Sri Lanka’s Exports, Imports, Total Trade & Balance of Trade with Canada

The total trade turnover between Sri Lanka and Canada, as shown in table 1 below, has been rather erratic during the last five years.

Before Covid era, the value of Sri Lanka’s exports to Canada reached its peak level in 2019 with a value of USD 240.40 million. The trade balance has been in favor for Canada until 2020. On the imports front, the value of imports witnesses a decreasing trend during the above period. Value of both exports and imports decreased in 2020 compared to 2019. However, the trade statistics shows an increased exports for the years 2021 and 2022 valued to USD 361.44 Mn,2022 and the increase of exports to Canada is 15% compared to 2021. Imports remained further low at USD 96 Mn, accounting for a 19% drop compared to 2021.

Sri Lanka has the potential of continuing exports of high end organic and conventional food and beverage, especially different varieties of value-added teas.

Exporters in Sri Lanka continue to participate at the trade fairs and other connecting opportunities, enabling them to penetrate to the Canadian market and, to enhance their share in the Canadian market.

Major items export to Canada are, apparel, coconut related products, coir related products, rubber products, other food items, including bottled and canned food products etc .

Products and services which have potentials and expansion capacity from Sri Lanka to Canada:

• Textile and apparel
• Gem and Jewelry
• Rubber based products
• Ceramics
• Confectionary items
• Leather products
• Fresh & processed food
• Fresh flowers
• IT and IT enabled services
• Coconut products
• Natural Spices
• Ceylon Cinnamon
• Ceylon Tea
• Coir Products

Investment Opportunities for the Canadian Entrepreneurs in Sri Lanka

Sri Lanka welcomes Foreign Direct Investment. A number of Canadian Entrepreneurs have invested in Sri Lanka under the provisions of the Board of Investment Act and under the normal Law of the country. At present, 22 Canadian companies/business ventures are operating in Sri Lanka.

In order to protect the interests of the Canadian investments in Sri Lanka, the Government of Sri Lanka has signed the under mentioned Agreements with the Government of Canada.

• Agreement on Promotion and Protection of Investment on June 17, 1982.
• Agreement on Avoidance of Double Taxation on June 09, 1982.

For more information on investment opportunities in Sri Lanka visit www.boi.lk

Canada - Sri Lanka Business Council

The Sri Lanka-Canada Business Council was established in December 1990 with a view to promote bilateral trade, investment, tourism, technology transfer and industrial cooperation between Sri Lanka and Canada.

Canada - Sri Lanka Business Convention

Canada-Sri Lanka Business Convention is a non-profit organization which was founded in 2016 to facilitate business introductions between Canada and Sri Lanka. Canada-Sri Lanka Business Convention provide assistance to Canadian and Sri Lankan Entrepreneurs to expand their products and services to both countries and to improve bi-lateral trade, technology transfer and tourism between both countries.

In Nov 2022, Canada Sri Lanka Business Convention delegation comprising Canadian Parliamentarians, business leaders and investors traveled to Sri Lanka and conducted business meetings and visits with the Export Development Board, Ministry of Foreign Affairs, Board of Investment, Ceylon Chamber of Commerce etc.

Sri Lanka as a Tourist Destination

Sri Lanka is considered as a unique tourist destination in the Indian Ocean. It is a place where the original soul of Buddhism still flourishes and where nature’s beauty remains abundant and unspoilt.

Few places in the world can offer the traveler such a remarkable combination of stunning landscapes, pristine beaches, captivating cultural heritage, and unique experiences within such a compact location.  Within a mere area of  65,610 km lie 8 UNESCO World Heritage Sites, 1,330 km of coastline - much of it pristine beach - 15 national parks showcasing an abundance of wildlife, nearly 500,000 acres of lush tea estates, 250 acres of botanical gardens, 350 waterfalls, 25,000 water bodies, to a culture that extends back to over 2,500 years.

The Independent's list of the best destinations to travel to in 2023 mentions Sri Lanka as one of the tourist hotspots this year.

Tourist arrivals from Canada to Sri Lanka: 2013-2022

Source: Annual Report 2022, Central Bank of Sri Lanka

For more information visit Sri Lanka Tourism Promotion Bureau website: www.srilanka.travel