Sri Lanka exports earning hits record US $ 11 billion
Sri Lanka’s exports recorded US $ 1 1 bil l i on re pre - senting a growth of over 20 percent comp a re d t o t he ye a r 2010 despite a slowdown in the World Economy.
The Chair man of the Export Development Board Janaka Ratnayake said that after dipp i n g i n 2 0 0 9 , S r i L a n k a ’s exports have shown considerable resilience.
He s a i d t h a t i n 2 0 1 0 S r i Lanka’s exports increased by 21 percent to US $8.5 billion and the perfor mance in 2011 were exceptional as it exceeded their targets as well as projections.
Ratnayke said that policies enunciated in the “Mahinda Chintana 2010 – The Vision for the Future” as well as follow up stimuli from the 2010 Budget helped to increase in this performance. He said that exports also played its part in helping the country to achieve 8 per-
That diversification of export products and markets, value addition, brand promotion, productivity improvement, product adaptation, market communication and market development are the main components of the strategic plan.
cent economic growth for the seco nd c o ns e c ut ive year.
As per the latest end-november perfor mance data r e l e a s e d by t h e Central Bank last we e k a n e x p o r t growth of 22.2 percent to US $ 9.58 billion has been achieved. Ratnayake said that the 2011 g rowth is also significant as it completed a full year minus the EU GSP+ benefits, which were suspended in August 2010. He said that despite recession in the West, apparel exports remained robust recording a 25 percent growth to US $ 3.8 billion by end November.
Commenting on the prospects for 2012, the Chairman of the EDB said that they expect the growth momentum to continue despite a more challenging environment.
Ratnayake noted that the EDB as the apex body responsible for the development of exports has adopted a strategic approach in promoting exports during the next five year period.
He also said that diversification of expor t products and markets, value addition, brand promotion, productivity improvement, product adaptation, market communication and market development are the main components of the strategic plan.