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    Sri Lanka's July Exports Earnings up by 11.1 percent

    September 18, 2014

    Continuing the upward momentum observed during the first half of the year, Sri Lanka's exports earnings grew by 11.1 per cent to US dollars 955 million in July 2014 recording a cumulative growth of 15.9 percent during the first seven months of 2014, the Central Bank said in its External Sector Performance Review for July 2014.

    All major export categories contributed to the growth in exports, while the largest contribution came from industrial exports. Reflecting the impact of seasonal demand, textile and garment exports expanded at a higher rate while the exports of rubber products also  increased, helped by an enhanced level of exports of rubber tyres.


    However, export earnings from bunkering and aviation fuel which account for a major share in petroleum products declined due to lower volume although an increase in prices was recorded. This partly reflects the heightened competition in the industry from major regional players such as India and Singapore. Further, exports earnings from gems and diamonds declined, while the jewellery exports increased in July 2014.


    Earnings from agricultural exports rose mainly due to enhanced performance in coconut and tea exports. The growth in kernel product exports drove the increase in earnings on coconut exports. Meanwhile, earnings from tea exports recorded a healthy growth supported by favourable prices despite declined volumes. Export earnings from seafood and minor agricultural products also contributed significantly to the growth in agricultural exports.


    However, in July 2014, earnings from rubber exports declined mainly due to adverse weather conditions and continuous drop in rubber prices in the international market, while earnings from export of spices declined mainly due to lower production. (KH)


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