Sri Lanka Nov 2011 exports up 12-pct

Jan 25, 2012 (LBO) – Sri Lanka’s export earnings in November 2011 rose 11.6 percent to 879.3 million US dollars from a year ago, driven mainly by industrial and machinery exports, the central bank said. Imports in the import-dependent island shot up 78 percent in November 2011 to 1,980.5 million dollars from the previous year mainly because of higher spending on petroleum and investment goods.

The trade gap ballooned 239 percent to 1.1 billion dollars in November 2011 compared with the previous year, a central bank statement said.

Exports of tea, the island’s main agricultural export, rose 7.1 percent to 123.4 million dollars while exports of garments, its main industrial export rose 28.5 percent to 347.6 million dollars.

Rubber products exports rose 48 percent to 75.8 million dollars.

“The exports of machinery and equipment, petroleum products, rubber based products, diamond and jewellery, food, beverages and tobacco and textile and garments continued to record healthy growth levels,” the central bank said.

“Agricultural exports recorded a marginal increase in November 2011, compared with the corresponding month of 2010.”

Industrial exports grew by 35 percent in Nov