Business News Asia
Sri Lanka’s Department of Rubber Development has announced that the country earned $900 million in export revenue from rubber products in 2022. This is a slight decrease from the 2021 figure of $1 billion, but the department aims to increase revenue from rubber products to $3 billion by 2025.
According to the Director-General of the Department, the major market segments for finished rubber products are the United States, Germany, and Japan. Pakistan, Germany, and Japan are also the major markets for natural rubber from Sri Lanka.
Sri Lanka is one of the world’s leading natural rubber exporters, and the tire industry is a significant contributor to the country’s rubber export revenue. Approximately 70% of tire export revenue in 2021 was generated from tires.
The department is focusing on increasing the value of rubber products, improving the quality of the products, and diversifying the product range to increase rubber export revenue and achieve the target of $3 billion by 2025.