Exports not hurt by global recession – EDB Chief

The year 2011 was a very good year for exports with performance exceeding expectations and exceeding the revenue target of US $ 9.1 million and the services of exports were added, they would be still higher, EDB Chairman Janaka Ratnayake said.He said that the improved performance was driven by agricultural exports which grew by 10.6% and industrial products which grew by 27.3%. However, the fisheries sector dropped by 3.4%

He said that the improved performance was driven by agricultural exports which grew by 10.6% and industrial products which grew by 27.3%. However, the fisheries sector dropped by 3.4%

He said that the European Union absorbed 34% of the total exports from Sri Lanka grew by 24%, and added that Sri Lankan exporters were able to grow even without the GSP+ concessions.

Asked whether Sri Lanka’s exports targets for 2012 were realistic in the light of the race to US$ target of 25 billion by 2015, given the massive global recession and in the light of the comments made to this newspaper by Sri Lanka Ports Authority Chairman Dr Priyath Wickrema claiming that there will be less transshipment and export volumes for 2012, The EDB Chief brushed it aside by saying that Sri Lanka’s export volumes of US$ 11 billion was a drop in the ocean of world trade of US$ 16 trillion.

He also explained that the worst for Sri Lanka was over in both 2008 and 2009 with the latter year reporting a 12% dip but revamped to a positive growth of 22% in 2011.

Sri Lanka will be able to survive the growth due to export of premium products to niche markets which are not threatened, albeit the European Union going through a sovereign debt crisis. Sri Lanka will have its own organic growth and the recent rupee depreciation will also help, he remarked.

Courtesy : http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=46888