Sri Lanka has exported close to $3 billion worth of goods to the United States in 2019. A whopping 72 percent increase over the past decade.
US –Lanka bilateral trade relationship, which is the largest bilateral trade relationship by a significant margin, amounts to about three percent of Sri Lanka’s GDP, The US Ambassador to Sri Lanka Alaina B. Teplitz told a Colombo forum recently.
She added that It creates meaningful jobs for Sri Lankans. By our estimates, Sri Lankan exporters to the U.S. provide direct employment for at least 180,000 people here.
But trade can still grow and one way Sri Lankan companies can maximize trade with the United States is to take better advantage of existing trade preferences she said adding that exports under the Generalized System of Preferences or GSP accounted for 5.32 percent of the total exports to the U.S. in 2019.
That seems like a very small percentage she disclosed pointing out that a total of 196 million in exports were eligible for cost savings under GSP.
This is a marketing advantage that Sri Lankan firms should be broadcasting to prospective buyers as a reason to buy from these companies.
(LIN)