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Sri Lanka targets $ 18.7 billion in exports for 2025

Sri Lanka targets $ 18.7 billion in exports for 2025

The Morning: The Export Development Board (EDB) is forecasting Sri Lanka’s total export earnings at $ 18.7 billion for 2025, according to the board’s Chairman.
Speaking to The Sunday Morning Business, EDB Chairman Mangala Wijesinghe stated that in line with the Government’s goal of achieving $ 36 billion in exports, excluding tourism revenue, the EDB had projected total export earnings of $ 18.7 billion for 2025.
He further stated: “This forecast comprises $ 14.54 billion from merchandise exports and $ 4.16 billion from services exports.”
Commenting on export performance in 2024, he said: “During the first 10 months of 2024, cumulative merchandise exports rose by 7% Year-on-Year (YoY), reaching $ 10.6 billion compared to the equivalent period in 2023.
“Similarly, services exports have surged by 7.7% YoY, reaching $ 2.9 billion compared to the equivalent period in 2023.”
Accordingly, Wijesinghe stated: “As a result, total export earnings – including both merchandise and services – amounted to $ 13.5 billion during this period, reflecting a 7.19% YoY increase.”
He added that Sri Lanka’s export performance during the first 10 months of 2024 signified that by October this year, merchandise and services export revenue had achieved 82.1% of the annual target of $ 16.4 billion.
“The EDB remains optimistic about meeting the year-end goal, buoyed by the consistent and promising growth in export performance in recent months,” he stated.

OSL take:
Sri Lanka’s exports sector is one of the key revenue generators of the country and the steady growth being recorded by the sector has resulted in the Sri Lankan government and local export authorities focusing on further strengthening the sector. The many trade agreements and trade concessions enjoyed by Sri Lanka with many foreign countries have also helped boost the country’s exports sector. Local export authorities are also focused on carrying out promotional campaigns in foreign markets while encouraging local exporters to diversify and expand their export product portfolios. With Sri Lanka looking at further expanding its trade ties to include more foreign countries while working towards becoming a hub in the South Asian region, the local exports sector is witnessing an expansion of business/investment opportunities. Given the growth and business potential in Sri Lanka’s exports sector foreign businesses/investors could explore the expanding business/investment opportunities in the sector while also looking at forming partnerships or joint ventures with local businesses in order to further expand operations.

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Article Code : VBS/AT/20241212/Z_5

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