US’ importance as most positive trade partner for Lanka rises

Despite the anti-US sentiments being championed by certain sections of the Government and their supporters following the UNHRC vote, the world’s biggest economy’s importance to Sri Lanka as a positive trade partner is growing.

In 2011, out of a bilateral trade value of $ 2.476 billion, $ 2 billion was favourable to Sri Lanka, prompting analysts to identify Uncle Sam as the most paramount. Sri Lanka’s exports to US in 2011 were a record $ 2.144 billion, whilst imports from US were only $ 332 million.

In 2010, the balance of trade amounted to $ 1.5 billion in favour of Sri Lanka with exports amounting to $ 1.75 billion and imports being only $ 168 million.

Reflecting continuity in the momentum, in January this year exports to US have increased by 23% despite overall performance declining by 0.6%.

Though India is Sri Lanka’s biggest trading partner, the balance of trade favours the giant neighbour heavily.