Sri Lanka2019 Economic Complexity : -0.47, Rank 93 of 146
2019 Product Exports | Imports: $11.6B | $17.7B, 86 of 225 | 83 of 225
2019 Per Capita Product Exports | Imports: $534 | $812, 152 of 219 | 161 of 219
2018 Service Exports | Imports : $8.37B | $4.61B, 32 of 88 | 43 of 88
Overview: In 2019 Sri Lanka was the number 66 economy in the world in terms of GDP (current US$), the number 86 in total exports, the number 83 in total imports, the number 121 economy in terms of GDP per capita (current US$) and the number 93 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Sri Lanka are Tea ($811M), Other Women's Undergarments ($711M), Knit Women's Undergarments ($577M), Non-Knit Women's Suits ($537M), and Knit Women's Suits ($512M), exporting mostly to United States ($2.82B), India ($974M), United Kingdom ($850M), Germany ($839M), and Italy ($474M).
In 2019, Sri Lanka was the world's biggest exporter of Used Rubber Tires ($360M)
Imports: The top imports of Sri Lanka are Refined Petroleum ($1.87B), Light Rubberized Knitted Fabric ($815M), Gold ($617M), Cars ($555M), and Broadcasting Equipment ($362M), importing mostly from India ($4.23B), China ($4.08B), Singapore ($1.18B), United Arab Emirates ($1.06B), and Malaysia ($851M).
In 2019, Sri Lanka was the world's biggest importer of Other Locomotives ($98M)
Top Export (2019): Tea, $811M
Top Destination (2019): United States, $2.82B
In 2019, Sri Lanka exported a total of $11.6B, making it the number 86 exporter in the world. During the last five reported years the exports of Sri Lanka have changed by -$152M from $11.8B in 2014 to $11.6B in 2019.
The most recent exports are led by Tea ($811M), Other Women's Undergarments ($711M), Knit Women's Undergarments ($577M), Non-Knit Women's Suits ($537M), and Knit Women's Suits ($512M). The most common destination for the exports of Sri Lanka are United States ($2.82B), India ($974M), United Kingdom ($850M), Germany ($839M), and Italy ($474M).
Top Import (2019): Refined Petroleum, $1.87B
Top Origin (2019): India, $4.23B
In 2019 Sri Lanka imported $17.7B, making it the number 83 trade destination in the world. During the last five reported years the imports of Sri Lanka changed by -$4.73B from $22.4B in 2014 to $17.7B in 2019.
The most recent imports of Sri Lanka are led by Refined Petroleum ($1.87B), Light Rubberized Knitted Fabric ($815M), Gold ($617M), Cars ($555M), and Broadcasting Equipment ($362M). The most common import partners for Sri Lanka are India ($4.23B), China ($4.08B), Singapore ($1.18B), United Arab Emirates ($1.06B), and Malaysia ($851M).
Fastest Growing Export Markets (2018 - 2019)
Fastest Growing Import Markets (2018 - 2019)
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 Cigars, cheroots, cigarettes, with tobacco substitute (250%) and Homogenized or reconstituted tobacco (250%).
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 (340), Coconut and Other Vegetable Fibers (242), Used Rubber Tires (213), Tea (169), and Other Vegetable Products (140). 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 Machines for knitting, lace, embroidery, tufting, etc (1.22), Weighing machinery except balances sensitivity > 50 mg (1.18), Articles of stone or other mineral substances, nes (1.08), Rubber plate, sheet, strip, rod etc, except hard (1.01), and Transfers (decalcomanias) (1.01). 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 Raw Sugar (0.25), Fake Hair (0.25), Molasses (0.25), Tropical Fruits (0.25), and Processed Fish (0.24). 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 it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.
During the last 20 years Sri Lanka's economy has become relatively less complex, moving from the 88th to the 93rd 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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