New NEDP Targets 10%+ Annual Export Growth via Diversification 📈

The Export Development Board (EDB) is set to launch the National Export Development Plan (NEDP) next month, aiming for sustained growth and reduced market vulnerability. • Overall Targets: Aims for over 10% annual export growth to meet national expansion goals, developed in collaboration with the ADB and industry stakeholders. • Sector Breakdown: • Traditional Pillars: Continued strengthening of apparel, tea, rubber, and coconut-based products. • Emerging High-Potential Sectors: Focus on automotive components, electrical and electronic products, mineral-based industries, processed food & beverages, spices, and gems & jewellery. • Market Diversification: Strategy aims to reduce dependence on the US (25% of exports) and EU (23%). Focus shifting toward: • Africa: Recorded 46% growth last year. • Middle East: Recorded 25% growth last year. • Asia: Identified as a critical region for resilience. • Trade Frameworks: Leveraging GSP+, UK zero-tariff access, and regional agreements like SAFTA and APTA to accelerate market entry. _Source: EDB (Provisional Data)_