Singapore leads Lanka's exports growth in 1H 2011

Sri Lanka's exports to all key markets grew in the first half of 2011 helped by the improved global economic conditions.

The highest exports growth was seen in exports to Singapore

The highest exports growth was seen in exports to Singapore which reported a 74 percent growth in comparison to the first half of 2010, says the latest Report on Export Sector Performance for the first half of 2011, released by the Export Development Board (EDB).

Issued by the Policy and Planning Division of the EDB on August 10, the report stresses that the exports, despite suffering in 2009, rebounded strongly in 2010. Sri Lanka's exports in the first half of 2011 have registered 40.9 percent growth compared to 2010 totalling $ 5.1 billion.

Exports to USA increased by 36 percent in comparison to the first half of 2010. Exports to EU in the first half grew by 48.7 percent.

Among the key EU export markets recording growth were the UK (grew by 51.2 percent), Belgium (53.3 percent) and Italy (37.7 percent). Among 'other countries' where Growth was seen were Singapore (74 percent), UAE (37 percent), Japan (37 percent), India (22 percent) and Russia (22.6 percent).

Apart from the other markets (45.47 percent), major export destinations during the first half 2011 were the USA (20.77 percent), followed by UK (13.06 percent), Belgium (5.3 percent), Italy (5.26 percent), India (5.06 percent) and Germany (5.04 percent).

"The positive performance experienced by the sector improved further during the first half of 2011, by registering a commendable growth rate of 40.9 percent over the corresponding period of 2009" the report added.