Balance of trade with US rising in favour of Sri Lanka
Saturday, 17 May 2014 00:30
By Ashwin Hemmathagama Our Lobby Correspondent
The United States, the largest export destination for Sri Lankan products, has accounted for 25% or $ 2,496.78 million of Sri Lanka’s total exports earnings in 2013, according to Deputy Minister of Industry and Commerce Lakshman Wasantha Perera.
Responding to a question for oral answer raised by Opposition lawmaker Ravi Karunanayake last week seeking the reasons for stagnant Sri Lankan exports, the Deputy Minister said apparel, retreated or pneumatic tyres of rubber, gloves, mitten and mitts, activated carbon, precious stones and tea are the main products exported to the USA.
“Sri Lanka’s imports from the US were at a level of 2% equal to $ 352.51 million of the total imports. The balance of trade between the two countries is in favour of Sri Lanka. In 2010 Sri Lanka’s balance of trade with the US was at $ 1,597 million, in 2011 it was $ 1,860 million and $ 1,880 million in 2012,” said the Deputy Minister.