June 18, Colombo: Sri Lanka earned Rs.35 billion in foreign exchange by exporting 17,500 metric tons of Cinnamon last year, according to a government official.
This is the largest stock of Cinnamon exported during a single year in the history of the Cinnamon Trade, Export Agriculture Director General Dr. A. P. Heenkanda said. He said this is a 13 percent increase when compared to exports made in 2017.
He said nearly 80,000 acres are under Cinnamon cultivation at present giving economic sustenance to nearly 100,000 people. The local price of Cinnamon is Rs 2000 per kilo.
According to Dr. Heenkanda, Mexico is the largest importer of Sri Lanka Cinnamon buying 55 percent of cinnamon exports last year.
He said Cinnamon exports accounted for 54 percent of Sri Lanka's export agriculture sector earnings last year.
Stability in world market prices, increase in demand for Cinnamon based products and the medicinal value of Cinnamon had contributed towards the high demand for Sri Lanka Cinnamon.