Industries grab a huge 76% of Lanka's booming exports

The majority of Sri Lanka’s exports are industrial exports and their significance grew even further in 2011. A countrywide industry census is coming in 2013. “In 2010 the total industrial exports from our overall annual exports was 72%, at $ 6154 million. This ratio has increased to 76.44% in 2011 to $ 8016.6 million showing the growing importance of our industrial thrust. We are also planning to launch a countrywide non-BoI industry census next year” said Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka.

Minister Bathiudeen, who is currently in Geneva, was acknowledging the latest external sector performance numbers released by the Central Bank of Sri Lanka. Last week, the Central Bank said that the external sector remained buoyant in 2011 with expanding external trade, growing services inflows and workers’ remittances and higher long-term inflows of direct investments and inflows to the government amidst challenging external environment. Earnings from exports increased by 22.4 per cent to US $ 10,487 million in 2011 on a year on year basis in comparison to 2010. Industrial exports, from total exports stood at 76.4% in 2011.

Among the industrial exports, the textiles and garments grew by 24.6% US $ 4,201 million in 2011. Among the industrial exports, the textiles and garments grew by 24.6 per cent to US $ 4,201 million in 2011.

“2011 was a better year for exports in comparison to 2010. The development policies of President Mahinda Rajapaksa have begun to pay the dividends. In order to sustain this trend, we need to diversify our exports basket and our international markets further” Minister Bathiudeen added.

“We are also planning to launch a country-wide non-BoI industry census in 2013. This will be in partnership with the Department of Census and Statistics. The details of the census will be worked out in due course” Minister Bathiudeen announced.