Nov 01, Colombo: Further strengthening the longstanding relations between Sri Lanka and Turkey, bilateral trade between both countries continues to grow, Minister of Industry and Commerce Rishad Bathiudeen says.
"Turkey is becoming one of Sri Lanka's important trading partners," Minister Bathiudeen said at an event held in Colombo to celebrate the 96th Anniversary of the Proclamation of the Republic of Turkey on 29 October.
"Both countries have regularized our dialogue and cooperation through the Turkey-Sri Lanka Joint Economic Commission. This provides a structured platform to develop and further advance the bilateral economic and technical partnership. Diversifying and broadening our economic agenda is a priority for both Governments," said the Minister.
Addressing the event, Minister Bathiudeen hinted that Turkey is no more a small trade partner of Sri Lanka. "The total bilateral trade turnover in 2018 was US$ 351.18 million," he said.
According to Sri Lanka Department of Commerce (SLDOC), total bilateral trade in 2017 was US $ 318 million, which means total trade between both countries has grown in 2018 (YoY) by 10.4% and in comparison to 2016, the 2018 trade has surged by a huge 57% (from US $ 224 million).
According to SLDOC, in 2018 Sri Lanka's exports to Turkey was at US $ 218.4 million and 75% of exports to Turkey in 2018 were Ceylon Tea (at US $ 163 million), followed by yarn (8%), apparel (3.5%), and rubber tires (2%).