Sri Lanka Exports Grew By 4.4% In 2022

 Sri Lanka is the 79th largest economy by GDP as per WTO Reports. Despite suffering from the political crisis, Sri Lanka has recovered its economy quickly. According to the Sri Lanka export data records, the country’s exports grew by 4.4% in the financial year 2022. 

On the other hand, Sri Lanka imports declined by 11% in 2022. As per Sri Lanka import data, the total imports are worth 18 billion USD. While, it was 21 billion USD in 2021. For the fiscal year 2022, Sri Lanka exports  were worth 16 billion US Dollars. Whereas, it was 15 billion USD in 2021.

According to the Sri Lanka customs data reports, China contributes to around 33% share of total Sri Lanka imports. India, the United Arab Emirates, Malaysia and Singapore were other major exporters to Sri Lanka.

In terms of exports, the United States was the largest importer of Sri Lankan goods with over 25% share of total imports. Other major importers to Sri Lanka were the United Kingdom, India, Germany and Italy.

As per Sri Lanka import export data, Food, beverages, textiles, rubber, gemstones, machinery, vehicle parts, mineral oils, chemical and wood products were the top Sri Lankan exports. Sri Lanka's tea exports to Russia had seen a rapid growth of 21% in 2022. Dilmah Ceylon Tea Company PLC. is the top tea exporting company from Sri Lanka.

Sri Lanka's agriculture sector covers around 7% of the country's total exports. Fishing sector makes the most of the Sri Lankan Exports. Tea, Rubber, Coconut, Spices, Vegetables, Tobacco and Seafood were the top agricultural exports from Sri Lanka.

In terms of Imports, textile, crude oil, food products, machinery, vehicle parts and pharmaceuticals were the top Sri Lankan imports in 2022. Sri Lankan textiles alone will be worth 354 million US Dollars in 2022. It was enhanced by 11% in 2022.

Bilateral Trade Between India and Sri Lanka

Sri Lanka and India share a close trade relationship from the past. India provided 3.8 billion aid to Sri Lanka during the economic crisis. According to the Sri Lanka trade data, the bilateral trade crossed 6 billion USD in 2022. Sri Lanka imports from India were estimated to be 4.65 billion US Dollars in 2022. Pharmaceutical goods, paper products, coffee, tea, spices, iron steel, cereals, cotton, mineral fuels, and sugar were major Indian exports to Sri Lanka.

On the other hand, India import data reports reflect  that animal fodder, pepper, areca nuts, furniture, fabrics and electrical equipment were the top Sri Lankan exports to India. Sri Lanka exports to India were around 1.35 billion US Dollars in 2022. In future, the ties between the two will further strengthen.

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