The following export product groups represent the highest dollar value in Sri Lankan global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from Sri Lanka.

1. Knit or crochet clothing, accessories: US$2.9 billion (25.8% of total exports)
2. Clothing, accessories (not knit or crochet): $2.2 billion (19.4%)
3. Coffee, tea, spices: $1 billion (9.3%)
4. Rubber, rubber articles: $926.9 million (8.3%)
5. Ships, boats: $542.6 million (4.9%)
6. Gems, precious metals: $408.3 million (3.7%)
7. Machinery including computers: $309 million (2.8%)
8. Electrical machinery, equipment: $308.6 million (2.8%)
9. Fish: $264.9 million (2.4%)
10. Other chemical goods: $124.5 million (1.1%)

Sri Lanka ’s top 10 exports accounted for 80.4% of the overall value of its global shipments.

Ships and boats was the fastest-growing among the top 10 export categories, up by 93.5% year over year since 2017.

In second place for improving export sales was gems and precious metals which rose 53% led by precious stones and diamonds.

Sri Lanka ‘s shipments of machinery including computers posted the third-fastest gain in value appreciating 49.8% year over year.

The sole decliner among the top 10 Sri Lanka export categories was coffee, tea and spices which retreated -44.5%

From the more granular four-digit Harmonized Tariff System code level, tea including flavored varieties represent Sri Lanka ’s most valuable exported product at 6.5% of the country’s total. In second place was unknit and non-crocheted bras and corsets (6.1%) trailed by women’s knit or crocheted underwear and pajamas (4.7%), women’s knit or crocheted clothing in general (4.1%), unknit and non-crocheted women’s clothing in general (4.1%), light vessels, fire boats and floating docks (3.6%), unknit and non-crocheted men’s suits and trousers (3.5%) then used or retreaded rubber tires (3.3%).

The following types of Sri Lankan product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Knit or crochet clothing, accessories: US$2.8 billion (Up by 6.6% since 2017)
2. Clothing, accessories (not knit or crochet): $2 billion (Up by 12.8%)
3. Coffee, tea, spices: $921 million (Down by -47.7%)
4. Rubber, rubber articles: $650.2 million (Up by 33.2%)
5. Fish: $153.3 million (Up by 54.7%)
6. Vegetable plaiting materials: $78.8 million (Up by 246.4%)
7. Paper yarn, woven fabric: $74 million (Down by -42.6%)
8. Miscellaneous food preparations: $48.8 million (Up by 65.3%)
9. Gems, precious metals: $47.6 million (Down by -109.4%)
10. Miscellaneous textiles, worn clothing: $36.5 million (Down by -12.7%)

Sri Lanka has highly positive net exports in the international trade of knit or crocheted clothing and accessories. In turn, these cashflows indicate Sri Lanka’s strong competitive advantages under that product category.

Overall Sri Lanka incurred a -$7.6 billion trade deficit in 2018, up from -$9.6 billion in red ink one year earlier.

Below are exports from Sri Lanka that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Sri Lanka’s goods trail Sri Lankan importer spending on foreign products.

1. Mineral fuels including oil: -US$2.3 billion (Down by -21.4% since 2017)
2. Vehicles: -$1.9 billion (Up by 32%)
3. Machinery including computers: -$1.3 billion (Down by -12.7%)
4. Electrical machinery, equipment: -$950.4 million (Down by -13.2%)
5. Knit or crochet fabric: -$759.2 million (Down by -3%)
6. Cotton: -$655.4 million (Up by 4.5%)
7. Iron, steel: -$562.6 million (Down by -29.3%)
8. Plastics, plastic articles: -$540.1 million (Down by -15.4%)
9. Paper, paper items: -$396 million (Down by -3.7%)
10. Manmade filaments: -$363.6 million (Up by 63.9%)

Sri Lanka has highly negative net exports and therefore deep international trade deficits under the mineral fuels category led by refined petroleum oils and coal.

Sri Lankan Export Companies

Not one Sri Lankan corporation ranks among Forbes Global 2000.

Wikipedia lists exporters from Sri Lanka. Although relatively smaller companies compared to global leaders, selected examples are shown below:

• Ceylon Biscuits Limited (biscuits)
• Ceylon Petroleum Corporation (petroleum, natural gas)
• Ceylon Tobacco Company PLC (tobacco, food, beverages)
• Colombo Dockyard (ships, boats)
• Daintee (confectionery, other food products)
• Dilmah (tea)
• Distilleries Company of Sri Lanka (food, beverages)
• Micro Cars (automobiles)
• Pelwatte Sugar Industries PLC (sugar, milk, alcohol)
• Rainco (umbrellas, mosquito nets, rainwear)