Sri Lanka Import Surge While Exports Slump In March 2022 Amid Crisis

04 May 2022

Sri Lanka’s economic crisis is a prevailing issue for the island nation since 2019, and it has been putting pressure on the Sri Lankan government to reform the country’s situation with the upcoming challenges on the way. Increasing debts, depleting foreign exchange reserves and other factors contributed to the decline of the Sri Lankan economy.

Parallel to the decline in Sri Lanka’s economy, Sri Lanka trade in 2022 also recorded a decline. The latest Sri Lanka import-export data 2022 revealed the trade values of the Asian country going downhill. However, the upward trend was similar to the year preceding (2021).

Sri Lanka’s Import Trend

Sri Lanka imports following 2021 to the values of 2022 are shown below in the data in the quarterly division. The values for 2022 are shown as per available Sri Lanka import data and intend to give a quick glimpse into the import trend of Sri Lanka for 2021 followed by 2022 till March.

Sri Lanka’s imports for the first quarter of 2021 amounted to $5.2 billion, followed by $3.7 billion in the second quarter, $4.9 billion in the third quarter and $4 billion in the fourth quarter. Following the values of 2021, the first quarter of 2022 shows an import value of $5.5 billion. The value of imports in Q1-2022 is the highest so far.

Sri Lanka’s Export Trend

Sri Lanka exports for 2021 followed by 2022 featured in the provided list below gives a glimpse into the export trend of Sri Lanka for two consecutive years—2021 and 2022. The featured export values of 2022 are shown as per available Sri Lanka export 2022 data.

Sri Lanka’s exports amounted to $4.5 billion in the first quarter of 2021, followed by $2.9 billion in the second quarter, and $3.5 billion in the third quarter. The final quarter of 2021 amounted to $4.2 billion. The first quarter of 2022 accounted for the lowest value among all at $2.4 billion.

Sri Lanka’s Trade (2022)

The imports in Sri Lanka for 2021 and 2022 featured below provides a comparison between the values of two years—2021 and 2022. Import and export values are shown as per the availability of Sri Lanka imports-export 2022.

As per the shown table of Sri Lanka imports, the values have drastically changed in the first quarter of 2021 by March amounting to $3 billion. The value of imports in 2022 fluctuated with minor declines in each month following the first quarter of 2022, amounting to $5.51 billion. Sri Lankan imports surged in March 2022 with a final increase amount finding to be $24 million.

The export values in the shown table below feature the export values of two consecutive years—2021 and 2022 for the first quarter of both the years to provide a clear picture of comparison. As per the shown Sri Lanka exports 2021, the value of exports amounted to $4.5 billion for the first quarter of 2021 with minor fluctuations throughout the months.

On the other hand, the retrieved values of Sri Lanka’s exports in 2022, there is evidently a gradual decline in the export values by the end of the first quarter. The total value of exports in 2022, till March, amounted to $2.4 billion. This is a decrease in exports of 2022 by $2.1 billion.

Sri Lanka’s economic crisis has resulted in such a steep decline in the country’s exports for 2022, with a substantial increase in imports for the same period. Our import-export trade data platform online reveals the values of Sri Lanka, implying that the trade has fallen in the island nation this year so far. Uncertainty about the rise of Sri Lanka’s trade hangs open and wide.