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In 2020, Sri Lankan imports totaled 15.6 billion dollars, a minus 20 percent decrease from 2016.
Sri Lanka's import purchases decreased by minus 19.9 percent from 2019 to 2020.
Refined petroleum oils, pharmaceutical mixes in dose, phone system gadgets including smartphones, crude oil, and assorted warp-knit fabrics were the top five imported imports by Sri Lanka in 2021.
Those five product areas collectively account for 17.9 percent of Sri Lanka's overall import spending.
Using a continental perspective, more than three-quarters which is 77.7 percent of Sri Lanka's total imports by value came from Asian neighbors.
Europe's trade partners supplied 12.7 percent of Sri Lanka's import sales, with North America accounting for 4.6 percent.
Exporters from Oceania got 2.7 percent, headed by New Zealand and Australia, Africa with 1.9 percent, and Latin America had 0.4 percent, excluding Mexico and the Caribbean, which contributed smaller numbers.
Given Sri Lanka's population of 21.9 million inhabitants, the island nation's total 15.6 billion dollars in 2021 imports equates to nearly 710 dollars in annual product demand per person.
Sri Lanka's Top Imports
In terms of monetary value, the following product groups will account for the majority of Sri Lanka's import imports in 2021.
The percentage share of each product category in terms of total imports into Sri Lanka is also indicated.
2.1 billion dollars in mineral fuels, including oil accounts for 13.4 percent of total imports
1.3 billion dollars in electrical machinery and equipment accounts for 8.1 percent
1.3 billion dollars in machinery, including computers, accounts for 8 percent
Fabric for knitting or crocheting: with 762.9 million dollars accounts for 4.9 percent
611.5 million dollars in plastics and plastic goods account for 3.9 percent
Vehicles are worth 603.6 million dollars which accounts for 3.9 percent
544.1 million dollars in iron and steel account for 3.5 percent
Cotton is worth 506.5 million dollars which accounts for 3.2 percent
496.7 million dollars in pharmaceuticals accounts for 3.2 percent
396.1 million dollars in cereals account for 2.5 percent
Sri Lanka's top ten imports accounted for more than half of 54.7 percent of the total value of its foreign product acquisitions.
Pharmaceuticals went up by 10.4 percent and cereals came up by 9.6 percent, boosted by increasing wheat sales on international markets, which were two of Sri Lanka's most valuable imports that saw increased spending from 2019 to 2020.
Imported automobiles were the biggest losers, with a minus 54.5 percent reduction year over year.
Sri Lanka's Top Exports
In 2020, the Democratic Socialist Republic of Sri Lanka, formerly known as Ceylon, transported 10.7 billion dollars worth of goods throughout the world.
This represents a 1.5 percent increase over the 10.5 billion dollars in shipments made in 2016.
The value of Sri Lankan exports declined by minus 10.6 percent from 2019 to 2021.
Sri Lanka is an island republic in the Indian Ocean that is regarded a South Asian country. It is located directly off the southeastern coast of Asia's economic powerhouse, India.
Clothing accounts for the majority of Sri Lanka's most valuable exports.
Sri Lanka's top export is tea, according to the more specific 4-digit Harmonized Tariff System (HTS) code level.
The top three exported items from Sri Lanka which are tea, unknitted and non-crocheted brassieres and corsets, and knitted or crocheted women's underwear and pajamas account for 21.7 percent of the total value of goods transported.
According to the most recent available country-specific data, importers in the United States accounted for 24.8 percent of the global total, the United Kingdom with 8.9 percent, India with 6.1 percent, Germany with 5.7 percent, Italy with 4.5 percent, Belgium with 2.9 percent, Netherlands also with 2.9 percent, China with 2.4 percent, Canada with 2.1 percent, Turkey also with 2.1 percent, the United Arab Emirates with 2 percent, and Japan purchased 66.3 percent of Sri Lankan exports.
From a continental viewpoint, European countries received 35.4 percent of Sri Lanka's exports by value, while Asian importers received 29.2 percent.
Sri Lanka exported items worth an additional 28.4 percent to North America.
Africa got 2.6 percent, Latin America excluding Mexico but including the Caribbean had 2.3 percent, and Oceania with 2.1 percent, led by Australia and New Zealand, received smaller percentages.
With a population of 21.9 million people, Sri Lanka's total exports of 10.7 billion dollars in 2020 equate to nearly 490 dollars for each inhabitant of the South Asian country.
The following export product groups are the most valuable in terms of dollars in Sri Lankan global shipments in 2021.
The percentage proportion of each export category in terms of total Sri Lankan exports is also indicated.
Knit or crochet clothing, accessories: 2.5 billion dollars accounts for 23.8 percent of total exports
Coffee, tea, spices: 1.6 billion dollars accounts for 15.3 percent
Clothing, accessories: 1.6 billion dollars accounts for 14.8 percent
Rubber, rubber articles: 870.5 million dollars accounts for 8.1 percent
Mineral fuels including oil: 298.5 million dollars account for 2.8 percent
Electrical machinery, equipment: 274.1 million dollars accounts for 2.6 percent
Miscellaneous textiles, worn clothing: 234.4 million dollars account for 2.2 percent
Fish: 214.9 million dollars account for 2 percent
Paper yarn, woven fabric: 196.9 million dollars account for 1.8 percent
Vegetable/fruit/nut preparations: 192.1 million account for 1.8 percent
Sri Lanka's top ten exports accounted for three-quarters of the total value of its overseas shipments which is 75.2 percent.
Miscellaneous fabrics and worn apparel are the fastest-growing export category among the top ten, with a 133.1 percent increase from 2019 to 2021.
Vegetable, fruit, or nut preparations came in second with a 38.4 percent increase in export sales.
Shipments of paper yarn and woven fabric from Sri Lanka grew at the third-fastest rate, increasing by 18.1 percent.
Unknitted and non-crocheted garments or accessories were the main decliner among Sri Lanka's top 10 export categories, with a minus 26.1 percent year-over-year reduction.
Sri Lanka's total exported goods account for 3.5 percent of the country's overall Gross Domestic Product which is 307 billion dollars in Purchasing Power Parity US dollars in 2021.
In PPP terms, exports will account for 3.5 percent of overall GDP in 2020, compared to 3.6 percent in 2021.
Those percentages imply that Sri Lanka's total economic performance is becoming less reliant on products sold on overseas markets, albeit over a short period of time.
The unemployment rate is another important measure of a country's economic performance.
According to data from the International Monetary Fund, Sri Lanka's average unemployment rate for 2021 was 5.8 percent, up from 4.8 percent a year earlier.
Sri Jayawardenepura Kotte is Sri Lanka's administrative capital, whereas Colombo is the island's commercial capital.
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