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 80th largest goods trading partner with $2.4 billion in total (two way) goods trade during 2011. Goods exports totaled $307 million; Goods imports totaled $2.1 billion. The U.S. goods trade deficit with Sri Lanka was $1.8 billion in 2011.
Sri Lanka was the United States' 114th largest goods export market in 2011.
U.S. goods exports to Sri Lanka in 2011 were $307 million, up 71.7% ($128 million) from 2010.
The top export categories (2-digit HS) in 2011 were: Cereals (wheat) ($53 million), Machinery ($30 million), Aircraft ($28 million), Plastic ($26 million), and Electrical Machinery ($17 million).
U.S. exports of agricultural products to Sri Lanka totaled $79 million in 2011. Leading categories include: wheat ($36 million) and vegetable oils ($12 million).
Sri Lanka was the United States' 69th largest supplier of goods imports in 2011.
U.S. goods imports from Sri Lanka totaled $2.1 billion in 2011, a 19.4% increase ($339 million) from 2010.
The five largest import categories in 2011 were: Woven Apparel ($732 million), Knit Apparel ($696 million), Rubber ($272 million), Precious Stones (sapphires) ($98 million), and Spices, Coffee and Tea (tea and cinnamon) ($40 million).
U.S. imports of agricultural products from Sri Lanka totaled $94 million in 2011. Leading categories include: tea (including herb tea) ($23 million) and rubber ($21 million).
The U.S. goods trade deficit with Sir Lanka was $1.8 billion in 2011, a 13.4% increase ($211 million) over 2010.
Historical Trade Data
U.S. Goods Trade with Sri Lanka (in billions of dollars)
U.S. foreign direct investment (FDI) in Sri Lanka (stock) was $130 million in 2010 (latest data available), up 18.2 percent from 2009.
U.S. FDI distribution in Sri Lanka is not available in 2010.
Sri Lanka FDI in the United States (stock) was $10 million in 2010 (latest data available), the same as 2009.
NOTE: No services trade data with Sri Lanka is available.