By: Staff Writer
February 27, Colombo (LNW): Sri Lanka is aiming for a total export revenue of around US$ 19 billion in 2025, with merchandise exports projected to reach US$ 14 billion and services exports expected to hit US$ 4.2 billion.
The export sector kicked off 2025 on a positive note, with total exports crossing US$ 1.3 billion in January, marking a 7.5 percent year-on-year (YoY) increase, data from the Export Development Board (EDB) showed.
Merchandise exports rose 3.5 percent to US$ 1 billion, led by a 15 percent surge in agricultural shipments to US$ 258.9 million, while industrial exports remained largely flat, inching up 0.08 percent to US$ 745.9 million. Services exports jumped 37.9 percent YoY to US$ 329.4 million.
Apparel and textiles, Sri Lanka’s largest export category, saw a sharp 21.1 percent increase, bringing in US$ 460.2 million. Tea exports, which made up 12 percent of total merchandise shipments, rose 2.6 percent YoY to US$ 112.7 million, buoyed by a 29.8 percent jump in packaged tea sales. Strong demand for coconut-based products also contributed with coconut oil, cream, and fiber shipments recording gains.
Among agriculture exports, spices and essential oils saw a robust 32.9 percent increase to US$ 39 million, largely due to higher pepper and clove shipments to India and Saudi Arabia. Diamonds, gems, and jewelry also performed well, rising 28.2 percent to US$ 42.3 million, benefiting from improved demand in the US and European markets.
However, not all sectors fared well. Rubber product exports fell 8.2 percent YoY to US$ 75.1 million, while seafood exports plunged 23.2 percent, hit by weaker demand for fresh fish and shrimp. Exports of electrical and electronic components also declined, slipping nearly 9 percent YoY.
The US remained Sri Lanka’s top export market, accounting for 23 percent of total merchandise exports, with shipments rising 18 percent to US$ 260.2 million. India emerged as the second-largest buyer, with exports surging 43.9 percent to US$ 81.9 million, driven by strong pepper sales. Exports to the European Union, which makes up nearly a quarter of total exports, increased 16.3 percent to US$ 227.2 million.
Sri Lanka is targeting an ambitious export revenue target of US$ 19 billion for 2025. Merchandise exports are projected to grow from US$ 12.7 billion in 2024 to US$ 14 billion in 2025, while services exports are expected to rise from US$ 3.5 billion to US$ 4.2 billion.
The targets align with a five-year plan aimed at increasing export earnings to US$ 36 billion by 2030, with US$ 25 billion from goods and US$ 11 billion from services.
