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Sri Lanka is strategically located in the heart of the Indian Ocean, making it a crucial hub for east-west shipping. It serves as a gateway to South Asia, the Middle East, Southeast Asia, and East Africa. The southern coast is only about 10 nautical miles away from the main international Asia-Europe route. Colombo, its economic capital, is known as the ""Crossroads of the East."" Sri Lanka is a founding member of the South Asian Association for Regional Cooperation and a member of the Commonwealth, G77, the Non-Aligned Movement, and the United Nations.
Sinhala and Tamil are the official languages of Sri Lanka, while English is commonly used.
Key Industries
1. Agriculture
Sri Lanka has a plantation-based agricultural economy, with significant resources in fisheries, forestry, and hydropower. Key agricultural products include tea, spices, seafood, and coconuts. However, due to high production costs, low productivity, and significant losses, agriculture's share of GDP has decreased from 50% in the 1950s to 7.7% in 2022. Nevertheless, agricultural exports remain vital, with tea exports reaching $1.259 billion in 2022 (9.8% of total exports), spices $369 million (2.8%), coconuts $400 million (3.1%), and seafood $269 million (2.1%).
2. Industry
Sri Lanka's industrial sector is relatively weak, relying heavily on imported raw materials. It is dominated by labor-intensive industries, with slow development in capital and technology-intensive industries. The main industrial sectors include construction, textiles and clothing, leather, food and beverages, tobacco, chemicals, petroleum, rubber, plastics, non-metallic mineral products, and mining and quarrying.
The four pillar industries are:
- Food processing (24.18% of total industrial output)
- Construction (23.64%)
- Textiles and clothing (12.81%)
- Mining and quarrying (8.15%)
Textiles and clothing are the largest export earners, with exports worth $5.952 billion in 2022 (46.6% of total exports). The gemstone and jewelry industry also plays a significant role, with exports valued at $451 million (3.5% of total exports), and rubber products at $977 million (7.6%).
Major Industrial Enterprises
1). Ceylon Tobacco
2). John Keells Holdings
3). Nestle Sri Lanka
4). Distilleries
5). Hemas Group
6). MAS Group
7). Brandix Group
8). LAUGHS Holdings
9). Carsons
10). Teejay Lanka
Import and Export Trade
Sri Lanka's main trading partners include countries in South Asia, Southeast Asia, Europe, and the Americas. Traditional export markets are in Europe and the US, while Asian countries are key import sources. In 2022, India was Sri Lanka's largest trading partner, followed by the US and China.
1. Trade Overview 2022
- Total trade: $30.06 billion (7.3% decrease year-on-year)
- Exports: $12.75 billion (3.4% increase year-on-year)
- Imports: $17.31 billion (8.3% decrease year-on-year)
- Trade deficit: reduced from $8.139 billion to $4.56 billion
2. Import Data 2022
Top 10 imports:
1. Fuel (26.8%)
2. Textiles (16.8%)
3. Machinery and equipment (10.8%)
4. Building materials (6.1%)
5. Chemicals (5.2%)
6. Pharmaceutical products (4.3%)
7. Plastics and products (3.7%)
8. Paper products (2.3%)
9. Rubber and products (1.9%)
10. Grains and products
Main import sources:
1. India (25.9%)
2. China (18%)
3. Malaysia (5.3%)
3. Export Data 2022
Top 10 exports:
1). Textiles and clothing (45.4%)
2). Tea (9.6%)
3). Rubber and products (7.5%)
4). Machinery and equipment (4.4%)
5). Petroleum products (4.3%)
6). Food, beverages, and tobacco (4.0%)
7). Gems and jewelry (3.4%)
8). Coconut (3.1%)
9). Spices (2.8%)
10). Seafood (2.1%)
Export Performance January-April 2024
- Total export revenue: $5.03 billion (4.14% increase year-on-year)
- Commodity export revenue: $3.98 billion (3.55% increase year-on-year)
- Service export revenue: $1.04 billion (6.47% increase year-on-year)
- Key growth areas: tea (2.22%), rubber products (20.18%), coconut products, food, and beverages
- Declines: clothing and textiles (-6.34%), spices and essential oils (-14.47%)
Main export destinations:
1). United States (25.3%)
2). United Kingdom (7.3%)
3). India (6.6%)
4). Germany (5.7%)
5). Italy (4.9%)
Exports to the EU: approximately 23% of total exports
The Blooming Sri Lanka Customs Database provides updated information on importers and exporters, commodities, freight details, quantities, and prices, helping to analyze Sri Lanka's import and export market.
Are you aiming to comprehend the market demand in Sri Lanka? Do you have the aspiration to expand your business into the Sri Lankan market? Are you intrigued by the idea of pursuing greater cooperation with clients and reliable suppliers based in Sri Lanka?
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