US tariff sparks export diversification push in SL

The Sri Lanka Export Development Board (EDB) convened a high-level forum yesterday to address the repercussions of the 20 percent tariff imposed by the US on a range of Sri Lankan exports.

EDB Chairman and CEO Mangala Wijesinghe stressed the need for a unified industry response to mitigate the tariff’s impact, urging the exporters and policymakers alike to collaborate on strategic adaptation. 

“Our strength lies in cohesion,” Wijesinghe said, framing the tariffs not just as a challenge but as a catalyst for innovation and market diversification.

Key government secretaries lent critical insights into supportive policy frameworks. Finance Secretary Dr. Harshana Suriyapperuma outlined the government’s plans to shore up the exporters financially, while Industry Secretary J.M. Tilaka Jayasundara highlighted the industrial adaptation and innovation initiatives aimed at enhancing productivity and value addition. 

Trade Secretary K.A. Vimalenthirarajah detailed both the immediate and long-term trade policy recalibrations to navigate the evolving global market dynamics.

A highlight was the presentation by EDB Acting Director Market Development Saumya Kannangara, who explored the untapped market opportunities beyond the US. Kannangara emphasised the need for the exporters to pivot towards new international markets across Europe and Asia, leveraging alternative trade routes and products to reduce reliance on the US market.

EDB Acting Director General Development Kumudinie Mudalige, alongside the government officials and representatives from the export associations and chambers of commerce, participated in the deliberations.