Sri Lanka –Turkey Trade Relations
1. Sri Lanka’s Trade with Turkey
- Sri Lanka’s Trade with Turkey has been increasing for the last several years.
- The value of total trade turnover has increased from US$ 97.4 Million in 2005 to US $ 229.86 Million in 2015, registering an increase of 135% compared to 2005.
- The balance of trade has been in favour of Sri Lanka during last 10 years.
Sri Lanka – Turkey Trade
(Value in US $ Mn.)
Source: Sri Lanka Customs
1.1. Sri Lanka’s Exports
Sri Lanka’s Exports to Turkey (2010-2015 in US $ Million)
- Sri Lanka’s major export items to Turkey are Tea, Man-made staple fibres, Apparel, Activated carbon; activated natural mineral products; animal black, including spent animal black, Retreaded or used pneumatic tyres of rubber; solid or cushion tyres, inter-changeable tyre treads, so on..
- The value of tea export to Turkey in 2015 accounted for 76% of the total Sri Lanka’s exports.
1.2. Sri Lanka’s Imports
Sri Lanka’s Imports from Turkey (2010-2015 in US $ Million)
- The value of Sri Lanka’s imports from Turkey, which stood at US $ 41.4 Million in 2005, and it has now increased to US $ 49.59 Million in 2015.
- The major item of imports from Turkey are Plastics and articles thereof, Miscellaneous edible Preparations, Parts and accessories of the motor vehicles of heading nos. 87.01 to 87.05, Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pum, etc…
1.3. Market Share
2. Agreement on Economic and Technical Cooperation between Sri Lanka and Turkey
- The subject agreement was signed on 26th August 2002 in order to further strengthen bilateral co-operation in the fields of economic and technical cooperation. All legal requirements have been fulfilled and the Agreement has entered into force effective from 27th November 2007.
- Accordingly, a preparatory meeting for the First JC meeting between Sri Lanka and Turkey was held in Colombo in March 2006.
- The First Session of the Joint Committee for Economic and Technical Cooperation between Sri Lanka and Turkey was successfully concluded on 11th November 2016 in Ankara, Turkey. The two countries held wide ranging discussions at a bilateral forum of this kind after a hiatus of 26 years. During the deliberations, both sides agreed to cooperate in various sectors with the hope of elevating the existing relations to greater heights. At the Joint Committee, Sri Lanka and Turkey together emphasized the need to further increase and diversify the composition of bilateral trade and agreed to increase the trade volume between the two countries to US$500 million by 2020.
3. Potential Products to Turkey and Competitors