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Sri Lanka Import Data

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Sri Lanka Import Data

In the year 2023, Sri Lanka is expected to see a significant increase in its import rank. As a developing country, Sri Lanka relies heavily on imports for various goods and services.Currently, the country ranks as the 84th largest importer in the world, with a total value of approximately $21 billion in imports. However, by 2023, it is projected that Sri Lanka will rise to become the 67th largest importer globally.

The main reason for this predicted increase in import ranking can be attributed to the growing economy and rising consumer demand within Sri Lanka. With a population of over 21 million people and a steadily increasing GDP, there is an increasing demand for goods and products from foreign markets.

According to recent projections, Sri Lanka's population is expected to reach approximately 22.6 million by the year 2023. This growth rate has been relatively stable over recent years due to improvements in healthcare and education systems resulting in lower mortality rates and increased life expectancy.

Sri Lanka's GDP will surpass $100 billion mark for the first time ever. This steady growth can be attributed to various factors such as strong agricultural output, booming tourism industry, and increasing investments in infrastructure development.

As a result of this rapid economic growth rate, Sri Lanka's economy is expected to continue diversifying away from traditional industries such as agriculture towards more modern sectors such as technology and services. This shift will further boost consumer demand and contribute towards higher imports.

Currently, petroleum oils make up about one-fifth of Sri Lanka's total imports, followed by textile fabrics, refined petroleum, and cars. However, it is expected that in 2023, the top import products in Sri Lanka will include machinery and equipment, vehicles and parts, electronic goods, pharmaceuticals, and food items.

As for the top trading partners of Sri Lanka in 2023, China is expected to maintain its position as the leading importer to the country. India is also projected to continue being a significant trade partner for Sri Lanka due to geographical proximity and strong economic ties.

Currently, Sri Lanka's top trading partners include India, China, United Arab Emirates, Singapore, and Japan. However, with the country's efforts to expand its export market and form new trade partnerships with countries like Australia and South Korea, it is likely that we will see some changes in the top trading partners list by 2023.

Sri Lanka's import rank is set to rise in 2023 due to various factors such as increasing consumer demand and improving trade relations. The population is also expected to continue growing at a steady rate while the GDP sees a significant boost. With a diverse range of top import products and potential changes in trading partners' list in the coming years, Sri Lanka's economy shows promise for continued growth and development.

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Sri Lanka Import Customs Trade Data Shows Top 10 Importing Products In 2023 – Analysis By Chapter

  • 24% (4.07 billion US dollar) HS CODE: 27 - Bituminous substances; mineral waxes; mineral fuels, mineral oils, and products of their distillation
  • 6.35% (1.04 billion USdollar) HS CODE: 84 - Parts of nuclear reactors, boilers, machinery, and mechanical appliances
  • 5.76% (943 million USdollar) HS CODE: 85 - Machinery and equipment for electrical use; sound recorders and reproducers; television image and sound recorders and reproducers, and their parts and accessories
  • 4.79% (785 million USdollar) HS CODE: 60 - Fabrics made from knitted or crocheted yarn
  • 3.43% (562 million USdollar) HS CODE: 30 – Pharmaceutical Commodities
  • 3.32% (545 million USdollar) HS CODE: 39 –Plastic products
  • 3.2% (525 million USdollar) HS CODE: 52 - Cotton
  • 2.82% (462 million USdollar) HS CODE: 72 – Steel and Iron
  • 2.67% (438 million USdollar) HS CODE: 17 - Confectionery and sugar products
  • 2.5% (410 million USdollar) HS CODE: 48 - Products made from paper pulp, paper, or paperboard

Sri Lanka Import Global Trade Data Shows Top 10
Trading Partners of Sri Lanka

  • A share of 19.4% (3.19 billion US$), India dominates
  • A share of 18.9% (3.1 billion US$), China dominates
  • A share of 9.51% (1.55 billion US$), United Arab Emirates dominates
  • A share of 5.32% (873 million US$), Singapore dominates
  • A share of 4.52% (741 million US$), Malaysia dominates
  • A share of 3.13% (513 million US$), USA dominates
  • A share of 2.41% (395 million US$), Russia dominates
  • A share of 2.27% (373 million US$), Indonesia dominates
  • A share of 2.16% (355 million US$), Oman dominates
  • A share of 1.98% (325 million US$), Pakistan dominates

Sri Lanka Import Data Sample

HOW SRI LANKA IMPORT DATA ENABLE YOUR BUSINESS TO GROW GLOBALLY - PROVIDED BY IMPORT GLOBALS

Sri Lanka, a beautiful island nation situated in the Indian Ocean, has been an integral part of global trade for centuries. With its strategic location and diverse range of products, Sri Lanka has become a hub for imports from all over the world. To keep track of this ever-growing import market, Import Globals provides reliable custom data collected from custom shipping bills.

Custom data is essential for businesses to make informed decisions about their import strategies and identify potential opportunities. The data includes crucial information such as HS code, product description, exporter and importer company name, address, destination country, origin country, value, and quantity etc.This detailed information helps businesses understand the market trends and consumer demands better.

Sri Lanka Import Data who is exporting these goods and which companies are importing them is vital in building strong business relationships. The custom data provided by Import Globals includes detailed company information such as names, addresses, contact details making it easier for businesses to connect with potential partners.

Using Import Global's custom data is that it reflects accurate values of imported goods. Inaccurate reporting can lead to discrepancies in tax calculations and may result in penalties or delays at customs clearance. By having access to reliable data directly from customs shipping bills ensures that businesses have the correct values for their imports.

With the help of Sri Lanka Import Trade Data provided by Import Globals, businesses can also track the quantity of each product being imported through this custom data. For instance, if there is a sudden surge in demand for a particular product category in Sri Lanka's market; knowing its quantities will help businesses plan their import strategies accordingly.

Import Global's Sri Lanka customs data is an invaluable resource for companies looking to enter or expand in Sri Lanka's import market. It provides accurate and reliable information on various aspects of the imports, including HS codes, product descriptions, company details, values, and quantities. With this data at hand, businesses can make informed decisions that will ultimately contribute to their success in this vibrant country. Sri Lanka has become an increasingly popular destination for businesses looking to expand their global market presence. With its strategic location in the Indian Ocean and a rapidly growing economy, it offers great opportunities for companies of all sizes and industries. However, entering a new market can be a daunting task, especially when it comes to understanding local import regulations and finding potential clients.

This is where Import Globals comes in. As a leading provider of import data for Sri Lanka, Import Globals helps all types of companies, from small startups to large corporations, to grow their business globally. Our comprehensive database provides detailed information on the country's import trends and patterns, giving businesses valuable insights into the market demand for their products.

One of the biggest challenges that companies face when expanding into new markets is identifying potential clients. This often involves extensive research and networking efforts which can be time-consuming and costly. However, with Import Globals' import data at your fingertips, you can save valuable time by knowing exactly where your products are in demand and who your potential buyers are.

Moreover, our data not only covers imports but also includes information on export destinations in Sri Lanka. This enables businesses to identify potential partners or competitors within the country and make informed decisions on their investment strategies.

In addition to saving time and resources on market research, using Import Globals' import data can also help businesses save money by avoiding unnecessary investments in markets with low demand for their products. By having access to accurate information on product demand in Sri Lanka, businesses can tailor their strategies accordingly and focus on markets with high growth potential.

Import Globals, Sri Lanka Import data also provides insights into current trade policies and regulations in Sri Lanka. This helps companies navigate through complex procedures involved in importing goods into the country more efficiently while ensuring compliance with local laws.

Leveraging Import Global's Sri Lanka shipment data is crucial for any company looking to do business in Sri Lanka successfully. By providing valuable insights into market demand and client profiles while saving time and money, we help businesses make informed decisions and take their global expansion plans to the next level. Whether you are a new player or an established company, our import data is a powerful tool that can give you a competitive edge in the Sri Lankan market.

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