Sri Lanka is targeting annual export earnings of US$18.2 billion by 2025 through its latest trade and export policy.
As pointed out by the Chairman of the Export Development Board, Mr. Mangala Wijesinghe, the plan is to increase merchandise exports to US$12.7 billion over the next 12 months, from US$14 billion, and services exports from US$3.5 billion to US$4.2 billion.
The apparel sector is expected to lead the growth with a revenue target of US$5.2 billion, while tea exports are expected to contribute US$1.4 billion.
Rubber exports are expected to reach US$1 billion, while other export crops are projected to generate revenues exceeding US$100 million by 2025.
A significant contribution is expected from the gems and jewellery sector, with a revenue target of US$650 million – more than double the US$300 million forecast last year.
“The construction industry is also expecting a similar growth rate, with a target of US$450 million, up from US$250 million last year,” Wijesinghe said at a press conference held to announce the latest edition of the Presidential Export Awards.
“The government is actively looking into the industry’s proposal to reduce the Central Bank’s bank guarantee from US$100 million to US$5 million,” he added.
Moreover, the electronics and electronic components sector in the merchandise sector is expected to generate revenue of US$550 million in 2025, while food and beverage exports are projected to reach US$485 million.
According to the Export Development Board, coconut export revenue is expected to remain at US$800 million. However, boat manufacturing, which has been identified as an emerging sector, is expected to offset this setback by generating revenue of over US$200 million.
The Export Development Board expects the seafood sector to generate US$300 million by 2025, while other export products are projected to generate a combined revenue of US$640 million for the country.
In addition to the growth in the construction industry, the government aims to strengthen exports in the services sector by increasing the revenue from the ICT sector to US$1.7 billion during the year and the transport, logistics and maritime sector to over US$1.9 billion.
“We expect to increase ICT revenue to US$5 billion by 2030 by empowering more ICT professionals. Reducing the export service tax from 30 to 15 percent will have a transformative impact on this industry,” Wijesinghe said.
The government last year announced an ambitious target of achieving US$36 billion in export revenue over the next five years, with US$25 billion in merchandise exports and US$11 billion in services exports.
Officials listed strategies such as political stability and strict anti-corruption measures under the government’s digital economy initiative, attracting foreign direct investment (FDI), and streamlining export-related approval processes as key drivers of this growth.
