2006, but inflation has continued to climb threatening to undermine the benefits to exporters.

Imports grew by 15.7 per cent to 875 million US dollars in November, with sugar, wheat,