Sri Lanka Trade Overview
2019-03-20
 

Overview of the International Trade in Sri Lanka

The total value of exports in 2017 was reported as US$ million 11,411.23 which was a 11.69 percent increase compared to 2016 with US$ million 10,217.28 export value. The total value of exports has been fluctuating during the last three years and recorded the highest value in 2017. The USA was the largest buyer of Sri Lankan products in 2017, which had a share of 25.5 percent of total export value followed by UK, India, Germany and Italy. The above five export destinations covered 50 percent of total value of exports in 2017.

Major export product to the world was Apparel (HS 61 and 62), which was the main foreign exchange earner covering 41.5 percent of total export value followed by Tea (0902), Ships, boats and floating structures (89),Fuel oil(27101960) and Cinnamon and cinnamon-tree flowers (0906)in 2017. The total value of import was US$ million 21,323.77 in 2017 which was a 9.3 percent increase compared to 2016 with US$ Mn 19,514.78 import value. The major supplier of Sri Lanka was India which covered 21 percent of total import value in 2017 followed by China, U.A.E, Singapore, Japan, and USA. Iron and Steel (72 and 73), Knitted or crocheted fabrics (60), Plastics and articles thereof (39), Cotton (52) and Gas oil/Diesel (27101940) were  the major five products imported to Sri Lanka in 2017.

Balance of Trade                            

Balance of Trade in Sri Lanka has recorded an average of US$ Million -7522.85 in the period from 2008 to 2017, which reached to a low value of US$ Million -9,912.54 in 2017 and recorded a high value  of  US$  Million -2648.36 in  2009.  USA,  UK,  Italy,  Belgium,  and  Turkey were the  first  five countries which had positive balance of trade while India, China, UAE and Japan indicated a negative balance of trade (major five countries)with Sri Lanka in 2017.


 

The growth of Export and Import values

 

Direction of International Trade of Sri Lanka

USA and UK remained the largest export destinations for Sri Lanka while India and China were the foremost import originations of Sri Lanka during the last five years While USA and UK covered 25.5 and 9.07  percent  of  total  exports  respectively  in  2017,  while China  and India covered 21.1 and 19.7 percent of total imports of Sri Lanka respectively in 2017. India, Germany, Italy, China, Belgium and  UAE were the influential buyers  of  Sri  Lanka while UAE,  Singapore, Japan, Malaysia and USA were the dominant suppliers to Sri Lanka in 2017








 

 Source: Department of Commerce

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