As bilateral trade between Sri Lanka and China crossed $4 Bn threshold for the first time, a confident Sri Lanka said that the proposed FTA between the two countries shall further solidify this trade growth.
“There is a six fold trade growth within a decade – and this trend would grow further as both countries move towards the proposed FTA” declared the Minister of Industry and Commerce Rishad Bathiudeen last week. Minister Bathiudeen was addressing the inauguration of the second China Products Exhibition (CPE) in Colombo at the SLECC. The second CPE with a focus on B2B, showcases an extensive range of products from leading Chinese manufacturers from Guangdong, Fujian, Hunan, Chengdu, Sichuan and other provinces with a display of Consumer Electronics, Home Appliances, LED and Lighting, Building Materials, Tools and Hardware, Machinery, Furniture and Homeware, Hospitality products etc. Joining the occasion –along with 120 strong visiting Chinese exhibitor delegation led by Deputy Secretary-General of Office of Guangdong Provincial Government Li Yiwei-were Commercial Counsellor of Colombo Chinese Embassy Wang Yingqi and the President of National Chamber of Commerce Tilak Godamanna.
The Year-on-Year (YoY) total trade between both countries jumped by 12% in 2015 from 2014’s from 2014’s $3.58 Bn. Interestingly, YoY Lankan exports to China last year jumped by a huge 68% – to $293 Mn – which, when compared to 2005 exports to China, is no less than a ten–fold trade growth.
Of the $4 Bn SL-China trade last year, 93% were imports from China to Sri Lanka while 7% were exports to China from Sri Lanka.