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2021
Economic Complexity
Trade -0.39Rank 81 of 131
2021
Economic Complexity
Technology -0.62Rank 66 of 96
2021
Economic Complexity
Research -0.72Rank 107 of 140
2021
Product
Exports | Imports $14.1B | $21.9B83 of 226 |  82 of 226
2021
Per Capita Product
Exports | Imports $636 | $988102 of 220 |  159 of 220

About

Overview In 2021, Sri Lanka was the number 66 economy in the world in terms of GDP (current US$), the number 83 in total exports, the number 82 in total imports, the number 134 economy in terms of GDP per capita (current US$) and the number 81 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Sri Lanka are Tea ($1.34B), Other Women's Undergarments ($690M), Knit Women's Undergarments ($624M), Knit Women's Suits ($553M), and Non-Knit Women's Suits ($516M), exporting mostly to United States ($3.21B), India ($1B), United Kingdom ($964M), Germany ($877M), and Italy ($606M).

In 2021, Sri Lanka was the world's biggest exporter of Used Rubber Tires ($433M)

Imports The top imports of Sri Lanka are Refined Petroleum ($2.2B), Light Rubberized Knitted Fabric ($1.01B), Broadcasting Equipment ($585M), Semi-Finished Iron ($459M), and Crude Petroleum ($432M), importing mostly from China ($5.48B), India ($4.87B), United Arab Emirates ($1.54B), Singapore ($808M), and Malaysia ($797M).

Location Sri Lanka borders India and Maldives by sea.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

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.

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Latest Data

Flow
Color
Depth

The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2021)Tea$1.34B
Top Destination (2021)United States$3.21B

In 2021, Sri Lanka exported a total of $14.1B, making it the number 83 exporter in the world. During the last five reported years the exports of Sri Lanka have changed by $2.88B from $11.2B in 2016 to $14.1B in 2021.

The most recent exports are led by Tea ($1.34B), Other Women's Undergarments ($690M), Knit Women's Undergarments ($624M), Knit Women's Suits ($553M), and Non-Knit Women's Suits ($516M). The most common destination for the exports of Sri Lanka are United States ($3.21B), India ($1B), United Kingdom ($964M), Germany ($877M), and Italy ($606M).

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Exports (2021)
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Destinations (2021)
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Market Growth

Flow
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Fastest Growing Export Markets (2020 - 2021)
United States$627M (+ 24.3%)
India$264M (+ 35.6%)
China$225M (+ 84.3%)
Fastest Growing Import Markets (2020 - 2021)
India$1.58B (+ 48.1%)
China$1.29B (+ 30.9%)
United Arab Emirates$622M (+ 67.5%)

Total Export Growth by Market (2020 - 2021)

Service Trade

Service Trade

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).

Service Exports (2018)

Service Imports (2018)

Economic Complexity

Overview

Economic Complexity (Trade)-0.39Rank 81 of 131
Economic Complexity (Technology)-0.62Rank 66 of 96
Economic Complexity (Research)-0.72Rank 107 of 140

Most Specialized Products by RCA Index

Sri Lanka has a high level of specialization in Coconut and Other Vegetable Fibers (341), Cinnamon (281), Tea (247), Used Rubber Tires (238), 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.

Export Opportunities by Relatedness

The top export opportunities for Sri Lanka according to the relatedness index, were Cocoa Beans (0.27), Fake Hair (0.27), Palm Oil (0.27), Non-Retail Pure Cotton Yarn (0.27), and Raw Sugar (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.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Sri Lanka. These are products that tend to be co-exported with the products that Sri Lanka exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

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Depth

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.

Economic Complexity Ranking

Scale

During the last 20 years Sri Lanka's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨88th to the 81st⁩ 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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ECI Ranking by Country

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