Presidential Awards:

Export income up 45% in Q1

by Lalin FERNANDOPULLE

Export income rose by 45 percent in the first quarter of this year compared to the corresponding period last year, said Chairman Export Development Board (EDB), Janaka Ratnayake at a ceremony on Friday to launch the Presidential Export Awards 2007-2008 and 2009.

He said that export revenue in all key sectors were high and added that given the current growth momentum export income will reach US$ 10 billion this year.

"Despite the withdrawal of the GSP Plus, apparel exports recorded over 60 percent growth during the first four months this year compared to last year", Ratnayake said.

The USA and European Union account for 50 percent of Sri Lanka's exports.

The EU region accounts for over 40 percent of the country's apparel exports.

"The recovery of the EU region from the global financial crisis will augur well for Sri Lanka's exports.

The EDB is focusing on emerging markets in the Asian region for niche products", Ratnayake said.

The EDB is targeting an export income of $ 15 billion by 2015 and $ 20 billion by 2020.

Export revenue this year is expected to increase by around 30 percent according to the current growth rate.

Ratnayake said that the promotion of tea and cinnamon logos will help retain Sri Lanka's image in the global market and boost exports.

The cinnamon logo will be launched at the Presidential Export Awards to be held at Temple Trees on June 28.

The awards will be held under the patronage of President Mahinda Rajapaksa.

Ratnayake said that the cinnamon logo will be globally launched at one of the biggest food and beverage trade fairs in Germany this year.

The EDB will present 95 awards to those who excelled in exports and made a salient contribution to the economy.

The selection criteria is based on the contribution on overall export earnings, product development, market development and social development made towards the country.

ICT, BPO, and KPO sectors are not categorised in the awards scheme.