That dollar amount grew by 12.3% starting from $10.7 billion worth of shipments five years earlier during 2020.
Year over year, the value of Sri Lankan exports increased by 3.5% from $11.6 billion in 2023.
Based on the average exchange rate for 2024, the Sri Lanka rupee depreciated by -8.5% against the US dollar from 2023 to 2024. Sri Lanka’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers using American currency.
An island country located in the Indian Ocean considered a South Asian nation, Sri Lanka is located immediately off the southeastern coast of the Asian economic powerhouse India.
Generally, tea plus a wide range of clothing dominates many of Sri Lanka’s most valuable exported goods.
Sri Lanka’s Biggest Trading Partners
The latest available country-specific data shows that nearly two-thirds 66.3% of products exported from Sri Lanka was bought by importers in: United States of America (24.2% of the Sri Lankan total), United Kingdom (7.5%), India (7.3%), Germany (5.2%), Italy (5%), Netherlands (3.3%), United Arab Emirates (2.8%), Canada (2.7%), France (2.2%), mainland China (2.1%), Australia (2.06%) and Bangladesh (2.01%).
From a continental perspective, 33.9% of Sri Lanka’s exports by value was delivered to European countries while 30.2% was sold to importers in Asia. Sri Lanka shipped another 28.4% worth of goods to buyers in North America.
Smaller percentages went to customers in Africa (2.7%), Oceania (2.4%) led by Australia and New Zealand, then Latin America (2.39%) excluding Mexico but including the Caribbean.
Given Sri Lanka’s population of 22.9 million people, its total $12 billion in 2024 exports translates to roughly $525 for every resident in the South Asian country. That dollar metric lags the average $550 per capita for 2023.
Sri Lanka’s Top 10 Exports
The following export product groups categorize the highest dollar value in Sri Lankan global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Sri Lanka.
- Knit or crochet clothing, accessories: US$2.9 billion (23.9% of total exports)
- Coffee, tea, spices: $1.84 billion (15.3%)
- Clothing, accessories (not knit or crochet): $1.79 billion (14.9%)
- Rubber, rubber articles: $1 billion (8.3%)
- Mineral fuels including oil: $415.7 million (3.5%)
- Electrical machinery, equipment: $296.1 million (2.5%)
- Gems, precious metals: $282.1 million (2.3%)
- Vegetable/fruit/nut preparations: $257.7 million (2.1%)
- Fish: $257.4 million (2.1%)
- Paper yarn, woven fabric: $211.4 million (1.8%)
By value, Sri Lanka’s top 10 export product categories generated over three-quarters (76.7%) of the overall value of its global shipments.
Mineral fuels including oil represents the fastest grower among the top 10 export categories, up by 34.1% from 2023 to 2024.
In second place for improving export sales was the vegetable, fruit or nut preparations group via a 27.1% advance.
Sri Lanka’s shipments of paper yarn and woven fabric posted the third-fastest gain in value, up by 19.7%.
The leading decliner among Sri Lanka’s top 10 export categories was gems and precious metals, thanks to its -27.3% drop year over year. This category was pulled down by lower revenues from exported Sri Lankan diamonds.
The above information is at the 2-digit Harmonized Tariff System (HTS) code level.
Drilling down to the more granular 4-digit HTS codes, tea including flavored varieties continues to be Sri Lanka ’s most valuable exported product at 11.7% of the island country’s total.
In second place was unknitted and non-crocheted bras and corsets (4.6%), trailed by women’s knitted or crocheted underwear and pajamas (also 4.6%), knitted or crocheted t-shirts and vests (4%), used or retread rubber tires (3.8%), unknitted and non-crocheted women’s clothing (3.7%), knitted or crocheted gloves and mitts (3.2%), unknitted and non-crocheted men’s suits or trousers (3%), knitted or crocheted women’s clothing (2.9%), then knitted or crocheted men’s underwear and pajamas (2.6%).
Sri Lanka’s Biggest Product Trade Surpluses
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.
- Knit or crochet clothing, accessories: US$2.8 billion (Up by 5.9% since 2023)
- Coffee, tea, spices: $1.7 billion (Up by 12.9%)
- Clothing, accessories (not knit or crochet): $1.68 billion (Up by 0.8%)
- Rubber, rubber articles: $594.7 million (Down by -10.6%)
- Vegetable/fruit/nut preparations: $241.3 million (Up by 29.5%)
- Paper yarn, woven fabric: $169.7 million (Up by 12.1%)
- Fish: $149.1 million (Down by -34.5%)
- Fruits, nuts: $143.5 million (Down by -12.1%)
- Miscellaneous textiles, worn clothing: $82 million (Up by 1.2%)
- Gems, precious metals: $65.1 million (Up by 20%)
Sri Lanka has highly positive net exports particularly in the international trade of knitted or crocheted clothing and accessories. In turn, these cashflows indicate Sri Lanka’s strong competitive advantages under that labor-intensive product category.
Sri Lanka’s Worst Product Trade Deficits
Sri Lanka incurred an overall -US$6.6 billion trade deficit in 2024, expanding by 40.6% from -$4.7 billion in red ink one year earlier for 2023.
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.
- Mineral fuels including oil: -US$3.6 billion (Down by -3.8% since 2023)
- Machinery including computers: -$1.3 billion (Up by 59.3%)
- Electrical machinery, equipment: -$856 million (Up by 48.9%)
- Knit or crochet fabric: -$829.6 million (Up by 29.6%)
- Plastics, plastic articles: -$628.3 million (Up by 29.3%)
- Cotton: -$586.2 million (Up by 28.3%)
- Iron, steel: -$567.1 million (Up by 21%)
- Cereals: -$453.1 million (Up by 31.4%)
- Pharmaceuticals: -$449.6 million (Down by -18.8%)
- Vegetables: -$410.7 million (Up by 27%)
Sri Lanka has negative net exports and therefore deep international trade deficits under the mineral fuels category, historically for petroleum oils (both refined and crude), coal and petroleum gas.
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)
In macroeconomic terms, Sri Lanka’s total exported goods represent 3.5% of its overall Gross Domestic Product for 2024 ($342.6 billion valued in Purchasing Power Parity US dollars). That 3.5% for exports to overall GDP in PPP for 2024 compares to 3.8% for 2023. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Sri Lanka’s total economic performance, albeit based on a relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Sri Lanka’s unemployment rate averaged 4.75% for first quarter 2024, down from an average 5% for 2024 according to International Monetary Fund metrics.
Sri Lanka’s administrative capital city is Sri Jayawardenepura Kotte, while the island country’s commercial capital is Colombo.
See also Sri Lanka’s Top 10 Imports, Tea Exports by Country Plus Average Prices, Top US Trading Partners, United Kingdom’s Top Trading Partners and India’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook report on South Asia: Sri Lanka. Accessed on April 24, 2025
EXCHANGE-RATES.org Sri Lanka Rupee (LKR) to US Dollar, Exchange Rate History. Accessed on April 24, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 24, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 24, 2025
International Trade Centre, Trade Map. Accessed on April 24, 2025
Investopedia, Net Exports Definition. Accessed on April 24, 2025
United States Census Bureau, Foreign Trade . Accessed on April 24, 2025
Wikipedia, Gross domestic product. Accessed on April 24, 2025
Wikipedia, List of Companies of Sri Lanka. Accessed on April 24, 2025
Wikipedia, Purchasing power parity. Accessed on April 24, 2025