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Lankan Exporters optimistic on growth prospects in 2024

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 In a survey conducted by the Ceylon Chamber of Commerce (CCC) covering 2023 and with forecasts for 2024, Sri Lankan Exporters have expressed confidence in their growth prospects. 

The recently released fifth Export Barometer Survey by CCC showcases the resilience of Sri Lankan exporters despite a challenging global outlook. According to the Survey 39% of the firms expect the Sri Lankan Economy to moderately grow in 2024 compared to 2023.

A strong majority of respondents (71%) have adopted digital technologies to improve their export operations. Among the firms that have adopted digital technologies, 68% are from SME. Exporters are also optimistic for the outlook 2024 as 43% of firms expect orders/services will see moderate growth in 2024 compared to the previous year. Digital transformation was a key trend, with exporting firms, especially SMEs, leveraging digital tools for streamlined processes. From digital marketing to cutting-edge technologies, exporters embraced innovation to enhance global visibility.

Amidst economic dynamics, the export sector exhibited robust growth in 2023. Exporters stressed that increasing utility prices and the cost of transport and logistics posed significant challenges during 2023. Service-oriented exporters grappled with a lack of skilled labour, highlighting a sector-specific challenge that warrants attention. However, most exporters identified new business opportunities, leading to workforce expansion to meet growing production demands. Political stability and a consistent energy supply were identified as crucial facilitators for operational optimization. Despite global uncertainties, Sri Lankan exporters remain optimistic about economic and export growth in 2024.

Looking ahead, exporters plan to implement strategic measures, including adopting more competitive pricing strategies, to boost export orders.

 

The post Lankan Exporters optimistic on growth prospects in 2024 appeared first on DailyNews.

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