Written by Nathasha De Alwis
01 May, 2018 | 7:20 pm
The Central bank’s annual report for 2017 states that India has once again become the main source of imports for Sri Lanka and accounted for 21.6% of the total import expenditure.
China which topped the charts in 2016 with a 20.8%, fell into second place in 2017 recording an 18.9% share of total imports. The UAE became third largest import source for Sri Lanka, accounting 8.1% of total imports with petroleum products and diamonds, precious stones, and metals remaining key imports.
Singapore and Japan took fourth and fifth place respectively among the top import sources in 2017 with 6.4% and 4.9% shares. The overall import volume index increased by 8.1% while the import price index, in US dollar terms, increased by 1.25%.
According to the reports the USA remained as the single largest buyer of Sri Lanka’s exports in 2017, accounting for 25.6% of total exports. Following the USA was UK (9.1%), India (6.1%), Germany (4.8% ), and Italy (4.6%). With that, an increase of earning from exports could be seen, the overall export volume index increased by 7.6%$ while the export price index in US dollar terms increased by 2.4%.
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