Sept 03, Colombo: Sri Lanka plans to increase the cinnamon exports to a target of one billion US dollars by 2015, the Sri Lanka Economic Development Board (EDB) says.
Addressing a function to introduce a new brand name for Sri Lankan cinnamon products, the Chairman of EDB Janaka Ratnayake has revealed that Sri Lanka earned 85 million US dollars from cinnamon exports in 2010.
According to the Chairman Sri Lanka produces 70 percent of cinnamon demand at the world market and exports 85 percent of country’s annual cinnamon production, mostly to the USA and Mexico.
The ‘Pure Ceylon cinnamon’ brand similar to the ‘Pure Ceylon tea’ brand name will be registered in key markets in North America and Europe. The newly introduced brand name is expected to enhance the market demand for Sri Lankan cinnamon products.
Cinnamon is currently the dominant spice in Sri Lanka in terms of the foreign exchange earnings.
Sri Lanka annually produces 16,000 metric tons of cinnamon in about 31,000 hectares of land. Cinnamon trade is the livelihood for 260,000 families in the country.