ශ්රී ලංකා තානාපති කාර්යාලය, සෝල්, කොරියානු ජනරජය
இலங்கைத் தூதரகம், சியோல், கொரியக் குடியரசு
Embassy of Sri Lanka, Seoul, Republic of Korea
Trade
Overview
Sri Lanka is committed to an outward-oriented trade regime following WTO principles, with a view to enhancing overseas market access for its products and achieving greater integration in the world economy. Towards achieving the desired objectives, Sri Lanka continues to simplify her tariff structure and encourage foreign direct investment (FDI) into the country in technology-intensive, value-added sectors and for infrastructure development, to expand output while generating employment opportunities.
At the regional level, Sri Lanka is a member of the South Asian Free Trade Area (SAFTA) and the Asia-Pacific Trade Agreement (APTA). At the bilateral level, Sri Lanka has FTAs with India (Indo-Sri Lanka Free Trade Agreement - ISFTA) Pakistan (Pakistan-Sri Lanka Free Trade Agreement - PSFTA) and Singapore (Singapore – Sri Lanka Free Trade Agreement (SSLFTA). Sri Lanka and India is in discussion to elevate the ISFTA to an Economic and Technological Cooperation Agreement (ETCA) in the foreseeable future.
Sri Lanka is continuing negotiations on FTAs with China. In addition, Sri Lanka enjoys Tariff Concessions under the EU-GSP Plus Scheme and other GSP Schemes such as USA, CIS, Japan and Canada.
Sri Lanka has expressed interest in discussion on an FTA with the Republic of Korea. In addition, given the potential for the expansion of trade and investment, a Joint Commission on Economic Cooperation (JC) between the two countries has been established in 2018 and the first meeting of the JC was held in Colombo in June 2018.
Sri Lanka’s Total Trade
Sri Lanka’s Exports, Imports, Total Trade & Balance of Trade with South Korea
Values in US $ Mn.
| Year | Exports | Imports | Total Trade Turnover | Trade Balance | Import Coverage (%) | |||
| Value | Growth % | Value | Growth % | Value | Growth % | |||
| 2018 | 64.13 | - | 310.63 | - | 374.76 | - | (246.49) | 20.65 |
| 2019 | 74.35 | 15.93 | 253.39 | (18.43) | 327.74 | (12.55) | (179.03) | 29.34 |
| 2020 | 71.04 | (4.46) | 194.08 | (23.40) | 265.12 | (19.11) | (123.05) | 36.60 |
| 2021 | 79.56 | 12.00 | 301.33 | 55.26 | 380.89 | 43.67 | (221.77) | 26.40 |
| 2022 | 81.93 | 2.97 | 225.94 | (25.02) | 307.87 | (19.17) | (144.01) | 36.26 |
| 2023 | 74.54 | (9.01) | 208.35 | (7.79) | 282.89 | (8.11) | (133.80) | 35.78 |
| 2024 | 77.12 | 3.45 | 200.44 | (3.79) | 277.56 | (1.88) | (123.33) | 38.47 |
Source: Sri Lanka Customs
Sri Lanka’s Trade with the Republic of Korea
ROK is the 30th export destination for Sri Lanka. The total bilateral trade between Sri Lanka and the Republic of Korea reached USD 302.29 million in 2025, comprising USD 74.30 million in exports and USD 227.99 million in imports.
Sri Lanka’s main exports
Key exports include women's outerwear, coco peat, fiber pith & moulded products, animal feed,textile articles,electrical and electronic products and geo textiles . Key imports include petroleum oil, products of base metal, woven fabrics, synthetic rubber, knitted fabrics, yarn and organic chemicals