In the first half of this year Sri Lanka’s exports rose 11.4 percent, at $8.4 billion, compared with the corresponding $7.5 billion of last year’s era.
The export industry has seen growth revitalization with an ambitious goal of reaching 20 billion dollars by the end of 2019. In the first quarter of 2019, in the first quarter of 2019, January (USD 1,030 million), March (USD 1,137 million.) & June (US$ 1.099.3 million), the exports of merchandises in excess of US$ 1 billion were reported in three months for the first time.
The export services industry produced a 27% contribution in the first half of 2019 to US$ 2.512 million in the respective period in 2018, which is US$ 1.980 million.
Some of the “focus areas” recognized under the national export strategy, such as food and beverages, boat construction and ICT / BPM, demonstrate powerful efficiency.
Malik Samarawickrama, Minister for International Trade and Development Strategies, informed the media yesterday that steps have been taken to create Sri Lanka’s active involvement in the worldwide value chains, with the objective to create a worldwide center of excellence for high-end products engineering. In close cooperation with the sector, the Export Development Board has recognized prospective producers which will be established to guarantee sustainable Sri Lankan manufacturing capacity. The sector has already been involved in the manufacture of components and components to export sectors such as automotive components and circuit boards.
The Minister said: “To promote local entrepreneurship, the Government is actively examining the current ecosystem and the export market access agenda in Sri Lanka.” Proposals included and announced in the National Budget 2018-19 are being introduced in the context of the Dev’s work. Dev’s proposals are being enacted. The Ministry works closely with the EDB and the BOI on these budget suggestions, developing prospective export industries while addressing the existing export gaps. The ultimate goal is to boost exports by 2022 to US$ 28 billion.
