Sri Lanka’s exports to Free Trade Agreement partners accounted for 7.2% in 2021
Daily FT: In 2021 Sri Lanka’s exports to Free Trade Agreement (FTA) partners accounted for 7.2% and total merchandise exports increased by 33.57% to US$ 906.99 million.
Exports to India and Pakistan increased by 34.84% and 23.3% YoY to US$ 815.11 million and US$ 91.88 million respectively during the period of January to December 2021. Increased Exports to India is mainly supported by increased exports of animal feed (26.19%), pepper (158.0%), woven fabrics 134.52%) and bicycles not motorised (239.6%).
In addition, better export performance to Pakistan was through desiccated coconut, other articles of stones, woven fabrics and perfumes, cosmetics, shampoos and make-up preparations and other electrical and electronic products.
On a regional comparison, exports to all other regions increased except CIS regions during the period of January to December 2021 compared with the corresponding period of the previous year.
Exports to the European Union (EU), which comprised 24% of Sri Lanka’s exports, increased by 29.78 % YoY to US$ 2.9 billion.
Breakdown of exports to the top five EU markets which accounted for 80% of Sri Lanka’s total exports to the EU includes: Germany US$ 754.11 million (increased by 32.21%), Italy US$ 578.91 million (increased by 26.59%), Netherlands US$ 425.72 million (increased by 46.71 %), Belgium US$ 334.32 million (increased by 13.14%) and France US$ 245.92 million (increased by 33.12%).
OSL take:
Sri Lanka enjoy strong bilateral and trade ties with many countries and enjoys trade agreements as well as concessions with foreign countries and key foreign markets. Sri Lanka’s authorities are also committed to further uplifting and develop the country’s exports sector while also gaining access to new foreign markets. With Sri Lanka enjoying many trade agreements as well as concessions with key foreign markets, foreign businesses/investors while exploring the expanding opportunities in Sri Lanka’s exports industry, could also look at setting up base in Sri Lanka to engage in trade activities with other foreign markets.
| Article Code : | VBS/AT/09022022/Z_3 |