BOI enterprises generate USD 8.7 Bn export revenue in 2022 | Daily News

BOI enterprises generate USD 8.7 Bn export revenue in 2022

The Board of Investment (BOI) enterprises have shown resilience and contributed to the national economy by generating a sum of USD 8.7 billion through merchandise exports, pulling in 8% of growth compared to the year 2021.

This is Irrespective of the economic meltdown with the gross domestic product (GDP) contracting by 11.8% in 2022, Taking a look at the statistics about the merchandise exports, the BOI enterprises have contributed 99% of national garment exports, 81% of national textile exports, 93% of national leather, travel goods, and footwear exports, 83% of national machinery & mechanical appliances exports, 88% of national printing industry products exports and 81% of national transport equipment exports.

Accordingly, textile and garment exports grew 12% to US$ 5.8 billion in 2022 compared to the US$ 5.2 billion recorded in 2021, while leather and travel goods and footwear exports grew 52 % to US$ 80 million. Furthermore, export earnings from gems, diamonds & Jewellery increased by 19 % to US$ 147.57 million in 2022 while machinery and mechanical appliances grew 16 % to US$ 484.77 million and printing industry products exports grew 12% to 46.47 million.

Also, base metals and articles exports grew 11% to US$ 85.53 million, while ceramic products exports grew 3% to US$ 260.66 million.

The positive performance was primarily driven by apparel exports, which showed the highest earnings in 2022 while Rubber products showed the second highest export earnings, and Leather and travel goods & footwear Exports reordered the highest percentage in terms of growth.

The BOI has always been the forerunner of Sri Lanka’s export industry contributing over 66% to the country’s overall export earnings and 85% to the national industrial export earnings.

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