Colombo, Dec 28 || The Cinnamon Development Department of Sri Lanka aims to double the country's annual cinnamon export revenue to $500 million in the next few years, up from the current $250 million.
Local media on Saturday quoting Janaka Lindara, chairman of the Department of Cinnamon Development, said that Sri Lanka produces approximately 25,000 metric tonnes of cinnamon annually, with around 19,000 metric tonnes being exported.
To boost production, the country plans to expand cinnamon cultivation into the North Central and North Western provinces, Lindara said.
Sri Lanka also seeks to strengthen its foothold in international markets such as China and the European Union. The department is promoting the production of value-added cinnamon products to maximise foreign exchange earnings, news agency reported.
Earlier, on July 10, 2019, Sri Lanka emerged as the largest exporter of cinnamon in the world, according to an international market survey, local media reports said.
According to the survey titled "Cinnamon Market Growth, Trends and Forecast 2019-2024" compiled by ResearchAndMarkets.com, the demand for Sri Lankan cinnamon increased in countries such as Mexico, the United States, Peru, Bolivia, Chile, and Guatemala.