Exports in 2009 to equal last year’s value

Sanjeevi JAYASURIYA

Sri Lanka’s exports this year is well poised to catch up with the export value recorded last year as there is a huge improvement in the performance of the export sector, said Chairman and CEO Sri Lanka Export Development Board Anil Koswatte.

The export sector is recovering from a negative growth of 18 percent for the first six months this year. The total value recorded for the first six months this year was US$ 3,188 million compared to US$ 3,888 million in the corresponding period last year - the value was US$ 3,888 million, he said. However, the negative rate has dropped to 12 percent in rupee terms according to provisional data by end July and it is expected to come down further. The export performance is expected to improve and narrow the gap by the end of the year. This was a result of the activities carried out to increase the export volumes and to capture new markets, he said.

“Our efforts have paid off well and the country’s export sector performance will be similar to last year. It will be an even performance, he said. Total exports for last year were US$ 8,137 million.

He said growth performing products up to June were vegetables, coconut oil, ships and boats, desiccated coconut, mattresses and fibre, washing preparations, confectionery and bakery items and many other products showed positive growth. The products that showed minus growth were electronics, processed foods, porcelain products, tyres and tubes, footware, jewellery and diamonds.

The garment sector which accounts for a 40 percent contribution to the national economy recorded a negative growth of 2.6 percent. This was a plus factor as the negative growth was minimal. We need to concentrate on emerging markets such as Latvia, Slovakia, Singapore, Indonesia, Ghana, Hungary, Oman and China.

“The export sector outlook is positive and a concerted effort is necessary to maintain the current performance level”, he said.