The Sunday Leader

2014: Epoch Year For Sino-SL Economic Relations

Ambassador Wu Jianghao

Next year will be epoch making for China-Sri Lanka economic relations, China’s envoy to Sri Lanka speaking at a function in Colombo on Monday (September 23) said.
Ambassador Wu Jianghao said that China’s Central TV was involved in a project, doing island-wide coverage of Sri Lanka. This is currently being beamed in China.
This would result in an increase in the number of Chinese tourists visiting the island, he said.
External Affairs Ministry Secretary K. Amunugama speaking at the same event said that Sri Lanka expects the number of Chinese tourists visiting the island to increase to 300,000 by 2016.
According to Central Bank of Sri Lanka (CBSL), Chinese tourists visiting the island numbered 25,781 in 2012; a 58.1% YoY increase. Meanwhile for the whole of last year, the total number of visitors to the island comprised 1,005,605; a 17.5% YoY increase.
Tourist arrivals in the first eight months of this year numbered 711,446; a 14.3% YoY increase. The number of Chinese tourists in this lot comprised 24,306; a 74.3% YoY increase. .
Tourism made a revenue of US$ ($) 1,039 million last year, a 25.1% YoY increase. According to available statistics, tourism earnings in the first seven months of the year amounted to $ 674.1 million, a 20.3% YoY increase.
Jianghao further said that trade between the two countries was skewed, and the proposed free trade agreement would be the game changer. Trade between the two countries is weighed heavily in favour of China.
According to CBSL, China is Sri Lanka’s second largest source of imports, with a 14% share in imports.
The largest is India with a 19% share. Sri Lanka’s total imports last year comprised $ 19,182.6 million, a 5.4% YoY decline. However exports declined faster, by 7.4% YoY to $ 9,773.5 million, leading to a deficit in the trade balance amounting to $ 9,409 million; a 3.1% YoY decline last year.
The island’s overall trade deficit in the first half of the year declined by 7.1% YoY to $ 4,557 million.
Amunugama  said that Sri Lanka’s exports to China last year amounted to a mere $ 162 million.
Monday’s event was known as Sri Lanka China Business Cooperation Council Star Awards 2013.

1 Comment for “2014: Epoch Year For Sino-SL Economic Relations”

  1. these are such good numbers, so much growth all around, everything is going up and up and up, that means that the economy must be doing very very very very well and things are improving for everyone quickly. That means such prosperity. Small things as low exports are not to be worried about as these are small things and nothing will affect the growth such as small things as these.

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