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28 February, 2013 07:01 AM Source:

Sri Lanka’s consumer electronics and domestic appliances imports have seen robust growth during the year 2010 and 2011, but has slowed down in the year 2012, with number of products recording a decline in imports both in value and quantity.

A study conducted by the Ceylon Chamber of Commerce says, the 2010 and 2011 growth was propelled by the overvalued exchange rate coupled with low interest rates and reduction in taxes applied for the importation of those goods.

The study says, the 2012 moderate growth was due to the sharp fall in the rupee, ceiling on credit and increased cost of borrowing.

The value of imports coming under the HS Chapter 84, which covers a large variety of machinery and parts, classified as investment goods in addition to consumer electronics and domestic appliances have recorded a 66% growth in 2011 and 19% in 2012.

“The growth in imports in this category reflects increasing demand for investment goods as well as demand for durable consumer electronics”, added the Chamber in a statement issued.

The Chamber says the expenditure on importation of electronic machinery and equipment coming under HS Chapter 85 has increased by 57% in 2011 and by 18% in 2012.

As a percentage of total imports, Chapter 84 has accounted for 8.2% and Chapter 85 has accounted for 6% in 2012. More...

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