Lanka exports to Brazil grow by 37%

Having increased its exports in 2012, Sri Lanka is keen to expand its current trade with the world’s seventh largest economy, Brazil even further. “Our total bilateral trade of $ 79 million in 2011 shows that there is strong unrealised growth potential for our trade with Brazil.

Also there is a trade growth in 2012’s first half,” said Rishad Bathiudeen, Minister of Industry and Commerce. Minister Bathiudeen said this during his meeting with Marcelo L da S. Vasconcelos, Brazil’s Ambassador to Sri Lanka and Maldives.

According to the Department of Commerce, Sri Lanka’s total trade in 2011 stood at US$ 78.51mn.

In 2012 (January to June) the total trade turnover between the two countries was US $ 32.21 mn showing a 7.25 % increase. Brazil is one of the leading sugar suppliers to Sri Lanka. Sri Lanka’s total exports to Brazil has increased by 37.21% in 2011 over the previous year.

The balance of trade is in favour of Brazil in 2009, 2010 and 2011 though it was in favor of Sri Lanka in 2007 and 2008.

Sri Lanka’s total exports to Brazil has increased by 37.21% from US $ 22.95 million in 2010 to US $ 31.49 million in 2011.

Sri Lanka’s major export items to Brazil in 2011 were gloves, apparel, retreaded or used pneumatic tyres of rubber, new pneumatic tyres of rubber, yarn, optical photographic, natural rubber and cotton.

“We are also keen to strengthen bilateral cooperation with Sri Lanka further.

We also look forward to Sri Lanka’s support in our international trade initiatives,” said Vasconcelos.