India and Sri Lanka are the nearest neighbours separated by Palk Strait. The relationship between the two countries is more than 2,500 years old and both sides have built upon a legacy of the intellectual economic relationship. Both the nations are active members of many regional and multilateral organizations like the South Asian Association for Regional Cooperation (SAARC), South Asia Cooperative Economic Program and BIMSTEC, working to upgrade the economic ties. With the signing of the bilateral trade agreement between both the economies in 2000, India export to Sri Lanka over the years has increased from $ 0.6 B in 2001 to $ 4.5 B in 2017.
India export to Sri Lanka amounted to $5.3 billion in 2015-17 whereas its imports from the country were at $743 million, altogether the total Indian export averaged nearly 26.48 INR Billion from 2014 to 2019, reaching an all-time high of 53.84 INR Billion in April 2015.
Major exports of India to Sri Lanka accounts for 66% of the total exports to Sri Lanka. The top exportable products include vehicles other than railway (15.24%) followed by aircraft, space crafts (10.09%), mineral fuels (9.07 %), ships, boats,(6.3%), cotton (5.91%) among others. Around 20% of the Sri Lankan imports arise from India for products like space crafts, boats, pharmaceutical products, organic chemicals, vehicles, mineral fuels, etc.
The list of India exporters exporting to Sri Lanka -
Sri Lanka is India's second-largest trading partner in the south Asian association for regional cooperation (SAARC). India is the third-largest export destination for Sri Lankan products absorbing 6% of total exports.
There have been phases of negotiation between Sri Lanka and India on the economic technology cooperation agreement (ECTA). If the agreement came into force, there would be an expansion of the existing free trade pact in goods promoting more India export to Sri Lanka.
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