EDB Chairman and CEO Kingsley Bernard expressed confidence in the country’s ability to reach this goal, driven by new initiatives and strategic adjustments to boost exports.

“We are forecasting a performance of $ 16.3 billion in merchandise and service exports in 2024, which includes over $ 12.7 billion from merchandise exports and $ 3.6 billion from service exports,” he said.

As per EDB’s 2023 forecast —$ 5.16 billion to come from apparel and textile, $ 1.39 billion from tea, $ 988 million from rubber and $ 753 million from coconut-based products.

From the other sectors, 517 million from electrical and electronic components, $ 489 million from petroleum products, $ 427 million from spices and essential oils and $ 412 million from diamonds, gems and jewellery, $ 278 million from seafood and $ 140 million from boat building.