Economy

Sri Lanka must sell value, not volume: Exporters

Published

2 hours ago

June 29, 2026

Sri Lanka’s leading exporters have endorsed the Government’s ambitious plan to boost exports to $ 36 billion by 2030, but warned that success will hinge on policy consistency, stronger global market access, supply chain reforms, and a decisive shift towards premium, value-added products rather than competing on volume.

Speaking at a panel discussion during the launch of the National Export Development Plan (NEDP) 2026-2030, Dilmah Ceylon Tea Company Chairman Dilhan C. Fernando and CEAT Kelani Holdings Ltd., Managing Director/CEO Ravi Dadlani outlined that Sri Lanka’s export future lies in leveraging quality, sustainability, and innovation rather than attempting to emulate manufacturing giants such as Vietnam and India.

Fernando said the country already possesses most of the ingredients required to achieve the NEDP’s ambitious export targets, but stressed that Sri Lanka must build its strategy around its unique strengths.

“Sri Lanka must recognise that its competitive advantage is different from countries such as Vietnam. Our focus should be on value rather than volume,” he said.

He pointed to products such as Ceylon Tea, Ceylon Cinnamon, and Ceylon Cashew, arguing that the country’s export success will depend on premium positioning, branding, and quality differentiation rather than price competition.

Economy

ADB Approves $57.4M for Sri Lanka’s Solar Power Expansion

Published

1 day ago

June 28, 2026

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The Asian Development Bank (ADB) has approved a $57.4 million financing package to support Sri Lanka’s efforts to expand access to affordable clean energy and reduce greenhouse gas emissions through an ambitious rooftop solar aggregation and virtual net metering initiative.

The financing package includes a $35 million concessional loan, $16.9 million in grants from the European Union, and $5.5 million from the Japan Fund for the Joint Crediting Mechanism. With additional counterpart funding from implementing agencies, the total estimated project cost stands at $80.5 million.

The Rooftop Solar Aggregation and Virtual Net Metering Project will enable two government-owned utilities, Electricity Distribution Lanka (Private) Limited and Lanka Electricity Company (Private) Limited, to roll out a scalable model that pools electricity generated from large rooftop solar systems and redistributes it virtually to eligible consumers.

This model allows multiple users to benefit from solar power without the need to install rooftop panels individually.

Economy

Sri Lanka named World’s Top Trending Wellness Destination for 2026

Published

3 days ago

June 27, 2026

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Sri Lanka has been named the world’s top trending wellness destination for 2026, according to the latest State of Retreats 2026 Report released by BookRetreats. com.

The report ranked Sri Lanka first after recording a 100% year-on-year increase in search interest on the platform, ahead of Australia (85%), Morocco (83%), England (82%) and Spain (80%).

BookRetreats. com attributed Sri Lanka’s rise to its long-standing Ayurvedic tradition, affordability and natural attractions. It noted that wellness retreats in Kandy start from around US$373, making them significantly cheaper than similar experiences in Europe.

The report also highlighted Sri Lanka’s recent decision to waive tourist visa fees for visitors from 40 countries, saying the move has made wellness holidays on the island even more attractive.

In addition to wellness offerings, the report cited Sri Lanka’s wildlife, including the world’s largest gathering of wild elephants and opportunities to spot blue whales, as well as its year-round beach destinations, as key attractions for travellers.

Economy

Sri Lanka’s export earnings surpass USD 7.3 bln in first five months of 2026

Published

5 days ago

June 24, 2026

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Sri Lanka’s export sector has recorded significant growth during the first five months of 2026, with total export earnings exceeding the USD 7.3 billion mark.

According to provisional data released by Sri Lanka Customs, together with estimated figures for gems and jewellery and petroleum product exports, total earnings from merchandise and service exports between January and May 2026 amounted to an estimated USD 7,393.39 million. This represents a 7.56% increase compared to the corresponding period in 2025.

During the same period, merchandise export earnings increased to USD 5,758.44 million, recording a growth of 7.63% year-on-year.

The service exports sector also showed positive performance, generating USD 1,634.95 million in revenue, reflecting a 7.31% increase compared to the previous year.

Meanwhile, in May 2026 alone, merchandise exports recorded a growth of 18.25%, while service exports increased by 18.67% compared to the same month in the previous year.