Sri Lanka, Indonesia trade increased 32-pct in 2014

Oct 14, 2015 (LBO) – Trade between Sri Lanka and  Indonesia increased by 32 percent in 2014 and there is vast economic and trade potential that can be explored between the two nations, the Indonesian ambassador said.

“Considering that Indonesia is the 16th largest economy in the world, the current trade value between Sri Lanka and Indonesia is merely scratching the surface,” Harimawan Suyitno, Ambassador of Indonesia in Sri Lanka said.

There has been a significant increase in bilateral trade between Sri Lanka and Indonesia, although the balance is in favor of Indonesia.

Total trade between the two countries in the year 2014 is 633 million US dollars compared to 476 million US dollars in the previous year, an increase of more than 32 percent with a positive trend over the last five years.

Indonesia supplies coal, edible oil, organic chemicals, paper and rubber to Sri Lanka.

Sri Lanka has imported 591 million US dollars worth of goods whilst exported only 42 million US dollars making the trade balance in favor of Indonesia.

Suyitno says that there is a lot of potential to improve the balance of trade as in fact, Indonesia is the 7 largest exporter to Sri Lanka.

“As two important and strategic countries, it is entirely in our own mutual interest to explore possibilities in expanding the bilateral economic and commercial relations between us,” he said.

“By the end of the year, we also look forward to start of the ASEAN community, which will open up potentially one of the largest regional economy in the world,” he said.

“And as the largest economy in ASEAN, Indonesia is the perfect gateway for you to explore and benefited from the huge economic possibilities.”