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Sunday, 12 October 2014

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Spice exports increase 14%

Sri Lanka has met 56 percent of the export target for 2014 by August.

Thanks to the committed spice and other product exporters, we are moving towards the US $20 billion target, Industry and Commerce Minister Rishard Bathiudeen told members at the 11th Annual General Meeting of the Spice Council (TSC).

"The performance of minor export crops which declined in 2012, performed well in 2013. The production of cinnamon, pepper, cloves and cocoa recorded growth in 2013," said Minister Bathiudeen.

"Even cashew production, had increased in 2013 helping exports. Spices are the biggest item in our six-item basket of 'export crops'. Spice exports totalled 45% of the US $315 million export crop market in 2013," he said.

"For the first seven months of the year, spice exports stood at US $ 143 million. According to the latest provisional EDB data, from January to August this year exports had increased by 14.03% to US $7.34 billion, compared to the corresponding period of 2013," he said.

"Even provisional monthly exports for August 2014, had increased by 2.4% to US $ 978 million compared to US $ 955 million in July. By the end of August we had achieved 56% of our annual national export target for 2014," the Minister said.

 

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