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Sri Lanka’s most famous export, cinnamon is the island’s premier spice export. Industry insiders classify the spice into two forms, Ceylon cinnamon ( Cinnamomum Zeylanicum ), and Cassia Cinnamon. Ceylon cinnamon is the costlier variety and is considered to be a much more upmarket product by those in the West.
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%. [41] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [42]
In 1995, it was the world's leading exporter of tea (rather than producer), with 23% of the total world export, and Sri Lanka ranked second on tea export earnings in 2020 [2] after China. The highest production of 340 million kg was recorded in 2013, while the production in 2014 was slightly reduced to 338 million kg. [ 3 ]
Ceylon Petroleum Corporation, commonly known as CEYPETCO (CPC), is a Sri Lankan oil and gas company. Established in 1962 and wholly owned by the Government of Sri Lanka, it is the largest oil company in Sri Lanka. It was formed in 1961 by nationalisation and expropriation of all private oil companies in Sri Lanka at the time of its formation. [4]
The Ministry of Minor Export Crop Promotion is the Sri Lankan government ministry responsible for “leading the spice industry to achieve the excellence in cultivation, production, marketing and promotion.” [1]
Ceylon tea has been described as not only a geographical descriptor but also a pillar of Sri Lankan culture, heritage, and identity. [1] The Sri Lanka Tea Board is the legal proprietor of the Lion Logo of Ceylon tea. In 2019, Sri Lanka was the fourth largest tea producer and the third largest tea exporter in the world. [2]
The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
The United States is the main importer of textile goods from Sri Lanka, accounting for 76% of total exports from Sri Lanka. As of 2009, Sri Lanka ranked 12th among apparel exporters to the United States in terms of value. [15] Sri Lanka's partnership was advanced in 2000 in part by setting up logistics centres at key US ports to smooth the ...