Sri Lanka which has the highest per-capita GDP in South Asia has emerged as a small, yet growing, consumer food products market for the exporters of the United States, according to the United States Department of Agriculture (USDA).
In the past five years, U.S. agricultural products exports to Sri Lanka have increased by 15 percent, to reach $159 million in 2019, led by soybean meal, wheat, and dairy products. In addition, Sri Lanka’s tourism and hospitality sectors, new restaurants, and upscale food retailers are creating avenues for imported high-end and consumer-oriented goods.
The USDA views South Asia to remains a prime destination for U.S. cotton export growth as textile manufacturers shift away from China.
It expects the demand for U.S. cotton exports to rise with the anticipated global economic expected recovery from the COVID-19 pandemic in the latter portion of 2021 and beyond.
The U.S remains by far the largest export market for Sri Lanka’s finished apparel products.