Export sector records 10 percent growth

In first four months of this year:

The country’s export sector recorded significant growth due to the favourable global economic environment. The first four months recorded a 10 percent growth of US $ 2.7 billion. However the apparel sector recorded a 11 percent negative growth.

The global economy grew by three percent and the consumer demand is catching up as the world trade recorded 10 percent growth. The emerging economies will drive the world economic growth and Sri Lanka needs to have a demand driven marketing strategy to reach US $ 8 billion by the end of this year, Exporters’ Association of Sri Lanka Chairperson Nirmalie Samarathunga said.

The Exporters’ Association of Sri Lanka (EASL) calls for aggressive action to expand the export base. It was highlighted that the over dependency on concessions are not advisable. The Central Bank should intervene to stabilize the exchange rate which has a huge impact on the export sector.

“Exports play a pivotal role in Sri Lanka’s economy. The country needs to concentrate on value addition and diversification in the export portfolio. The country is trade dependable and vulnerable to external shocks. Thus there is a need to act fast to address the key issues to derive maximum benefits,” she said.

The key areas of concern are the competitiveness, ease of doing business and conducive environment. The cost control is a main contributory factor and more innovative measures are needed to achieve the target of US $ 20 billion by 2020, she said. The EASL held its 13th AGM yesterday in Colombo.