“There is a six fold trade growth within a decade -and this trend would grow further as both countries move towards the proposed FTA” says the Minister of Industry and Commerce Rishad Bathiudeen on Tuesday 22 .
Minister Bathiudeen was addressing the inauguration of the second China Products Exhibition (CPE) in Colombo today . 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 & Lighting, Building Materials, Tools & Hardware, Machinery, Furniture & 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!
“This exhibition is a strong platform for Sri Lankan and Chinese entrepreneurs to interact with each other and for the Sri Lankan industry to explore long-term business associations with Chinese companies for joint ventures, collaborations and import-export trading relations. The total trade turnover between Sri Lanka and China which was at US $ 659 million in 2005, has surged to US $ 4 Bn in 2015 for the first time-a six fold growth within a decade; and this trend would grow further as both countries move towards the proposed FTA.
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.