Sri Lanka2020 Economic Complexity : -0.51, Rank 82 of 127
2020 Product Exports | Imports: $11.3B | $16.2B, 83 of 226 | 82 of 226
2020 Per Capita Product Exports | Imports: $516 | $739, 157 of 219 | 160 of 219
2018 Service Exports | Imports : $8.37B | $4.61B, 58 of 125 | 70 of 125
Overview In 2020 Sri Lanka was the number 66 economy in the world in terms of GDP (current US$), the number 83 in total exports, the number 82 in total imports, the number 125 economy in terms of GDP per capita (current US$) and the number 82 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Sri Lanka are Tea ($1.27B), Other Women's Undergarments ($518M), Knit Women's Undergarments ($466M), Knit Women's Suits ($447M), and Non-Knit Women's Suits ($446M), exporting mostly to United States ($2.61B), United Kingdom ($922M), India ($740M), Germany ($678M), and Italy ($460M).
In 2020, Sri Lanka was the world's biggest exporter of Used Rubber Tires ($294M)
Imports The top imports of Sri Lanka are Refined Petroleum ($1.27B), Light Rubberized Knitted Fabric ($722M), Packaged Medicaments ($413M), Crude Petroleum ($384M), and Broadcasting Equipment ($311M), importing mostly from China ($4.01B), India ($3.32B), United Arab Emirates ($920M), Malaysia ($685M), and Singapore ($648M).
The following section uses the most recent trade data from partners of Sri Lanka.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Tea, $1.27B
Top Destination (2020): United States, $2.61B
In 2020, Sri Lanka exported a total of $11.3B, making it the number 83 exporter in the world. During the last five reported years the exports of Sri Lanka have changed by $133M from $11.2B in 2015 to $11.3B in 2020.
The most recent exports are led by Tea ($1.27B), Other Women's Undergarments ($518M), Knit Women's Undergarments ($466M), Knit Women's Suits ($447M), and Non-Knit Women's Suits ($446M). The most common destination for the exports of Sri Lanka are United States ($2.61B), United Kingdom ($922M), India ($740M), Germany ($678M), and Italy ($460M).
Top Import (2020): Refined Petroleum, $1.27B
Top Origin (2020): China, $4.01B
In 2020 Sri Lanka imported $16.2B, making it the number 82 trade destination in the world. During the last five reported years the imports of Sri Lanka changed by -$5.59B from $21.8B in 2015 to $16.2B in 2020.
The most recent imports of Sri Lanka are led by Refined Petroleum ($1.27B), Light Rubberized Knitted Fabric ($722M), Packaged Medicaments ($413M), Crude Petroleum ($384M), and Broadcasting Equipment ($311M). The most common import partners for Sri Lanka are China ($4.01B), India ($3.32B), United Arab Emirates ($920M), Malaysia ($685M), and Singapore ($648M).
Sri Lanka Exports Services (2018): $8.37B
Sri Lanka Imports Services (2018): $4.61B
In 2018, Sri Lanka exported $8.37B worth of services. The top services exported by Sri Lanka in 2018 were Personal travel ($4.38B), Transportation ($2.49B), Computer and information services ($995M), Financial services ($242M), and Insurance services ($130M).
The top services imported by Sri Lanka in 2018 were Transportation ($1.74B), Personal travel ($1.66B), Computer and information services ($484M), Financial services ($447M), and Insurance services ($97.4M).
The top product import tariffs by their MFN Ad Valorem value for Sri Lanka are Ethyl alcohol and other spirits, denatured (11.4M%)and Mineral and aerated waters not sweetened or flavoured (10.2M%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Sri Lanka are:
Sri Lanka has a high level of specialization in Cinnamon (350), Coconut and Other Vegetable Fibers (347), Tea (245), Used Rubber Tires (192), and Knit Gloves (111). Specialization is measured using RCA, an index that takes the ratio between Sri Lanka observed and expected exports in each product.
The highest complexity exports of Sri Lanka according to the product complexity index (PCI) are Measuring or checking instruments nes (1.54), Transmission or conveyor belts or belting of textile (1.19), Postcards, printed or illustrated, greeting cards (1.14), Machines for knitting, lace, embroidery, tufting, etc (1.06), and Parts for use with lifting, moving machinery (0.98). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Sri Lanka according to the relatedness index, are Cocoa Beans (0.29), Palm Oil (0.28), Fake Hair (0.28), Non-Retail Pure Cotton Yarn (0.27), and Molasses (0.27). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Sri Lanka is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Sri Lanka's economy has become relatively more complex, moving from the 82nd to the 82nd position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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