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Paper, essential oils, push $ 5.1 b export growth in 1H

Paper and essential oils are leading scorers of the record export earnings of the first half of 2011.

Within paper products, exports of special printed material have shown a huge leap of 310 percent.

Paper products are followed by coconut kernel, rubber and cinnamon in enhancing the $ 5.1 billion export revenue of first half of 2011, the Export Development Board (EDB) said.

Issued by the Policy and Planning Division of the EDB the report said 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.

Export revenue of paper products grew by 161 percent in the first half followed by Essential Oils (157 percent), Coconut Kernel products (88 percent), Rubber products (82 percent) and Cinnamon (81 percent).

The growth trend has been witnessed across the board as Leather (68 percent), Wooden (54 percent), Mineral (Non Metallic) (45 percent), Textiles and Garments (42 percent), Natural Rubber (39 percent) too reported revenue growth.

Despite the substantial fall of fresh coconut exports by 67 percent, export earnings from coconut kernel products increased significantly by 88 percent. Even tea, which domestic production showed an 11.5 percent drop in July 2011, has successfully contributed to 2011 first half's 40.9 percent export growth by increasing its own contribution by 11.8 percent.

"Increased exports of waste paper (38 percent growth), stationery (10 percent), books and printed materials (35 percent), packaging (16 percent) and special printed materials (310 percent) contributed to the overall remarkable growth rate of 161 percent in earnings recorded by the paper product sector during this period" the EDB referring to paper products category, said.

As for essential oils, "essential oil revenue grew significantly by 157 percent due to increased exports to USA (339 percent), Germany (105 percent), and France (179 percent) during this period" the EDB said.

Spice products showed an overall 32 percent export revenue growth.

 

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