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Saturday Dec 14, 2024
Saturday, 10 August 2019 00:00 - - {{hitsCtrl.values.hits}}
Development Strategies and International Trade Deputy Minister Nalin Bandara, moving three Orders under the Sri Lanka Export Development Act, informed the House that merchandise exports have increased by 5.7% while services have risen by 27.1% during 1Q 2019 compared to the same period in 2018.
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Development Strategies and International Trade Deputy Minister Nalin Bandara |
The Minister, mentioning each sector to showcase the positive direction in which they are headed, said: “We were able to report growth from $ 7,584.4 million in 1Q 2018 to $ 8,441.7 million in 1Q 2019. This is a positive growth that happens when the Government believes in an export economy.”
“If you look at the foreign earnings from 2015, the apparel sector stood at $ 4,802 million. By 2018, this had increased to $ 5,300 million, which is an increase of 9.63%. We were able to get the GSP+ under the current Government. The rubber-related industry grew by 2.68%, coconut-related products grew by 8.96%, the diamonds and jewellery industry by 18.35%, food and beverage 9.85%, fisheries exports 7.65%, ornamental fish 1%, fruit exports 39.46%, and cut flower exports 5.77%. We were able to increase trade exports stood at $ 10,547 million in 2018 to $ 11,890 million by 2019. The ICT has growth of 62.19%, construction 30%, financial services 63%, and transport sector 9.36%. So, the entire services sector reported a growth of 27.3%,” he added.
According to the Minister, the Export Development Board was the driving force behind the growth reported during the last four years. “The EDB supports exporters in many ways. Exporter 2,000 is a new move launched to identify 2,000 new exporters by turning our entrepreneurs into direct exporters at the district level. At the moment, we have identified over 800 new exporters, where markets were identified for them and their exports were supported. Under the ‘One Village One Product’ program, we have identified villages where necessary support was given to farmers and manufacturers to reach the export markets. Furthermore, the industry export sector has recorded a growth of 5.6%. If we look at the service export sector, we have been able to record a growth of 61.2% in ICT-related services in the first quarter of 2019,” he noted. (AH)
