US $ 20 billion exports next year
Sri Lanka is expected to fall short of its 2025 export target of US $18.2 billion, projecting revenues between $17 billion and $17.5 billion due to many external and internal challenges and also owing to the latest blow – Cyclone Ditwah, a top official said.
However, the Export Development Board (EDB) remains optimistic about attaining a target of $20 billion in exports for the following year, Mangala Wijesinghe, Chairman EDB said addressing the Sri Lanka Economic and Investment Summit recently.
Over the past 10 months, total exports reached $14.4 billion, marking a 6 per cent growth, which shows a positive trend despite existing structural vulnerabilities, he added.
Outlining a plan to reduce dependence on traditional commodities and apparel and aiming to boost the export sector’s contribution to GDP from about 19 per cent to 25 per cent by 2030, he said to achieve a long-term target of $36 billion in total exports by 2030, with $28 billion from merchandise and over $8 billion from services, Sri Lanka must maintain an annual export growth rate of 10-12 per cent starting in 2026. This strategy includes diversifying products and markets, supported by an upcoming National Export Development Plan (NEDP) for 2026-2030, which will serve as a roadmap for investment and market penetration.
The NEDP, developed in alliance with the Asian Development Bank, focuses on enhancing trade competitiveness, expanding market linkages, and promoting sustainable growth. The EDB has identified several priority sectors for expansion beyond traditional exports, including ICT/BPM, logistics, electronics, food and beverages, and mineral-based exports. Logistics, in particular, is projected to grow significantly due to Sri Lanka’s strategic location. “We are expecting about 15 to 20 per cent increase in the logistic operations in the country, especially as Sri Lanka is a strategic location which is a non-negotiable in terms of a free trade agreement.” He also highlighted that with many construction companies conducting business abroad, from next year, around 20 to 30 per cent contribution is expected from this sector.
In a bid to attract more export markets, the EDB is also planning to attend exhibitions in countries such as Malaysia, Singapore, and Seychelles.
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