The country’s export sector is confident of achieving the set export targets and will be looking towards to consolidate as there has been a slight drop in the value for the first five months.
"The 4 percent decline in exports up to May this year is due to the declining trend in certain sectors such as boat building, natural rubber, coir, hand-loom, spices and ornamental fish. We will take measures to take the export sector to progressive path to enhance the sector performance," Sri Lanka Export Development Board Chairman and CEO Janaka Ratnayake said.
An advisory committee has been set up for follow up action and for new strategies with regard to export diversification, value addition and brand promotion, he said at a meeting held to discuss the present status of the export sector and for the submission of proposals for the national budget 2013 held at the EDB auditorium last week.
There will be a concerted effort to promote Sri Lanka in the global arena through national branding.
The EDB will encourage individual companies to have their own branding while working towards a common goal.
The ratio related to exports to GDP has declined from 32 percent in 2010 to 17 percent in 2011 and also contribution to world trade from 0.9 percent to 0.6 percent. The second half export performance is expected to improve where shifting of markets is taking place at present.
This will give the sector an edge to forge ahead and record US $ 11 billion plus exports for the year 2012. It is important to create a level playing field to take the export sector to the next level.
“There will be a common formula and unconditional support for exporters to reach the target level of export of $ 20 billion by 2020, “ Ratnayake said.