EDB: SL export sector faces daunting challenges due to adverse global environment

The Sri Lanka Export Development Board (EDB) was facing daunting challenges in improving exports for 2023 compared to 2022 as the country’s traditional export markets in developed countries are facing an economic downturn, Dr. Kingsley Bernard, Chairman of the Sri Lanka Export Development Board (EDB), said on Thursday in a television interview.

Bernard said there had been a decline of around 12 percent in exports in the first six months of 2023 compared to 2022.This is mainly due to the economic downturn in the US, the UK, Germany and other EU countries, he said.

“Although we were expecting growth, compared to 2022, it is unlikely that this target can be met.

Sri Lanka had identified certain products that had the potential to turn the country into an export hub. For example, the country could be a hub in exporting gems and jewellery, Bernard said.

“We are trying out best with the help of all stakeholders to make Sri Lanka a hub for exporting gems and jewellery,” he said.

Bernard said the country neededs to do a lot to improve tea, rubber and apparel exports. The authorities were planning to improve exports by 10 – 15 percent, keeping 2022 as a benchmark, he said.

“Sri Lanka is looking at Joint Apparel Association Forum to work with the EDB to improve vertical integration. The government plans to set up a textile park in Eravur as a long term plan. When it comes to tea, one group thinks that we should import tea and blend it here, while others think that given our reputation for high-quality tea, we must protect it. These are things that should be argued and debated,” Bernard said.