Lanka targets $15 b export revenue by 2015
Sri Lanka is planning an export revenue target of $ 15 b by 2015 said
Chairman and CEO Export Development Board, Janaka Ratnayake. EDB is
confident that the country can reach the target of $15b by 2015 as we
have already surpassed the target for 2011, said a confident chairman.
The EDB has formulated a well focused strategic plan to achieve the
national objectives of the country in terms of export growth and to
achieve the target.
 He said that seven key product sectors that would contribute
substantially to enhance export earnings of the country have been
identified by the EDB in consultation with the relevant private and
public sector stakeholders . These product sectors are apparel, tea,
rubber and rubber products, gems and jewellery, ICT/BPO, food and
beverages as well as spices and allied products.
The export sector of the country after the setback it faced in 2009
due to the global financial crisis rebounded strongly in 2010.
The momentum gathered by the sector improved further and earning from
merchandise exports reached $ 10.4 b in 2011 representing a growth of
22.3 percent.
The year 2011 was a very good year for exports since the sector
performed well above the expectations by exceeding the export revenue
target of $ 9.1 b set for the year said the Chairman.
He said that when earnings from export of services are also added to
the total export earnings of the country would be much higher in 2011.
The improved performance of the export sector in 2011 was driven by two
major sectors agricultural products recorded a growth of 10.6 percent
while industrial products recorded a growth of 27.3 percent.
The other major sector fisheries registered a drop in performance.
Sri Lanka’s exports to all key markets increased significantly last
year. USA, the major export market for Sri Lanka absorbed nearly 20
percent of the exports followed by UK 11 percent, Belgium 5.2 percent
and India 10 percent. Exports to USA increased by 26 percent while
exports to UK increased to 12.4 percent, Belgium increased to
46.5percent during this period.
The EU region which absorbed 34 percent of total exports from Sri
Lanka grew by 24 percent.Ratnayake said that this demonstrates the
ability of our exporters to compete in the EU market even without the
GSP + concessions.SG
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