Sri Lanka's Export Sector records a five percent growth

November 22, 2024

Development - Provincial

Sri Lanka's Export Sector records a five percent growth ^Featured

April 22, 2015

The export sector, a key driver of the economy rebounded from last year’s sluggish pace to record a five percent growth during the first quarter of this year as against the corresponding quarter last year. Revenue from exports rose from US$ 1,739 million in the first quarter last year to US$ 1,823 million this year.

This is a noteworthy increase given the slow economic recovery in key markets in Europe and other export markets, Chairman, Export Development Board, Bandula Egodage said.

Merchandise export income rose seven percent to US$ 11,118 million in 2014 compared to US$ 10,394 million in 2013. Merchandise export revenue excludes revenue from Information Technology exports.

The main contributor to exports is the apparel sector which accounts for around 40 percent of exports to the EU region.

Textiles, tea, cinnamon, rubber based products, fish, ceramics, processed and fresh fruits and vegetables and ornamental fish are some of the main export items from Sri Lanka.

“Sri Lanka has some of the best entrepreneurs who could carve a niche area in the global market with value-added products,” Egodage added.