Sri Lanka maintains growth momentum in export earnings; jumps 2.5 percent in Feb

The February figures, released by Sri Lanka’s Export Development Board (EDB), are the highest in the last five years for the month. Increased global demand for electrical and electronic equipment and rubber gloves helped to maintain export momentum.

Data showed exports to China, Spain, Canada, and the Netherlands increased significantly. The electronics and electrical equipment recorded triple-digit growth for January to February this year in comparison to the same period last year.

Industrial and surgical rubber recorded double-digit growth, around 54 percent, corresponding to the last year. However, the exports of apparel declined but it was covered with growth recorded in textiles (27.43 percent), and made-up textile articles (5.6 percent).

Merchandise export to the EU, which accounts for 28 percent of the total export, increased by 29 percent, earning a total of $532 million for Sri Lanka. However, exports to the United Kingdom and the US, declined by 21 percent and 10 percent respectively.   

Suresh Del Mel, chairman of the EDB, hailed the "commendable performance" shown by Sri Lankan exporters. Despite immense difficulties, he claimed, exporters have shouldered the task of placing the country's economy back on the right track.