January export earnings increase

Growing momentum in all sectors:

Charumini DE SILVA

Export earnings in January marked a significant 72 percent growth accounting close to US $ 900 million compared to the corresponding month last year.

Dharma Dheerasinghe

Central Bank Deputy Governor Dharma Dheerasinghe said this is a remarkable growth for our export earnings.

“This is the first time the country recorded a higher export growth compared to the import growth,” he said.

There is a growing momentum in each sector and if the impetus continues we could expect an annual growth of 50 percent. These economic activities indicates that the country is harnessing the benefits of the post war era in an impressive manner.

Commodity prices have shown an impressive growth. Rubber prices recorded its highest during the first two months. Due to the weather tea production indicated a reduction.

With the improvements in all sectors of the country the per capita income of people will also increase gradually or even before the targets.

Last year the average per capita income was close to US $ 2,500. As a result of the expansion of income levels of the public, consumption levels will also increase. Hence, it is important to increase production of the country. The opening of the Northern and Eastern provinces to the country’s economy has contributed commendably with for fisheries and dairy products. The contribution of these two provinces has reduced the prices of some products while providing a continuous supply.

As the country is poised for a rapid economic growth in all sectors it is vital to utilize maximum available resources, which was not counted in our national economy for the past three decades, Dheerasinghe said.

It is also important to encourage non-traditional products as well. With the developments in ports, IT and BPO industries export earnings as well as economic activities within the country will increase drastically.

The services sector should be uplifted along with exports of production.