BOI enterprises remain steadfast in 2022 despite economic headwinds

• Generate $ 8.7 b in merchandise exports with 8% growth over 2021

Irrespective of the economic meltdown with the gross domestic product (GDP) contracting by 11.8% in 2022, the Board of Investment (BOI) approved enterprises have shown resilience and contributed to the national economy by generating $ 8.7 billion through merchandise exports, pulling in 8% of growth compared to the year 2021.

BOI enterprises have contributed 99% of national garment exports, 81% of national textile exports, 93% of national leather, travel goods, and footwear exports, 83% of national machinery and mechanical appliances exports, 88% of national printing industry products exports and 81% of national transport equipment exports.

Textile and garment exports grew 12% to $ 5.8 billion in 2022 compared to the $ 5.2 billion recorded in 2021, while leather and travel goods and footwear exports grew 52% to $ 80 million.

Furthermore, export earnings from gems, diamonds and jewellery increased by 19% to $ 147.57 million in 2022 while machinery and mechanical appliances grew 16% to $ 484.77 million and printing industry products exports grew 12% to $ 46.47 million.

Base metals and articles exports grew 11% to $ 85.53 million, while ceramic products exports grew 3% to $ 260.66 million.

The positive performance was primarily driven by apparel exports, which showed the highest earnings in 2022 while rubber products showed the second highest export earnings, and leather and travel goods and footwear exports reordered the highest percentage in terms of growth.

The BOI has always been the forerunner of Sri Lanka’s export industry, contributing over 66% to the country’s overall export earnings and 85% to the national industrial export earnings.