February exports jump shows January passing cloud now cleared: Rishad

February 2012’s exports earnings show Sri Lanka’s export lull in January to be only temporary.

“The February increase in exports by 7.6% shows the positive reversal of our exports  from that of January. It also shows that the January lull is a mere passing cloud, which has now cleared,” said Minister of Industry and Commerce Rishad Bathiudeen.

Minister Bathiudeen announced this on 4 May while acknowledging the latest positive export growth data released by the Central Bank of Sri Lanka on the same day and also responding to reservations regarding the ‘exports slowdown’.

The February 2012 export data showed an increase of 7.6% to US$ 879 m in comparison to February 2011, breaking the exports lull in January 2011 and clearly laying any doubts on Sri Lanka’s export growth to rest.

“I am also pleased to observe industrial exports taking 74.2% of total exports, while also showing an increase during the first two months of 2012. This is a sign that our export growth will continue can in the following months, showing the effectiveness of the development vision of President Mahinda Rajapaksa. By contributing a 17.5% increase in comparison to 2011 February, rubber products, among all industrial products, have become the driver of this exports rise.”

Minister Bathiudeen added: “In fact, in the period of January to February this year alone, rubber product exports increased by 19.1% showing their increasing importance in our exports basket.”