The Export Development Board (EDB) has stated that Industries and Commerce Minister Rishad Bathiudeen, under the guidance of President Maithripala Sirisena, is reconsidering the US$ 20 billion export target for 2020.

EDB Chairman/CEO Bandula Egodage addressing the special awareness session on ISO 9001:2008 standards held for the staff of EDB has said that the Minister believes that Sri Lanka's export sector is more capable than the US$ 20 billion.

"As a result, we are currently re-evaluating this goal with a view to revise upwards," Egodage said.

He emphasized that being the country's top exports facilitator, processes and service standards of EDB should be on par with ISO global standards of excellence so that the country can meet this challenge.

"This is not to say we are not excellent already, otherwise we cannot be the country's top export facilitator. Today's awareness session for EDB staff on ISO 9001 facilitated by Sri Lanka Standards Institution (SLSI) is the first step in advancing EDB's service excellence to our next levels in exports. I thank SLSI for its support to advance our exports sector," Egodage said.

However, the EDB Chairman had not mentioned the new export target value for 2020.

Sri Lanka's earnings from exports of merchandise and services for 2014 stood at US$ 11.9 billion; 31% of Lankan exports headed to the EU while 25% was absorbed by the USA.

Sri Lanka's merchandise exports for January and February 2015 recorded US$ 1.75 billion with a month-on-month increase of 1.7%.