Sri Lanka expects exports to grow 25-pct in 2011

July 15, 2011 (LBO) – Sri Lanka exports grew by a better-than-expected 42 percent in the five months to May and full-year revenues are projected to grow 25 percent to 10 billion US dollars, the state export promotion agency chief said. “Now, our strategy is developing our exports portfolio beyond those markets while protecting the conventional markets,” he said.

“We are keen on India, china, Africa, Russia, Hong Kong, Malaysia. We completed two trade fair in South Africa and one in China. Another gem and Jewelry trade fair was done in Russia.”

The state had had an export target of 15 billion dollars by 2015 he said.

The EDB is organizing a ‘Sri Lanka Expo2012’ in next March in Colombo next year after a lapse of 15 years. Export Development Board chairman Janaka Ratnayaka said Sri Lanka had earned 4.8 billion US dollars in the five months to May, up 42-pct, but full year growth is expected to be a lower 25 percent.

According to Central Bank data in the four months to April exports grew 50.2 percent to 3.4 billion US dollars, with apparel exports surging.

Ratnayaka said the EDB was focusing on promoting seven sectors; apparel, tea, information technology/business process outsourcing, food and beverages, spices,