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Sri Lanka’s Export Product Basket Not Changed

Statistics show that since the 1990s Sri Lanka’s export product basket has not changed much, while her global market share has fallen, the European Union (EU) said.

The Ambassador to Sri Lanka and the Maldives for the Delegation of the European Union, Tung Lai Margue said that only about 5% of existing local companies engage in exports.

“I am aware that the government had announced in the past that it wished to double its current exports which stood at little more than 10 billion US dollars to over 20 billion US dollars in the medium/long term but this has proven difficult so far. As a matter of fact exports in 2016 remain stagnant compared to 2015,” he said.

He was speaking at the National Symposium held last week to develop a National Export Strategy.

“Under these circumstances I firmly believe that diversification is a key to Sri Lanka’s export success. In 2016 out of its total exports revenue of approximately 10 billion US dollars, almost 5 billion US dollars of revenues were from the textile and garments sector and this ratio has remained the same for several years.

Therefore if Sri Lanka is to substantially increase its export revenues as it wishes to,  then   diversifying to new sectors is the key to success. Similarly, diversification of markets is also a priority for Sri Lanka,” he said.

The Ambassador said that among the EU countries the UK is currently an important market for Sri Lanka and with Brexit becoming a reality, Sri Lanka will immensely benefit if it also focusses its attention especially on accessing non-traditional markets among the EU countries which will not only cushion the potential negative impact of Brexit on Sri Lanka but will also help contribute towards Sri Lanka’s ambitious target of doubling its exports revenue.

He says  the transformation of Sri Lanka to upper middle income status requires a rebalance of the economic growth model to being a more open, private sector-led one, which is able to develop and sell higher value goods and services in global and domestic markets.

1 Comment for “Sri Lanka’s Export Product Basket Not Changed”

  1. Deepal Edirisinghe

    Though Lanka’s export product basket has not changed, however
    Benifit of Sri Lankan politicians for their own has changed drastically burden to
    TAX payers moneys.

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