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Trade+value+between+Australia+and+Sri+Lanka+reaches+A%24+1.3+billion
Monday, 08 January 2018 - 17:13
Trade value between Australia and Sri Lanka reaches A$ 1.3 billion
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The Australian High Commission in Colombo says that the trade value between Australia and Sri Lanka has surged to a record high of A$ 1.3 billion in 2016-17, on the back of strong growth in trade in services, up more than 27 percent.
 
The growth for the year overall was more than 15 percent, continuing the strong trend growth of 8.6 percent over the past 5 years.
 
Education continues to grow as a pillar of the economic relationship with more than 9500 enrolments by Sri Lankan students to study in Australia and thousands more pursuing Australian-affiliated studies locally.
 
The rapid growth in Australian tourists visiting Sri Lanka (up almost 10 percent for the year) saw Sri Lanka’s services exports to Australia grow by more than 36 percent.
 
Merchandise trade remained steady at around $480 million, based on Sri Lanka’s traditional strengths in tea, textiles, and rubber. Garments exports have grown strongly in the past year reflecting the decision by Australian retailers to source garments from Sri Lanka.
 
Australia’s major exports of vegetables, dairy, wheat, and machinery have also performed well.
 
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