Export growth to reach US $ 8b in 2010:

Revenue tops US $ 1.08b

In line with US $ 20b 2020 target:

Sanjeevi JAYASURIYA

Sri Lanka’s export sector recorded 8 percent growth for the first quarter of this year and aims at reaching US $ 8 billion mark end of the year.

For the first two months the country recorded US $ 1.088 billion in export revenue.

The export value recorded is inline with the target of 20 billion dollar exports to be achieved by 2020. The sector performance is encouraging despite the global economic downturn, Sri Lanka Export Development Board Chairman/ CEO Anil Koswatte told the Daily News Business.

The export growth for February was 8 percent and during the last five years exports have recorded an average growth of 3.5 percent except for 2008. This is a progressive increase and augments well for the future of the export sector, he said.

The year 2005 export figure was US $ 6.3 billion and 2009 it was US $ 7.1 billion.

The country could expect more contribution from the fisheries sector in the coming years as more fishing area is available at present.

“We are working according to the Mahinda Chintana where more emphasis is placed in the export sector. The need of the hour is the product and market diversification and the strategies are focused to fulfill this need. This will enable the target to be realistic in value,” Koswatte said. The composition of exports includes apparels 44 percent and tea 16.7 percent.

Fourteen key thrust industries have been identified to be developed to become one billion dollar industries facilitating the achievement of the target value.

These industries are apparels, tea, rubber based products, gems, jewellery, diamonds, electronic and electric products, ICT/BPO/KPO, fisheries, spices and allied products, petroleum products, mineral based products, food and beverage, professional services, footwear and leather products and boat building.