The United States and Sri Lanka held the sixth bilateral Council meeting under the U.S.-Sri Lanka Trade and Investment Framework Agreement (TIFA) in May 2008. At the meeting, the United States stressed the importance of reducing Sri Lanka's high tariffs on agricultural products; opening the Sri Lankan market for U.S. agricultural biotechnology products; providing more certainty and transparency in Sri Lanka's government procurement, and integrating U.S. technical assistance into the Government of Sri Lanka's overall IPR enforcement plan.
Since the meeting in 2008, the Government of Sri Lanka has lifted the restrictions on imports of poultry from Arkansas, Virginia and Idaho; responded to USG's questionnaire on the Sri Lanka's government procurement process; and issued overdue letters of credit to a U.S. investor in Sri Lanka.
In 2008 and 2009, USTR officials visited Sri Lanka and held talks with high-level Sri Lankan officials to help improve market access and reduce/eliminate trade barriers for U.S. companies.
The seventh TIFA Council meeting is scheduled for the week of October 12th 2009 in Colombo, Sri Lanka. During this week, the Government of Sri Lanka and the United States Government plan to host a private/public conference to discuss economic development opportunities in Sri Lanka in general and the Eastern Province in particular. USTR welcomes the participation of U.S. companies who are interested in doing business in Sri Lanka. Interested parties should contact Victoria Kader at 202-395-3151.
U.S.-Sri Lanka Trade Facts
Sri Lanka is currently our 72nd largest goods trading partner with $2.8 billion in total (two way) goods trade during 2013. Goods exports totaled $314 million; Goods imports totaled $2.5 billion. The U.S. goods trade deficit with Sri Lanka was $2.1 billion in 2013.
Sri Lanka was the United States' 117th largest goods export market in 2013.
U.S. goods exports to Sri Lanka in 2013 were $314 million, up 40% ($90 million) from 2012.
The top export categories (2-digit HS) in 2013 were: Cereals (wheat) ($54 million), Machinery ($28 million), Food Waste (soybean residues) ($24 million), Optic and Medical Instruments ($21 million), and Electrical Machinery ($17 million).
U.S. exports of agricultural products to Sri Lanka totaled $128 million in 2013. Leading categories include: wheat ($53 million) and soybean meal ($28 million).
Sri Lanka was the United States' 63rd largest supplier of goods imports in 2013.
U.S. goods imports from Sri Lanka totaled $2.5 billion in 2013, a 8.6% increase ($194 million) from 2012.
The five largest import categories in 2013 were: Woven Apparel ($818 million), Knit Apparel ($876 million), Rubber ($287 million), Precious Stones (sapphires) ($111 million), and Spices, Coffee and Tea (tea and cinnamon) ($50 million).
U.S. imports of agricultural products from Sri Lanka totaled $97 million in 2013. Leading categories include: tea (including herb tea) ($29 million) and spices ($22 million).
The U.S. goods trade deficit with Sir Lanka was $2.1 billion in 2013, a 5.1% decrease ($105 million) over 2012.
U.S. foreign direct investment (FDI) in Sri Lanka (stock) was $102 million in 2012 (latest data available), up 8.5 percent from 2011.
U.S. FDI distribution in Sri Lanka is not available.
Sri Lanka FDI in the United States (stock) was $18 million in 2012 (latest data available), up 20.0% from 2011.
The distribution of Sri Lanka FDI in the United States is not available.
*NOTE: No services trade data with Sri Lanka is available.