Nov 23, 2016 (LBO) – Bilateral trade between Sri Lanka and China has crossed the 4 billion US dollar threshold for the first time last year, the industry and commerce minister revealed.
The total trade turnover between Sri Lanka and China which was at 659 million US dollars in 2005, has surged to 4 billion US dollars in 2015.
“There is a six fold trade growth within a decade and this trend would grow further as both countries move towards the proposed FTA,” Commerce Minister Rishad Bathiudeen said.
However, out of the 4 billion bilateral trade last year, 93 percent were imports from China to Sri Lanka while 7 percent were exports to China from Sri Lanka.
The year-on-year total trade between both countries has jumped by 12 percent in 2015, from 3.58 billion US dollars in 2014.
Year-on-year Lankan exports to China last year jumped by a huge 68 percent to 293 million US dollars when compared with 2005.
“A significant amount of our exports use imports coming from China, one reason for the importance of our bilateral trade with China.”
“This trend would grow further as both countries move towards the proposed FTA.”
Minister Bathiudeen was addressing the inauguration of the second China Products Exhibition in Colombo which showcased an extensive range of products from leading Chinese manufacturers.