• Amidst volatile global trade and potential US tariffs
• Guidance and market access support also being offered to local exporters

Sri Lankan Export Development Board (EDB) authorities are seeking to ensure that exporters are insured through export-credit insurance, amidst the volatile global trade landscape, Trade Deputy Minister Harshana Suriyapperuma said yesterday (30), during a government media press briefing.

“The existing board at EDB and the Chairman are continuously committed to offer support to local exporters. On the other hand, they will be able to avail the guidance of the officials to find markets suited for their exports. So is export credit insurance (to be offered),” Suriyapperuma said.

Earlier in April, Sri Lanka faced the threat of a 44% tariff, on top of a 10% universal baseline tariff on all imports by the United States. Of Sri Lanka’s total exports in 2024, 17.96% were to the US, with apparel exports having made $ 1.8 billion, tea exports $ 77.92 million, and rubber exports $ 327.31 million.

According to the Asian Development Bank, the global trade forecast for exporters in South Asia is expected to be challenging but with potential for growth, particularly in electronics and domestic demand.

While global trade may decline slightly overall, South Asian exports, especially of electronics, could see increased demand. However, rising trade barriers and uncertainty could hinder overall growth, according to the multilateral institution.

Global merchandise trade growth is projected to be 1.7% in 2025, a significant downward revision from previous forecasts, according to the IMF. The volume of world merchandise trade is likely to fall by 0.2% in 2025.