- National export roadmap targets diversification and long-term economic resilience
Sri Lanka is preparing to launch a sweeping national export strategy aimed at transforming the country into a more diversified and globally competitive trading nation, as policymakers attempt to reduce economic dependence on a limited number of Western markets.
The Export Development Board (EDB) confirmed that the long-awaited National Export Development Plan (NEDP) will officially be introduced on 16 June. The initiative is expected to provide a long-term framework for expanding export revenue, strengthening industrial competitiveness, and accelerating entry into emerging international markets.
EDB Chairman Mangala Wijesinghe said the strategy was developed jointly with Government institutions, private sector stakeholders, and international agencies including the Asian Development Bank. The roadmap is designed to sustain annual export growth above 10%, a benchmark considered necessary for Sri Lanka to achieve its broader economic ambitions.
The country has set an ambitious target of generating $36 billion in export earnings by 2030, including $25 billion from merchandise exports and $11 billion from services. Officials argue that achieving such growth will require a major structural shift beyond traditional industries.
While sectors such as apparel, tea, rubber, and coconut products will continue to receive policy support, the new strategy prioritizes expansion into higher-value industries with stronger global demand. Among the sectors identified as future growth drivers are automotive components, electrical and electronic manufacturing, processed food and beverages, mineral-based products, spices, and gems and jewellery.
Economic planners believe moving further up the value chain is essential if Sri Lanka is to remain competitive amid shifting global trade patterns and increasing regional competition.
One of the key concerns highlighted by the EDB is the country’s heavy reliance on a narrow group of export destinations. Nearly one-quarter of Sri Lanka’s exports are directed to the United States, while almost another quarter is shipped to European Union markets. Officials warn that economic slowdowns, political instability, or trade disruptions in those regions could significantly affect local industries.
The proposed export plan therefore places major emphasis on market diversification. Africa, Asia, and the Middle East have emerged as priority regions after Sri Lanka recorded substantial export growth to those markets last year. Exports to Africa reportedly expanded by more than 46%, while shipments to Middle Eastern countries rose by over 25%.
Trade officials also intend to maximize the benefits of existing preferential trade agreements. Sri Lanka currently enjoys market access advantages through arrangements such as SAFTA, APTA, bilateral trade agreements with India and Pakistan, and the European Union’s GSP+ scheme.
The United Kingdom has also recently extended preferential trade access for a range of Sri Lankan products, enabling many exports to enter the British market without tariffs.
Despite positive momentum in several sectors, the country’s export sector still faces significant challenges. Apparel exports have weakened due to declining demand in Western markets, while shipping disruptions linked to Middle Eastern tensions continue to raise freight and insurance costs.
Nevertheless, policymakers believe the new export strategy can help insulate Sri Lanka from future global shocks by broadening its export base, encouraging value-added production, and expanding into faster-growing international markets.
By a Special Correspondent