The latest edition provides statistical information related to Sri Lanka’s external trade and its contribution to major economic indicators such as trade balance, GDP, individual sectoral involvement, export regions per each product, their market growth and projected export forecast for the year 2022 and minimum five preceding years.
This volume is the 36th Volume of this publication, and its previous editions have been constantly used as a comprehensive and trustworthy reference by exporters, researchers and policy makers.
Dr. Kingsley Bernard Chairman & Chief Executive Officer, Sri Lanka Export Development Board thanked the Policy & Strategic Planning team of the EDB for their invaluable effort in compiling the Export Performance Indicators 2022 and invited users of this publication to provide feedback on the content and suggestions for improvements.
The Export Development Board (EDB) of Sri Lanka has announced an ambitious strategic plan to bolster the country’s exports to a staggering $31.3 billion by 2027. This five-year plan aims to expand Sri Lanka’s market share by 10% annually in its current top 10 export markets. These include the USA, the UK, India, Germany, Italy, the Netherlands, Canada, the UAE, Belgium, and France.
Simultaneously, the EDB expects to identify 10-15 potential new markets and aims to raise the market share by 5% annually in these areas. These efforts are part of the EDB’s broader strategy to support Sri Lanka’s journey towards becoming a developed nation by 2048, thereby enhancing the standard of living for its citizens.
An integral part of the EDB’s strategy is the promotion of customized value-added products and services to identified niche markets at premium prices. The board plans to conduct in-depth product-market analyses on high-end niche markets and share these findings with the exporter community. This approach will provide valuable insights to exporters and aid in aligning their offerings with market demands.
Established in 1979, the EDB has been a pivotal entity in promoting and developing exports in Sri Lanka for over four decades. The board was formed with the objective of creating a robust governmental framework to develop and promote the country’s exports, thus integrating Sri Lanka with the global economy.
As part of the new strategic plan, the EDB anticipates enhanced merchandise exports of $26 billion and service exports of $5.3 billion. To achieve this, the EDB outlined a seven-point strategy that includes a range of new initiatives and fine-tuning of existing policies.
This strategy includes implementing the National Export Strategy 2023-2027, strengthening and diversifying export markets, encouraging exporters to innovate, scaling up the export business, and establishing mechanisms to monitor and encourage repatriation of export proceeds. The EDB also plans to introduce new SME exporter development programs and exporter facilitation for the ease of doing business.
The EDB’s plans come at a critical time as Sri Lanka grapples with a dire economic climate. The board’s assertive intervention is seen as a crucial step towards stabilizing the economy and driving export-led economic growth. To ensure the success of this initiative, the EDB will be playing a more proactive role in developing exports and taking the ‘Made in Sri Lanka’ brand to the global stage.
Going forward, the EDB will be revisiting its National Export Strategy and implementing a fresh five-year plan for 2023-2027. With these strategic efforts, the EDB continues its legacy as a major torchbearer for Sri Lanka’s economic development, working tirelessly to bring prosperity to its citizens through robust export growth.
