Sri Lanka's exports post robust growth this year

Sri Lanka's post-war exports are booming with the first eight months of 2011 growing by 19.1 percent year on year, latest data from the Central Bank showed on Monday. Earnings from exports reached a level of 952 million U.S. dollars, an increase of 19.1 percent, compared with corresponding month of August 2010. The exports growth in August was mainly driven by industrial exports where significant contributions came from textiles and garments, rubber products and food and beverages. Earnings from exports of textiles and garments increased by 18. 4 percent while rubber products continued to record a high growth rate of 47.4 percent. Exports of food, beverages and tobacco increased considerably by 51.1 percent in August where significant contributions came from tinned and bottled fruits, salted fish and animal fodder. Exports of diamond and jewelry increased by 45.3 percent in the period from January to August. Agricultural exports increased by 14.4 percent overall but minor agricultural exports reported higher earnings. Sri Lanka's exports have been growing steadily despite economic woes in the United States and Europe that absorb 60 percent of export products.