What Are the Top 10 Imports and Exports From Sri Lanka

Key Highlights:

• Based on the value of exports from Sri Lanka in 2022, the country was in the 89th position. 

• Sri Lanka's main export destinations are the United States ($3.52B), India ($1.12B), the United Kingdom ($1.04B), Germany ($881M), and Italy ($662M).

• The top commodities in the Sri Lanka export products list are tea, knitted garments for women, knitted t-shirts, non-knit women's suits, and undergarments.

• The main imports of Sri Lanka are refined petroleum, rubberized knitted fabric, special purpose ships, packaged medicaments, and crude petroleum.

• The spice exports from Sri Lanka are mainly of pepper, cardamom, cinnamon, cloves, and nutmeg.

• Sri Lanka's top export HS codes are 49070040, 62121000, 9024092, 40129010, 71039100, and 61161000.

• The top 10 export companies in Sri Lanka include Interocean Energy Pvt Ltd, A J Fishing Industries Pvt Ltd, Colombo Dockyard Plc, Dhanusha Marine Lanka Exports Pvt Ltd, Jostein Viksund Design And Mod Centre Pvt Ltd etc.

Sri Lanka is a country that belongs to the lower-middle-income group. Known for its nature and serene beauty, Sri Lanka is located in the Indian Ocean. The island is well-known for its rich history and diverse culture. But more than all these, the country has gained a good name owing to its strategic location. In terms of trade, the primary imports and exports of Sri Lanka include rubber, tax, apparel, textiles, petroleum products, and a lot more. With great trade relationships with neighboring countries like India, China, and even the USA, Sri Lanka is a leading exporter and importer of various products and services. 

This article will explore the main exports from Sri Lanka and the well-known Sri Lanka imports. 

Overview of Trade in Sri Lanka

With a nominal GDP of $74.9 billion and a GDP per capita of $3400 in 2022, Sri Lanka is now a growing country with robust trade connections around the globe. The exports from Sri Lanka were valued at $14.80 billion, while the imports of Sri Lanka were around $19.6 billion in 2022, as per OEC

As per recent studies, Sri Lanka is one of the countries with liberal trade practices in Asia. This also extends to the imports and exports of Sri Lanka, which is crucial for standing tall in the international markets.  

Additionally, Sri Lanka biggest export or trading partner is India, with the bilateral trade value reaching upto $5.5 billion in 2022. 

The key highlights of ranking are shared in the table below:

Top Exports from Sri Lanka

The major products that contribute to Sri Lankan exports include rubber, coconut, knitted garments, and linked products. Here is the list of the top 10 exports from Sri Lanka in terms of the overall exports:

So, this was the major product list of the top 10 Sri Lankan export products. Now, let us look at a brief of each of the main exports from Sri Lanka:

1. Textiles and Apparel: Sri Lanka is a key player in the textile and garment sector, employing over 300,000 people. The country's exports include various clothing and accessories, reaching major markets like the United States, the European Union, and the United Kingdom.

2. Tea: As the world's fourth-largest tea producer, Sri Lanka is celebrated for its Ceylon tea, which is noted for its superior quality and distinctive flavor. The country proudly exports its tea to over 100 countries worldwide making this main exports from Sri Lanka.

3. Rubber and Rubber Products: Ranking sixth globally in natural rubber production, Sri Lanka main exports various rubber products, including tires and gloves. Major markets include the United States, the European Union, and Japan.

4. Gems and Jewelry: Sri Lanka is renowned for its precious gems, including sapphires, rubies, and diamonds, making it a significant player in the global jewelry market. Sri Lanka main exports destinations include the United States, the European Union, and the Middle East.

5. Seafood: With a robust fishing industry and extensive coastline, Sri Lanka exports a wide range of seafood, primarily to the United States, the European Union, and Japan.

6. Coconut and Coconut Products: Sri Lanka is a major producer and exporter of coconut products such as coconut oil, coconut milk, and desiccated coconut, serving a global market.

7. Electrical and Electronic Products: The country is expanding its role in the electronics industry, exporting various electrical and electronic products, including consumer electronics and components. This makes electrical one of the main exports from Sri Lanka.

8. Spices: Sri Lanka is a prominent cinnamon, cloves, and cardamom exporter. These spice exports from Sri Lanka are cherished globally, especially in the United States, the European Union, and India.

9. Machinery and Equipment: The country is emerging as an exporter of diverse machinery and equipment, manufactured for industries like food processing, textiles, and construction.

10. Agricultural Products: Beyond tea and spices, one of the main exports from Sri Lanka include agricultural products, including fruits, vegetables, and flowers, to numerous international markets. 

Now that you know the Sri Lanka export products list, the following chart showcases the top exporting partners:

Data Source: OEC.World

Top Imports of Sri Lanka 

Sri Lanka imports are linked to the products needed to keep the economy and businesses running and going. The main imports of Sri Lanka are as follows:

The details of the top imports of Sri Lanka are as follows:

1. Mineral Fuels, Including Oil: Sri Lanka heavily relies on imported mineral fuels, including crude and refined petroleum, to meet its energy needs. These imports are essential for powering industries, transportation, and generating electricity across the island.

2. Machinery Including Computers: Importing machinery, including computers and other technology-related equipment, is crucial for Sri Lanka's development in various sectors such as manufacturing, technology, and services.

3. Electrical Machinery, Equipment: Sri Lanka imports a broad range of electrical machinery and equipment. These imports are vital for the country's expanding electrical and electronics sectors, supporting domestic needs and industrial capabilities.

4. Knit or Crochet Fabric: While Sri Lanka is a notable exporter of textiles, it also imports specific types of knit or crochet fabrics to complement its textile industry, particularly for producing specialized garments.

5. Plastics, Plastic Articles: Plastics and plastic articles are significant imports for Sri Lanka, used in various applications, from packaging and consumer goods to components in various industrial processes.

6. Cotton: As a major garment manufacturer, Sri Lanka imports cotton extensively. This natural fiber is crucial for the textile industry, producing everything from clothing to home textiles.

7. Cereals: Sri Lanka imports cereals to fulfill its domestic requirements, supplementing local agricultural production. These imports help in maintaining food security and variety in the local diet.

8. Paper, Paper Items: Importing paper and paper items is fundamental for Sri Lanka’s educational, commercial, and industrial sectors. These materials are used widely in offices, schools, and for packaging.

9. Iron, Steel: Iron and steel are key imports for Sri Lanka, forming the backbone of the construction and manufacturing industries. These materials are crucial for infrastructure projects and development.

10. Rubber, Rubber Articles: Although Sri Lanka produces natural rubber, it still imports certain specialized rubber and rubber articles required for various industrial applications not covered by local production.

The following chart showcases the top import partners:

Data Source: OEC.World

How do you find the right import and export data for Sri Lanka?

Finding the right data on exports from Sri Lanka and imports from Sri Lanka is important if you are in business. The right information will help you plan your business strategies in a better manner and stay ahead of your competitors. 

So, if you want the same information, you can visit www.exportimportdata.in. It is a perfect platform that offers you real-time data and records of the traders to help you find the one that suits your needs. Additionally, if you want to conduct market research, this platform will guide you with accurate information to help you stay ahead.

Additionally, it will offer you information on the HS code for the imports and exports of Sri Lanka as well. With a single dashboard offering you all the analytical insights, this platform will equip you with details quickly.

Conclusion

To sum up, Sri Lanka has a strong upcoming economy. It has immense opportunities for exports from Sri Lanka that allow you to gain economies of scale. Also, the good quality of Sri Lanka's imports allows the country to have flourishing trade relations. 

So, if you are looking for information on imports and exports of Sri Lanka, connect with www.exportimportdata.in and get ready to give your business the push it needs.