Wood and paper production boom in November ahead of Christmas holidays
ECONOMYNEXT – Sri Lanka’s industrial production grew 1.3 percent in November 2019, compared from a year earlier, with a boom in wood and paper making for Christmas ornaments and decoration.
The Index of Industrial Production (IIP) compiled by the Census and Statistics Department rose to 108.8 points in November from 107.4 points a year earlier.
An index value over 100 shows growth compared to the index base year of 2015.
Twelve manufacturing industries out of 20 grew in November.
Meanwhile 8 industries including tobacco, motor vehicles and rubber and plastic manufactures recorded a negative growth for the month.
However, the overall index had fallen in November from Octobers’ 112.1 points.
The IIP reached a three-year high of 116.5 in March 2019, before the April terrorist bombings across the island.
Food production, which makes up just over a third of Sri Lanka’s industrial activity, grew 2.8 percent to 105.2 points in November from a year earlier.
Apparel, the second largest making up a fifth of the country’s total industrial activity, grew 1.7 percent to 121.2 index points.
Other major industries; coke and refined petroleum production, and rubber and plastic production recorded declines in November.
The highest growth industry was wood and wooden products (except furniture), straw and cork manufacturing, which grew 38.6 percent to 103.2, ahead of the Christmas holiday season.
Paper products continued its growth, up 29.4 percent to 103.8 points. Wood, straw and paper making grows annually in Sri Lanka ahead of the Christmas season due to the production of ornaments and decorations
Chemical and chemical products recorded the third highest growth of 25.0 percent to 107.6 points.
Electric equipment production saw a growth of 23.2 percent to 107.1 points in November. (Colombo/Jan13/2020)