Sri Lanka earned USD 8.4 billion in export revenue in the first half of 2025, reflecting a 7% increase compared to the same period last year, Export Development Board (EDB) Chairman Mangala Wijesinghe announced yesterday (7).
Speaking at a press briefing at the Department of Government Information, Wijesinghe stressed the need to maintain this growth momentum to achieve the Government’s annual export target of USD 18 billion. “Our goal for the first six months was a 7% growth rate. For the third and fourth quarters, we aim for 8% to 10%,” he said, warning that failure to meet these targets could make the annual goal difficult to reach.
A new Export Development Plan—based on the National Export Strategy (2018–2022) and incorporating newly targeted sectors—is set to launch by September or October. Developed with industry input, the plan aims to boost exports to USD 36 billion by 2030, increasing the sector’s share of GDP from the current 19% to 25%.
Exports remain Sri Lanka’s largest source of foreign exchange, accounting for over 60% of total inflows, or about USD 1.4 billion monthly. Tourism adds around USD 350 million, while worker remittances make up the rest, bringing total monthly foreign earnings to nearly USD 2.4 billion. Import costs range from USD 1.6 to 1.8 billion, especially after vehicle imports resumed.
Merchandise exports in the first half of 2025 totaled USD 6.5 billion, while services contributed USD 1.8 billion, marking a 16% year-on-year increase. Apparel exports rose by 5%, with strong growth also seen in tea, processed foods, gems and jewellery, electronics, and spices.
The U.S. remained Sri Lanka’s top export destination, importing goods worth USD 1.7 billion—65% of which came from the apparel sector. Recent U.S. tariff changes have strengthened Sri Lanka’s competitive edge over rivals such as India and Vietnam, creating new opportunities to diversify exports.
Wijesinghe also highlighted renewed policy coordination through the revival of the Export Development Council of Ministers—last convened in 1992—chaired by the President. The council’s next review meeting will be held next Tuesday to assess export sector performance and ambassador-led market expansion efforts.
To promote inclusive growth, export development targets have been extended to all districts and Divisional Secretariats, supported by new EDB offices in Kurunegala, Jaffna, Kandy, and Matara.
