Ukraine crisis hits SL’s external trade
View(s):The Ukraine invasion by Russia is hurting Sri Lanka badly as the two countries are important import sources for wheat and export destinations for Sri Lanka’s black teas as well as foreign exchange earners from tourism and trade accounting for 2 per cent of imports and 2.2 per cent of exports.
According to Finance Ministry’s data, Sri Lanka imports from Ukraine were US$76.2 million while exports to that country were $51.94 million during 2020/2021 financial year. Tea exports to Ukraine were $ 24 million while imports of wheat from Ukraine were $ 17 million.
Sri Lanka’s exports to Russia amounted to $163 million while tea exports to Russia stood at $132 million and wheat imports from Russia were $140 million.
Both countries are major import sources for asbestos, semi-finished products of iron and steel, copper (cathodes), and potassium chloride for fertiliser. The cost for these imports was $ 7-10 million.
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