Thursday Nov 28, 2024
Thursday Nov 28, 2024
Wednesday, 1 February 2023 00:26 - - {{hitsCtrl.values.hits}}
By Charumini de Silva
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| EDB Chairman Suresh de Mel
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Despite global recession fears, Sri Lanka Export Development Board Chairman Suresh de Mel was upbeat about giving the best shot at realising an over $ 18.5 billion target for 2023.
This confidence stems from a plethora of new initiatives as well as fine-tuning existing policies to develop and boost exports.
“We are forecasting performance of $ 18.51 billion in merchandise and service exports in 2023. This comprises over $ 15.93 billion from merchandise exports up from $ 13.01 billion achieved in 2022 and $ 2.58 billion from services exports,” he told the Daily FT.
As per EDB’s 2023 forecast, 6.5 billion to come from apparel and textile, $ 1.32 billion from tea, $ 1.51 billion from rubber and $ 985 million from coconut-based products. From the other sectors, $ 592 million from food and beverage, $ 585 million from spices and concentrates, $ 490 million from electrical and electronic components and $ 445 million from diamonds, gems and jewellery. Additionally, seafood exports are estimated to bring $ 367 million and $ 582 from petroleum products.
“The private sector has a greater role to play in realising this goal along with supportive macro and micro policies,” de Mel said.
In 2022, EDB estimated a total export target of $ 16.1 billion, consisting of $ 14.94 billion from merchandise exports and $ 2 billion from service exports. However, given the internal and external challenges the sector could not achieve the expected performance.
“Sri Lanka is forced to push itself to look at alternate markets in the Asian region; with weak demand in our key export markets. But given the nature of our people, I am confident that our exporters will give their best shot to overcome the challenges,” de Mel said.
He said that the Market Development Division of EDB is currently in the process of preparing strategy papers for new markets identified and will implement the strategies soon in both existing and new markets.
The EDB Chief also outlined that the political and economic relationships and risks, current economic conditions and the availability of trade agreements with Sri Lanka were considered when identifying those markets.
He cited that agriculture, food and beverage, organic fruits and vegetables, seafood, rubber-based products, and gem and jewellery export sectors would see growth against other sectors amidst the fears of the global recession.
