Sri Lanka, July 10 -- The United States yesterday"s announcement of a 30% tariff on Sri Lankan imports marks a significant blow to the country's export sector, with estimated losses projected between USD 1.2 to 1.5 billion over the next 12 months. However, former Ambassador Kananathan has emphasized that this development should serve not just as a setback but as a critical turning point.

"This is a wake-up call for Sri Lanka's export economy," Kananathan said. "Over-reliance on a single market, limited diversification, and a lag in innovation have left our industries exposed."

The gap may widen further unless Sri Lanka shifts toward cost efficiency or niche product development and have a diverse export portfolio like Malaysia (electroni...