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Tuesday, 28 February 2012

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Export sector records US$ 10.5 b in 2011

A healthy US $ 10.5 billion was recorded as the foreign exchange earned by Sri Lanka’s export sector for 2011. The export sector performed beyond expectations and was able to reach $ 10.5 billion for the last year. This is a great achievement when considering the turbulent external environment that prevailed. We were able to surpass the expected $ 9.3 billion for the year and recorded a year-on-year growth of 22 percent, Sri Lanka Export Development Board Chairman and CEO Janaka Ratnayake told ‘Daily News Business’.

The export sector contribution for the national GDP stands at 18 percent at present.

The sector performed well to top the $ 10 billion mark despite our main export markets in Europe recording a sluggish growth and facing debt crisis. The initiatives to capture niche markets with premium prices and branding enabled the country to increase export earnings. This shows that Sri Lanka is resilient to global shocks, he said.

The key sectors in the export base except fisheries showed upward movement last year. The country will be able to reach our national target of $ 20 billion for 2016 even before and with this trend continuing this target could be achieved by 2014, Ratnayake said.

 

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