Sri Lanka’s exports grew 11.4% in the first half of this year, recording $ 8.4 billion compared with $ 7.5 billion of the corresponding period of last year.
Export sector is witnessing a revival in growth with an ambitious target of achieving US $ 20 billion by the end of 2019. For the first time, over US$ one billion monthly merchandize export earnings are recorded in three months during first half of 2019, January (US$ 1,030 Mn), March (US$ 1,137 Mn.) & June (US$ 1,099.3Mn).
The export service sector made a contribution with a growth rate of 27% to reach US $ 2,512 million during the first half of 2019 form US $ 1,980 million during the corresponding period in 2018.
A strong performance is evident in some of the ‘focus sectors’ identified under the National Export Strategy such as Food & Beverages, Boat Building and ICT/BPM.
Minister of Development Strategies and International Trade, Malik Samarawickrama told the media yesterday, measures have already been initiated to establish Sri Lanka’s active participation in the Global Value Chains with a focus of creating a global center of excellence in high-end product engineering. The Export Development Board is working closely with the industry and has identified potential manufacturers to be developed to ensure the sustainable production capacities in Sri Lanka. The industry has already engaged in parts and component manufacturing for the export industry such as Automobile Components, Circuit Boards, Office Equipment and Electrical Machinery.
The Minister said, “The Government is also actively engaged in reviewing the existing ecosystem in doing business in Sri Lanka with a view to facilitate local entrepreneurship through the implementation of the Ease of Doing Business, National Export Strategy, and the Export Market Access program.”
Proposals included and announced in the National Budget 2018 & 2019 are being implemented for the development of the export sector. The Ministry together with the EDB and BOI are working closely with the industry on these Budget proposals on developing export potential sectors while addressing prevailing bottlenecks faced by exporters. The ultimate objective is to increase country’s exports to US $ 28 billion by the year 2022.
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