Sri Lanka charts bold course in global trade with strengthened Bangladesh ties

• EDB Chairman Mangala Wijesinghe outlines intensified export growth strategy focused on Bangladesh and market diversification
• Highlights Bangladesh as Sri Lanka’s 12th largest export market and 28th import partner
• Notes 2024 trade growth with Bangladesh up 39% in exports to $ 241.5 m, 26% in imports to $ 83.8 m
• Points out bilateral trade climbing from $ 202 m in 2019 to $ 325 m in 2024
• Reports total exports at $ 16.2 b in 2024 led by apparel, tea, rubber, and ICT/BPM sectors
• Introduces new five‑year Export Development Plan aiming for 12% annual export growth, up from 3%
• Identifies key sectors: textiles, paper and electrical exports to Bangladesh, with imports of pharmaceuticals and garments, and expansion into animal feed, rubber products, and value-added agriculture
• Emphasises boosting services exports through ICT, digital finance, business analytics, and education for Bangladeshi students

Export Development Board Chairman and Chief Executive Mangala Wijesinghe – Pic by Ruwan Walpola

By Janani Kandaramage

Export Development Board (EDB) Chairman Mangala Wijesinghe this week confirmed that the Government is intensifying efforts to expand Sri Lanka’s international trade footprint, with renewed focus on deepening economic ties with Bangladesh and fostering strategic export partnerships.

Speaking at the Bangladesh-Sri Lanka Business Forum hosted by The National Chamber of Commerce of Sri Lanka, he emphasised that Sri Lanka’s deepening trade ties with Bangladesh are central to its broader strategy for market diversification and value-added exports – aiming to boost economic growth through innovation, services, and regional partnerships.

“Sri Lanka’s engagement with Bangladesh is a key component in our broader trade development strategy, aimed at market diversification and regional integration,” he explained. 

It was also noted that Bangladesh has become Sri Lanka’s 12th largest export destination and 28th largest import origin, reflecting the steady strengthening of bilateral trade relations. According to 2024 data, Sri Lanka’s exports to Bangladesh surged by 39% to reach $ 241.5 million, while imports rose by 26% to $ 83.79 million. Total trade between the two countries grew from $ 202 million in 2019 to $ 325 million in 2024.

“This steady growth indicates the strong potential of Bangladesh as a strategic trade partner. Our objective is to build on this momentum and deepen economic cooperation in key sectors,” Wijesinghe opined.

He observed that Sri Lanka’s merchandise and service exports in 2024 stood at $ 16.2 billion, with apparel and textiles, tea, rubber, and ICT/BPM services leading the way, while key export markets included the US, EU, UK, India, and China.

He added: “Key exports to Bangladesh include textiles, paper products, and electrical components, while major imports comprise pharmaceutical products and garments. The EDB also sees future opportunities in sectors such as animal feed, rubber-based products, and value-added agricultural goods.”

The EDB Chairman highlighted that Sri Lanka’s national export strategy remains centred on ascending the value chain. “We are actively transitioning from primary commodity exports to high-value, innovative products that align with global demand,” he noted.

In support of this strategy, the Government has finalised a five-year Export Development Plan with an annual target growth rate of 12%, up from the current 3%. Trade agreements with countries such as India, Pakistan, and Singapore offer Sri Lankan exporters enhanced market access and preferential terms.

Highlighting the emerging role of services in international trade, the EDB representative said the ICT sector, backed by a workforce of over 85,000 professionals, is poised for expansion.

“Collaborations in IT, digital finance, and business analytics with Bangladeshi counterparts will unlock new trade dimensions,” he noted.

Education was also identified as a growth sector, with Sri Lanka’s globally accredited English-medium universities attracting increasing numbers of Bangladeshi students.

In a significant announcement at the forum, the EDB invited Bangladeshi stakeholders to participate in Sri Lanka Expo 2026, scheduled to take place from 18-21 June at the BMICH, Colombo. The Expo, expected to attract over 1,500 international buyers, will feature Sri Lanka’s leading export sectors and promote business matchmaking opportunities.

“The Expo will serve as a showcase for our national export brand — Sri Lanka Unified Pipeliner — a mark of quality, sustainability, and innovation in global trade,” he remarked.

With Sri Lanka’s economic recovery on a stable footing – bolstered by 5% GDP growth, declining inflation, and a stable exchange rate – the Government is optimistic about its export prospects, he asserted.

“Through strategic partnerships such as the one with Bangladesh, and by focusing on value addition, innovation, and services exports, Sri Lanka is positioning itself as a competitive and reliable player in global trade,” he stated.