• Value-added exports key to increasing export revenue
• Service exports to reach $ 3.6 b in 2024

The Export Development Board (EDB) has revealed plans to transition from raw material exports to export value-added products in order to boost Sri Lanka’s export revenue.

Speaking to The Sunday Morning Business, EDB Chairman Mangala Wijesinghe stated they had identified that a key strategy for boosting Sri Lanka’s export revenue involved transitioning from the export of raw materials to the export of value-added products.

Elaborating further, he stated: “For example, in the electronics sector, partnering with global brands to establish assembly plants within the country could enable the production of export-ready finished goods, enhancing the sector’s competitiveness and value proposition.”

He pointed out that Sri Lanka’s services sector was also on an impressive growth trajectory, with exports expected to reach $ 3.6 billion this year, amounting to a 27% Year-on-Year (YoY) increase compared to the previous year.

“The Information and Communications Technology (ICT) industry, supported by over 85,000 skilled professionals, presents significant opportunities for collaboration with global agencies to deliver high-value services,” said Wijesinghe.

He pointed out that the local logistics sector benefited from Sri Lanka’s strategic location along major shipping routes, handling over 200 vessels daily. 

He therefore claimed that strengthening capabilities in areas such as bunkering and supply chain solutions would further bolster Sri Lanka’s logistics offerings.

Wijesinghe further stated that the EDB, in collaboration with local and international stakeholders, had recently hosted the inaugural marine summit ‘Voyage Sri Lanka 2024’.

“The event emphasised Sri Lanka’s contributions to the blue economy and its potential as a global maritime hub. Combined with a skilled workforce and competitive infrastructure, Sri Lanka offers a compelling platform for international investors. 

“By positioning itself as a hub for maritime services, logistics, and technology-driven solutions, the country aims to capitalise on its unique strengths to attract global players and drive sustainable economic growth,” he stated.

Commenting on the total export performance in 2024, he said: “During the first 10 months of 2024, cumulative merchandise exports rose by 7% YoY, reaching $ 10.6 billion compared to the equivalent period in 2023. Similarly, service exports have surged by 7.7% YoY, reaching $ 2.9 billion compared to the equivalent period in 2023.”