Sri Lanka’s Export Development Board sets an exports earnings target of US$ 17.4 billion by end of 2018
The Export Development Board (EDB) of Sri Lanka has reportedly set an export earnings target of US$ 17.4 billion by the end of 2018.
According to reports, a 29 percent of the total target has been achieved in the first four months of 2018.
The EDB has been quoted as saying in the local media that during the first four months the country has achieved US$ 5 billion export earnings, compared to US$ 4.7 billion recorded in the corresponding period last year.
The total merchandise exports have reportedly increased to US$ 3.7 billion from January to April 2018, compared to US$ 3.5 billion in the same period last year.
“Merchandise and services exports are expected to grow by 15 percent from 2018 to 2020 with European Union GSP+, growth in National Export Strategy (NES) focused sectors, favourable impacts from free trade agreements (FTAs) and US GSP; while from 2020 to 2025, merchandise exports are expected to grow at a stable rate of 10% annually,” EDB Chairperson Indira Malwatte has told the Daily FT.
Giving a breakdown of the sectoral performance during the first four months, she has said the apparel sector recorded US$ 1.6 billion out of the total target of US$ 5.2 billion, tea sector recoded US$ 472 million out of the total target of US$ 1.6 billion, food and beverages sector has recorded US$ 127 million of out of the total target of US$ 449 million, rubber based sector has achieved US$ 295 million of the total target US$ 1 billion and electronics and machinery sector has recorded US$ 130 million out of the total US$ 427 million.
The target set by the EDB for country’s export sector albeit being an ambitious one, seems to be an achievable target since 29 percent of the target has already been achieved during the first four months of the year. Also, with merchandise and services exports expecting to grow by 15 percent from 2018 to 2020 due to the EU’s GSP Plus trade concessions, Sri Lanka’s exports sector is poised for buoyant growth in the next few years. Therefore, investing in Sri Lanka’s exports sector would undoubtedly bring good returns to the respective foreign business/investor.
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