Lanka’s export revenue to reach US$ 11 billion mark

Lanka’s export revenue to reach US$ 11 billion mark

Sri Lanka’s total export revenue is expected to reach US$ 11 billion mark by the end of this year, Export Development Board Chairman and CEO Bandula Egodage said

-“This is not an easy task, but we hope to reach the $ 11 billion export revenue mark by end of this year. As of September our total export value for 2013 is recorded at US$ 7314 million, which is a 1.07% increase in comparison to the same period in 2012. Our exports are now gradually strengthening despite the international market challenges. We have also set an export target of US$ 15 billion by 2015 and $ 20 billion by 2020. Apparel and tea exports currently account for over 40% and 20% of total exports from Sri Lanka respectively.

Apart from tea and apparel, spices, fishery products diamonds, gem and jewellery and other industrial products are performing well,” Egodage told Daily News Business Commenting on the cinnamon exports, Egodage noted, “spices especially cinnamon exports are performing well and Sri Lanka is the topmost exporter of cinnamon, producing about 85% of international output. We are currently working on obtaining the certification for Geographical Indication Process (GIP) for cinnamon. This will help us to consolidate our position in the global market.”

Egodage also added, “I’m confident that the upcoming budget will offer incentives to Sri Lankan exporters enabling them to be competitive in the global market. I’m a firm believer that the government will extend support to Sri Lankan exporters who bring valuable foreign exchange to the country.”