Surge in exports this year; growth in industrial exports a key factor

COLOMBO: Exports have grown 12.6 per cent to 3.2 billion rupees in the first five months to May, the Central Bank said yesterday.

In May alone exports grew 17 per cent to US$ 745.9 million, the Bank said in a statement.

Industrial exports grew at 7.6 per cent with the key apparel exports growing at only 3.8 per cent.

But revenues from agricultural exports increased 34.9 per cent to US$ 728 million with tea alone jumping 42.6 per cent to US$ 507.1 million amidst a global commodity bubble.

In May tea revenues grew 30 per cent to US$ 96.4 million while industrial exports grew 17.1 per cent to US$ 597.8 million.

The Central Bank said the growth came from food, rubber, diamonds, textiles and petroleum product exports.

The overall balance of payments of the country was a surplus of US$ 292 million by end-May. Imports rose 24.2 per cent to US$ 1,258 million during the same period, expanding the trade deficit by 36.4 per cent to US$ 512.2 million.

In the five months to May intermediate goods made up the biggest component of imports at US$ 3.3 billion while petroleum overtook investment goods (US$ 1.25 billion) to become the second largest imported item at US$ 1.4 billion.

Consumer goods imports went up 37.4 per cent to US$ 1.1 billion. The Central Bank said 58 per cent of the increase in imports came from oil and 21 per cent from food.