Top 10 Sri Lanka Imports and Exports Products
Sri Lanka, formerly called Ceylon, is officially a Democratic Socialist Republic country. Also, it is a small island nation located in the Indian Ocean. It has a population of over 21 million and a GDP of over $80 billion. Sri Lanka is a constituent of the WTO and holds free trade agreements with various nations, including India, China, and Pakistan. Based on Sri Lanka export import data, Sri Lanka's top exports are apparel and textiles, tea, rubber, and coconut products, and its leading imports are petroleum products, lightly rubberized knitted fabric, broadcasting equipment, and semi-finished iron.
In this blog, we will discuss the detailed analysis of the 2022-23 Sri Lanka import and export data, highlighting the top export and import products and the market overview.
Let's first discuss Sri Lanka's trade economy in detail!
Sri Lanka Trade Economy: Overview
Sri Lanka is a lower-middle-income South Asian republic off India's southwest coast. It has an $84.5 billion GDP and a per capita GDP of $3,815 in 2021. Sri Lanka is presently experiencing its most influential economic crisis since its independence in 1948.
Sri Lanka's economy is unrestricted, with a trade-to-GDP ratio of more than 100%. Tea, textiles and apparel, rubber and rubber goods, gems and jewellery, and seafood are the country's major exports. The primary imports of Sri Lanka are gasoline, machinery and equipment, chemicals, and food.
In terms of exports:
Based on Sri Lanka Export Data, the country's total merchandise exports from January to April 2023 were US$ 3,811.83 million, a 9.78% decline from the previous year in 2022. Sri Lanka's exports declined 10% yearly to USD 972 million in September 2023. The main reason for the decrease was a downturn in foreign demand, which affected industry exports, mainly clothes.
In terms of imports:
Based on Sri Lanka Import Data, Sri Lanka imports were valued at $17.3 billion in 2022, a -11.2% decrease from $19.5 billion in 2018. The value of Sri Lanka's imports fell -19.5% year on year from an aggregate of $21.5 billion in 2021.
If you are looking to export or import your products to Sri Lanka, you need to connect with our Exim dashboard and analyze your specific products using our HS code finder.
Top 10 Sri Lanka Import Products
As per Sri Lanka Import Data, the following product categories represent the highest dollar value in Sri Lanka's import purchases in 2022. The percentage share of each product category of all imports into Sri Lanka is also demonstrated below.
- Mineral fuels, including oil: US$3.9 billion (22.4% of total imports)
- Machinery, including computers: $1.1 billion (6.1%)
- Electrical machinery and equipment: $984.6 million (5.7%)
- Knit or crochet fabric: $886.7 million (5.1%)
- Plastics and plastic articles: $726.2 million (4.2%)
- Cotton: $666.6 million (3.9%)
- Cereals: $594.2 million (3.4%)
- Paper, paper items: $450.4 million (2.6%)
- Iron and steel: $409.6 million (2.4%)
- Rubber, rubber articles: $399.7 million (2.3%)
Now, we discuss the top 10 imported commodities of Sri Lanka briefly:
- Broadcasting Equipment: Sri Lanka's multimedia business is growing, and broadcasting equipment is needed for the production and transmission of television and radio programs. Broadcasting equipment is imported from various countries, including the United States, Japan, and China.
- Refined Petroleum: Sri Lanka's power requirements rely mainly on imported petroleum. The country's internal oil and gas reserves are inadequate, and it must import most of its petroleum from other countries, such as Saudi Arabia, Kuwait, and the United Arab Emirates.
- Light Rubberized Knitted Fabric: Sri Lanka is a significant apparel importer, and light rubberized knitted fabric is an essential component in the apparel sector. The fabric creates various clothes, including athletics, swimming, and rainwear.
- Semi-Finished Iron: Semi-finished iron is used to manufacture various items, including steel, machinery, and tools. Based on Sri Lanka import data, semi-finished iron is imported into Sri Lanka from China, India, and Russia.
- Crude Petroleum: Crude petroleum is the raw substance from which petroleum products such as petrol, diesel, and jet fuel are made.
- Iron and Steel: Iron and steel are essential for construction, manufacturing, and other industries. Sri Lanka imports iron and steel from China, India, and Russia, as per Sri Lanka import data.
- Plastics: Plastics manufacture various products, including packaging, consumer goods, and industrial goods. Plastics are imported into Sri Lanka from China, India, and Singapore.
- Pharmaceuticals: Pharmaceuticals are significant for the treatment and prevention of diseases. Sri Lanka imports pharmaceuticals from countries such as India, China, and the United States.
- Cotton: Cotton is a natural fiber used to manufacture garments, bedding, and towels, among other things. Cotton is imported into Sri Lanka from India, the United States, and Brazil.
- Woven Fabrics of Synthetic Filament Yarn: Woven fabrics of synthetic filament yarn are utilized for a broad range of products, such as apparel, home furnishings, and industrial products. Sri Lanka imports woven fabrics of artificial filament yarn from China, India, and Taiwan.
So, the above mentioned countries were the major products of Sri Lanka. For more specific information on importers or exporters, you can visit Seair Exim Solutions to discover Sri lanka Trade Data, HSN codes, and much more.
Top 10 Sri Lanka Export Products
Based on Sri Lanka export data, Sri Lanka's exports reached US$ 3,811.83 million in 2023. The following export commodities are categorized as having the highest dollar value in Sri Lankan global shipments during 2022. Here are the top 10 Sri Lanka's exports:
- Knit or crochet clothing and accessories: US$3.4 billion (26.5% of total exports)
- Clothing and accessories (not knit or crochet): $2.1 billion (16.4%)
- Coffee, tea, and spices: $1.6 billion (12.3%)
- Rubber, rubber articles: $1 billion (8%)
- Gems and precious metals: $399.8 million (3.1%)
- Electrical machinery and equipment: $373.7 million (2.9%)
- Fish: $290.8 million (2.3%)
- Mineral fuels, including oil: $283.2 million (2.2%)
- Paper yarn, woven fabric: $211.7 million (1.7%)
- Fruits and nuts: $210.5 million (1.6%)
Now, we discuss the top 10 exported commodities in Sri Lanka briefly:
- Textiles and apparel: Sri Lanka is a major textile and garment exporter. The country boasts a thriving apparel sector that employs over 300,000 people. Sri Lanka's largest textile and clothing export markets are the United States, the European Union, and the United Kingdom.
- Tea: Sri Lanka is the fourth-largest producer and exporter of tea in the world. Ceylon tea is well-known for its high quality and distinctive flavor. Based on Sri Lanka export data, Sri Lanka exports tea to more than 100 nations globally.
- Rubber and rubber products: Sri Lanka ranks sixth in the world regarding natural rubber production. The country exports rubber products, including tires, gloves, and footwear. Sri Lanka's main export markets for rubber and rubber products are the United States, the European Union, and Japan.
- Gems and jewelry: Sri Lanka is a prominent gem and jewellery exporter. The country's sapphires, rubies, and diamonds are well-known. The United States, the European Union, and the Middle East are Sri Lanka's primary export markets for gems and jewellery.
- Seafood: Sri Lanka is a prominent seafood exporter. The country has a significant fishing sector and a lengthy coastline. Sri Lanka's largest seafood export markets are the United States, the European Union, and Japan, as per Sri Lanka export data.
- Coconut and coconut products: Sri Lanka is a significant producer and exporter of coconut and coconut-related products. Coconut items exported by the country include coconut oil, coconut milk, and desiccated coconut.
- Electrical and electronic products: Sri Lanka is becoming a more significant exporter of electrical and electronic goods. The country has several factories that produce electronic components and consumer electronics.
- Spices: Sri Lanka is a prominent spice exporter. Cinnamon, cloves, and cardamom are the spices grown in the country. The main spice export markets for Sri Lanka are the United States, the European Union, and India.
- Machinery and equipment: Sri Lanka is a growing exporter of machinery and equipment. The country has several factories that produce machinery for various industries, including food processing, textiles, and construction.
- Agricultural products: Based on Sri Lanka export data, Sri Lanka exports a variety of agricultural products other than tea and spices. These products include fruits, vegetables, and flowers.
How to find the accurate Sri Lanka export import data?
To find updated Sri Lanka import export data, you must engage with industry experts and export-import providers who can provide you with valuable and updated statistics for the Sri Lanka market and support throughout the process. We also provide comprehensive Sri Lanka trade data and insights into the global market industry. If you are a trader looking for a list of HS Codes or importers or exporters in Sri Lanka, finding updated Sri Lanka market insights needs a well researched report. Seair Exim Solutions is here to provide an accurate and authentic market report. If you have any related queries, connect with our dedicated professional team anytime! Book a free live demo to grow your business in the global market!
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