BOI enterprises remain steadfast in 2022 despite economic headwinds

The Board of Investment (BOI) enterprises have contributed a total of US $ 8.7 billion through merchandise exports for the year 2022, which is an expansion of 8 percent when compared with the revenue fetched in 2021.
The contribution to the national economy was made despite the country’s GDP contracting by 11.8 percent in 2022.

In a statement to the media yesterday, the BOI said the enterprises under its purview have contributed 99 percent of national garment exports, 81 percent of national textile exports, 93 percent of national leather, travel goods and footwear exports, 83 percent of national machinery and mechanical appliance exports,

88 percent of national printing industry product exports and 81 percent of national transport equipment exports.
Accordingly, textile and garment exports grew 12 percent to US $ 5.8 billion in 2022, compared to US $ 5.2 billion recorded in 2021, while leather and travel goods and footwear exports grew 52 percent to US $ 80 million.

Furthermore, the export earnings from gems, diamonds and jewellery increased by 19 percent to US $ 147.57 million in 2022 while machinery and mechanical appliances grew 16 percent to US $ 484.77 million and printing industry product exports grew 12 percent to US $ 46.47 million.

Also, base metal and article exports grew 11 percent to US $ 85.53 million, while ceramic product exports grew 3 percent to US $ 260.66 million.

The positive performance was primarily driven by apparel exports, which showed the highest earnings in 2022. Rubber products showed the second highest export earnings and leather and travel goods and 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 percent to the country’s overall export earnings and 85 percent to the national industrial export earnings,” the investment promotion agency said.