Sri Lanka

Sri Lanka ranked No. 70 in total trade value through May with a total of $1.11 billion. Exports totaled $152.52 million and Imports totaled $960.19 million, a deficit of $807.67 million.

U.S. trade with Sri Lanka rose to $1.02 billion through May

Sri Lanka’s trade with the United States rose to $1.02 billion through the first five months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 8.71 percent below its total trade during the same time period last year. U.S. exports to Sri Lanka decreased 3.25 percent while U.S. imports from Sri Lanka fell 9.46 percent. The U.S. deficit with Sri Lanka was $759.67 million.

Through May, the top five among the nation’s airports, seaports and border crossings were No. 1 Port of Newark; No. 2 Port of Savannah, Ga.; No. 3 Port of Los Angeles; No. 4 John F. Kennedy International Airport; and No. 5 Columbus International Airport. During the same period the previous year, the top five were No. 1 Port of Newark; No. 2 Port of Savannah, Ga.; No. 3 Port of Los Angeles; No. 4 Port of Virginia and No. 5 John F. Kennedy International Airport. In the current time period, the top five accounted for 60.06 percent of Sri Lanka’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Newark fell 24.26 percent to $239.63 million.
    Exports fell 10.73 percent to $6.57 million. Imports fell 24.58 percent to $233.07 million.
  • Trade with No. 2 Port of Savannah, Ga. fell 21.09 percent to $175.81 million.
    Exports fell 3.1 percent to $13.36 million. Imports fell 22.27 percent to $162.45 million.
  • Trade with No. 3 Port of Los Angeles fell 21.28 percent to $125.9 million.
    Exports rose 14.87 percent to $17.72 million. Imports fell 25.14 percent to $108.18 million.
  • Trade with No. 4 John F. Kennedy International Airport fell 18.34 percent to $69.6 million.
    Exports rose 38.01 percent to $7.35 million. Imports fell 22.09 percent to $62.25 million.
  • Trade with No. 5 Columbus International Airport fell 32.52 percent to $57.33 million.
    There were no exports. Imports fell 32.51 percent to $57.33 million.

Sri Lanka ranked No. 70 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 71.

Meanwhile, total U.S. trade with the world increased to $1.48 trillion, down 64.27 percent compared to the same period last year. The nation’s exports dropped 64.62 percent to $582.11 billion; imports dropped 64.04 percent to $898.44 billion. The nation’s top five countries so far this year, by value, are Canada; Mexico; China; Japan and Germany. The overall trade deficit was $316.33 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to Sri Lanka by value through May were the categories of Soybean oilcake, other solid residue, not ground; Wheat; Precious stones; Artificial Staple Fibers, Not Carded, Combed 5504; and Misc. uncoated kraft paper, paperboard, respectively. They accounted for 44.3 percent of total exports to Sri Lanka.

The value of the top five categories of U.S. imports from Sri Lanka –– Women’s or girls’ suits, not knit; Bras, panties, etc.; Women’s or girls’ slips; Sweaters, pullovers, vests, knit or crocheted; and Women’s or girls’ suits, knit or crocheted –– accounted for 34.49 percent of all inbound shipments.

Looking more closely at U.S. exports to Sri Lanka:

  • Soybean oilcake, other solid residue, not ground fell 8.92 percent compared to last year to $29.71 million.
  • Wheat rose 9.99 percent compared to last year to $15.64 million.
  • Precious stones rose 224.34 percent compared to last year to $13.31 million.
  • Artificial Staple Fibers, Not Carded, Combed 5504 totaled $4.95 million. The previous year, there were no exports in this category.
  • Misc. uncoated kraft paper, paperboard fell 24.89 percent compared to last year to $3.96 million.

Looking more closely at U.S. imports from Sri Lanka:

  • Women’s or girls’ suits, not knit fell 6.1 percent compared to last year to $90.06 million.
  • Bras, panties, etc. fell 27.92 percent compared to last year to $79.34 million.
  • Women’s or girls’ slips fell 22.08 percent compared to last year to $66.01 million.
  • Sweaters, pullovers, vests, knit or crocheted fell 28.5 percent compared to last year to $47.98 million.
  • Women’s or girls’ suits, knit or crocheted fell 24.96 percent compared to last year to $47.78 million.

In the latest annual figures available, Sri Lanka recorded $3.14 billion in trade with the United States. Total U.S. exports to Sri Lanka were $ 390.34 million and imports from Sri Lanka were $2.75 billion. The U.S. deficit with Sri Lanka was $2.36 billion.