The EDB has set a forecast performance of $ 18.51 billion in merchandise and service exports in 2023. This comprises $ 15.93 billion from merchandise exports up from $ 13.01 billion achieved in 2022 and $ 2.58 billion from services exports.

As per EDB’s 2023 forecast, 6.5 billion comes from apparel and textile, $ 1.32 billion from tea, $ 1.51 billion from rubber and $ 985 million from coconut-based products.

From the other sectors, $ 592 million from food and beverage, $ 585 million from spices and concentrates, $ 490 million from electrical and electronic components and $ 445 million from diamonds, gems and jewellery.

Additionally, seafood exports are estimated to bring $ 367 million and $ 582 from petroleum products.

Given the current economic climate, he explained that a country requires a more assertive intervention of the EDB to boost exports at a rapid phase.