The most valuable Sri Lankan imports also include cars, trucks and motorcycles. Smartphones is another imported item where Sri Lanka has demonstrably strong domestic demand as is imported medication mixes in dosage.
The following list shows on which product categories Sri Lankan importers spent the most. Unlike most information currently available on the web, the items below are detailed at the 4-digit tariff code level.
Such granularity can help entrepreneurs identify more precisely which products in which Sri Lanka has strong demand perhaps competitive disadvantages compared with other nations. Innovation satisfying that demand can transform these disadvantages into lucrative business opportunities.
For the most recent year’s data, please see the link to Sri Lanka’s Top 10 Imports article in the See also paragraph above Research Sources below.
Highest Value Sri Lankan Import Products
Below are the 20 highest value import products delivered to Sri Lankan importers in 2017. Shown within brackets is the change in value for each imported product since 2013.
- Processed petroleum oils: US$2.1 billion (Down -12.8% from 2013 to 2017)
- Gold (unwrought): $649.9 million (Up 231.3%)
- Other than warp-knit fabrics: $612.6 million (Up 22.6%)
- Crude oil: $602.8 million (Down -55.2%)
- Cars: $547.4 million (Down -7.7%)
- Hydraulic cements: $526.1 million (Up 1%)
- Phone system devices including smartphones: $479.5 million (Up 66.5%)
- Medication mixes in dosage: $390.6 million (Up 32.8%)
- Iron or non-alloy steel products (semi-finished): $359.3 million (Up 89.7%)
- Trucks: $336.2 million (Up 84.3%)
- Aircraft, spacecraft: $325.3 million (Up 2,831%)
- Wheat: $303.2 million (Down -6.5%)
- Rice: $300.8 million (Up 1,593%)
- Concentrated/sweetened milk, cream: $294.3 million (Up 6.2%)
- Coal, solid fuels made from coal: $258.9 million (Up 116.6%)
- Woven fabrics (85%+ cotton): $257 million (Down -3.8%)
- Motorcycles: $250.5 million (Up 122.6%)
- Sugar (cane or beet): $246.6 million (Down -12.3%)
- Light vessels, fire boats, floating docks: $237 million (Up 12,859%)
- Petroleum gases: $218.3 million (Up 6.1%)
Light vessels, fire boats and floating docks posted the greatest increase in Sri Lankan import purchases with a 12,859% gain in value from $1.8 million in 2013.
In second place were imported aircraft and spacecraft which appreciated 2,831% over the same 5-year period.
Sri Lankan imports of rice showed a formidable gain in 2017 via a 1,593% uptick from 2013, followed by the Asian island country’s import purchases of gold up 231.3%.
Leading the value decliners was imported crude oil thanks to its -55.2% slowdown.
On average, Sri Lanka’s imports for all products was an 18.9% increase over the 5-year period.
See also Sri Lanka’s Top 10 Exports and Sri Lanka’s Top 10 Imports
Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 29, 2018
The World Factbook, Field Listing: Imports and World Population, Central Intelligence Agency. Accessed on May 29, 2018
Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on May 29, 2018