Sri Lanka plans to double cinnamon export revenue
December 28, 2024 11:10 am
The Cinnamon Development Department unveiled plans to increase Sri Lanka’s annual income from cinnamon exports to USD 500 million, doubling the current revenue of USD 250 million.
Director General of the department, Janaka Lindara highlighted that Sri Lanka produces approximately 25,000 metric tons of cinnamon annually, exporting around 19,000 metric tons. Cinnamon is a key export crop for the nation, traditionally cultivated in areas like Galle, Matara, and Hambantota.
To meet the new targets, the department plans to expand cinnamon cultivation to regions such as Kurunegala, Puttalam, and Mahaweli zones. These efforts aim to boost production and diversify the geographical base of cultivation, according to the department’s DG.
Furthermore, he added that a significant milestone in this initiative is the signing of a Memorandum of Understanding (MoU) with China, paving the way for cinnamon exports to begin in January 2025.
Additionally, the department plans to strengthen its presence in the European Union and other international markets.
While the majority of Sri Lanka’s cinnamon is currently exported as raw material, the department is emphasizing the production of value-added products to maximize foreign exchange earnings.
Efforts are underway to support small and medium-scale cinnamon entrepreneurs with resources and incentives to encourage this shift, the department mentioned.
