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.