Year over year, the value of Sri Lanka’s import purchases declined by -5.3% from $17.3 billion starting from 2022.
Sri Lanka’s Major Suppliers for Imported Products
The latest available country-specific data shows that 73.1% of products imported into Sri Lanka was shipped by exporters in: India (19.5% of the Sri Lankan total), mainland China (18.9%), United Arab Emirates (9.5%), Singapore (5.3%), Malaysia (4.5%), United States of America (3.1%), Russia (2.4%), Indonesia (2.3%), Oman (2.2%), Pakistan (2%), Saudi Arabia (1.75%) and Taiwan (1.6%).
Applying a continental lens, approaching three-quarters (77.8%) of Sri Lanka’s total imports by value was purchased from fellow Asian countries. Trade partners in Europe supplied 13.2% of import sales to Sri Lanka while another 4% worth of products originated from North America.
Smaller percentages came from exporters in Oceania (2.7%) led by New Zealand and Australia, Africa (1.9%), then Latin America (0.4%) excluding Mexico plus the Caribbean.
Given Sri Lanka’s population of 21.9 million people, its total $15.6 billion in 2023 imports translates to roughly $750 in yearly product demand from every person in the island nation. That dollar metric lags the average $770 per capita during 2022.
Sri Lanka’s Top 10 Imports
The following product groups represent the highest dollar value in Sri Lanka’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Sri Lanka.
- Mineral fuels including oil: US$4.1 billion (24.8% of total imports)
- Machinery including computers: $1 billion (6.4%)
- Electrical machinery, equipment: $944 million (5.8%)
- Knit or crochet fabric: $785.1 million (4.8%)
- Pharmaceuticals: $562.9 million (3.4%)
- Plastics, plastic articles: $545.3 million (3.3%)
- Cotton: $525.4 million (3.2%)
- Iron, steel: $462.7 million (2.8%)
- Sugar, sugar confectionery: $438.7 million (2.7%)
- Paper, paper items: $410.2 million (2.5%)
Sri Lanka’s top 10 imports generated almost three-fifths (59.7%) of the overall value of its product purchases from international suppliers.
Among its top 10 import categories, Sri Lankan purchases of pharmaceuticals rose 107.5% from 2022 to 2023.
The second-greatest increase was for Sri Lanka’s spending on sugar both as materials and confectionery made with sugar (up 70.5%).
In third place were imports of the metals iron and steel, recording a 13% year over year advance.
Leading the decliners from 2022 were Sri Lanka’s imports of plastics including materials plus items made from plastic (down -24.9% from 2022) then cotton (down -21.2%).
Please note that the results listed above are at the 2-digit Harmonized Tariff System (HTS) code level.
Information presented below at the more granular 4-digit HTS code level.
By value, the top 10 most valuable imported products bought by Sri Lanka during 2023 were refined petroleum oils (14.3% of Sri Lanka’s total), crude oil (5.6%), medication mixes in dosage (3.1%), coal including solid fuels made from coal (2.9%), fabrics other than warp-knit (2.6%), sugar (also 2.6%), wide-knit or crocheted fabrics (1.9%), petroleum gases (1.8%), wheat (1.7%) then concentrated or sweetened milk and cream (1.6%).
Sri Lanka’s Main Imports of Mineral Fuels and Related Products
In 2023, Sri Lankan importers spent the most on the following 10 subcategories of fossil fuel-related products.
- Processed petroleum oils: US$2.3 billion (down -18.1% from 2022)
- Crude oil: $921.2 million (up 150.1%)
- Coal, solid fuels made from coal: $480.5 million (up 32.5%)
- Petroleum gases: $288.6 million (up 18.3%)
- Petroleum oil residues: $17.1 million (down -34%)
- Petroleum jelly, mineral waxes: $5.3 million (down -9%)
- Coke, semi-coke: $4.1 million (up 104.4%)
- Coal tar oils (high temperature distillation): $3.9 million (down -40.4%)
- Asphalt/petroleum bitumen mixes: $84,000 (down -47.2%)
- Peat: $40,000 (down -63.6%)
Among these import subcategories, Sri Lankan purchases of crude oil (up 150.1%), coke and semi-coke (up 104.4%) then coal including solid fuels made from coal (up 32.5%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported fossil fuel-related among Sri Lankan businesses and consumers.
Sri Lanka’s Main Imports of Machinery Including Computers
In 2023, Sri Lankan importers spent the most on the following 10 subcategories of machinery including computers.
- Turbo-jets: US$201.1 million (up 803.3% from 2022)
- Computers, optical readers: $98.4 million (down -13.5%)
- Taps, valves, similar appliances: $41.7 million (down -10.7%)
- Miscellaneous machinery: $35.4 million (down -39.3%)
- Air or vacuum pumps: $33.7 million (down -1.5%)
- Printing machinery: $33 million (up 8.7%)
- Centrifuges, filters and purifiers: $32.1 million (down -9.4%)
- Rubber/plastic article making machines: $29 million (down -34.9%)
- Temperature-change machines: $28.5 million (up 1.5%)
- Liquid pumps and elevators: $27.5 million (up 13.6%)
Among these import subcategories, Sri Lankan purchases of turbo-jets (up 803.3%), liquid pumps and elevators (up 13.6%) then printing machinery (up 8.7%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Sri Lankan businesses and consumers.
Sri Lanka’s Main Imports of Electrical Products
In 2023, Sri Lankan importers spent the most on the following 10 subcategories of electrical items including consumer electronics.
- Phone devices including smartphones: US$195.2 million (up 15.2% from 2022)
- Electric sound/visual signal bells or alarms: $67.5 million (down -7%)
- Electrical converters/power units: $64.7 million (down -11%)
- Integrated circuits/microassemblies: $56 million (down -34.2%)
- Electric generating sets, converters: $55.6 million (down -21.6%)
- Lower-voltage switches, fuses: $50.3 million (down -12.5%)
- Electric motors, generators: $50.2 million (up 1.8%)
- Insulated wire/cable: $49.1 million (up 15.2%)
- Electrical/optical circuit boards, panels: $44.1 million (up 27%)
- Solar power diodes/semi-conductors: $38 million (down -1.9%)
Among these import subcategories, Sri Lankan purchases of electrical or optical circuit boards and panels (up 27%), phone devices (up 15.2%) then insulated wire and cable (up 15.2%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Sri Lankan businesses and consumers.
Sri Lanka’s Main Imports of Knitted or Crocheted Fabrics
In 2023, Sri Lankan importers spent the most on the following subcategories of knitted or crocheted fabrics.
- Other than warp-knit fabrics: US$433.4 million (down -16.6% from 2022)
- Wide knit or crochet fabrics: $307.5 million (down -0.9%)
- Warp knit fabrics: $27.1 million (up 2.9%)
- Pile/terry fabrics: $15.4 million (down -45.4%)
- Narrow knit or crochet fabrics: $884,000 (down -24.1%)
- Other knit/crochet fabrics: $867,000 (down -1.5%)
Among these import subcategories, Sri Lankan purchases of warp knit fabrics (up 2.9%), was the lone gainer from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of knitted or crocheted fabrics bought by Sri Lankan importers.
See also Sri Lanka’s Top 10 Exports, Tea Exports by Country Plus Average Prices, Top US Trading Partners, United Kingdom’s Top Trading Partners and India’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook report on South Asia: Sri Lanka. Accessed on October 10, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 10, 2024
International Trade Centre, Trade Map. Accessed on October 10, 2024