ශ්රී ලංකා ප්රජාතාන්ත්රික සමාජවාදී ජනරජයේ තානාපති කාර්යාලය - බ්රසීලියාව, බ්රසීලය
இலங்கை ஜனநாயக சோஷலிசக் குடியரசின் தூதரகம் - பிரசீலியா, பிரேசில்
Embassy of the Democratic Socialist Republic of Sri Lanka - Brasilia, Brazil
Argentina: Economic & Trade
Economic and Social Indicators - Argentine Republic and Sri Lanka
| Argentina | Sri Lanka | |
|---|---|---|
| Official Name | Argentine Republic | Democratic Socialist Republic of Sri Lanka |
| Area | 2,780,400 Sq. Km | 65,610 Sq. Km |
| Capital | Buenos Aires | Sri Jayewardenepura Kotte |
| Population | 46,994,384 (2024 est.) | 21,982,608 (2024 est.) |
| Life expectancy | 78.8 years (2024 est.) | 76.8 years (2024 est.) |
| Literacy | 99% | 93% (2023 est.) |
| Ethnic Groups | European (mostly Spanish and Italian descent) and Mestizo (mixed European and Indigenous ancestry) 97.2%, Indigenous 2.4%, African descent 0.4% (2010 est.) | Sinhalese 74.9%, Sri Lankan Tamil 11.2%, Sri Lankan Moors 9.2%, Indian Tamil 4.2%, other 0.5% (2012 est.) |
| Religions | Roman Catholic 62.9%, Evangelical 15.3% (Pentecostal 13%, other Evangelical 2.3%), Jehovah's Witness and Church of Jesus Christ 1.4%, other 1.2% (includes Muslim, Jewish), none 18.9% (includes agnostic and atheist), unspecified 0.3% (2019 est.) | Buddhist (official) 70.2%, Hindu 12.6%, Muslim 9.7%, Roman Catholic 6.1%, other Christian 1.3%, other 0.05% (2012 est.) |
| GDP | US$ 633.27billion ( Source World Bank 2024 ) | US$ 98.96billion (Source World Bank 2024) |
| GDP - rate | -1.7% (2024 est.) | 5.1% (source: World bank 2024) |
| GDP - per capita | US$ 13,969.8 (source: World bank 2024) | US$ 4,515.6 (source: World bank 2024) |
| GDP composition by sector | Agriculture: 6%; Industry: 24%; Services: 53.4% (2024est.) | Agriculture: 8.3%; Industry: 25.6%; Services: 59.9% (2023 est.) |
| Labor force | 22.286 million (2024 est.) | 8.593 million (2024 est.) |
| Unemployment rate | 7.9% (2024 est.) | 5% (2024 est.) |
| Inflation rate | 73.1% (2022 est.) | -0.4% (2024 est.) |
| Agriculture Products | Maize, Soybeans, Sugarcane, Wheat, Milk, Sunflower seeds, Barley, Beef, Potatoes, Chicken (2023) | Rice, Coconuts, Tea, Sugarcane, Plantains, Milk, Fiber crops, Cassava, Chicken, Pumpkins/Squash (2023) |
| Industries | Food Processing, Motor vehicles, Consumer durables, Textiles, Chemicals and petrochemicals, Printing, Metallurgy, Steel | Processing of rubber, Tea, Coconuts, Tobacco and other agricultural Commodities; Tourism; Clothing and textiles; Mining |
| Export - Merchandise | US$ 79.72 billion (source: World bank 2024) | US$ 12.77billion (source: World bank 2024) |
| Export – Merchandise & Services | US$ 97.11 billion (source: World bank 2024) | US$ 19.68billion (source: World bank 2024) |
| Export commodities | Soybean meal, Corn, Trucks, Soybean oil, Crude petroleum (2023) | Garments, Tea, Precious stones, Used rubber tires, Rubber products (2023) |
| Export Partners | Brazil 18%, USA 9%, Chile 8%, China 8%, India 4% (2023) | USA 22%, India 7%, Germany 7%, UK 7%, Italy 5% (2023) |
| Imports | US$79.999 billion (2024 est.) | US$18.823 billion (2023 est.) |
| Import commodities | Soybeans, Vehicle parts/Accessories, Refined petroleum, Natural gas, Cars (2023) | Refined petroleum, Fabric, Crude petroleum, Packaged medicine, Cotton fabric (2023) |
| Import partners | Brazil 23%, China 20%, USA 12%, Paraguay 5%, Germany 4% (2023) | India 21%, China 19%, UAE 10%, Singapore 5%, Malaysia 4% (2023) |
Source: The World Fact book / World Bank/Sri Lanka Customs
Sri Lanka’s Exports, Imports, Total Trade & Balance of Trade with Argentina
As shown in Table 1 below, the total trade turnover between Sri Lanka and Argentina has fluctuated over the past five years.
Table 1: Trade with Argentina
Values in US$ Mn.
| Year | Exports - Value | Exports - Growth(%) | Imports - Value | Imports - Growth(%) | Total Trade Turnover - Value | Total Trade Turnover - Growth(%) | Trade Balance | Import Coverage (%) |
|---|---|---|---|---|---|---|---|---|
| 2020 | 8.44 | - | 6.85 | - | 15.29 | - | 1.59 | 123.14 |
| 2021 | 12.48 | 47.91 | 5.69 | (16.89) | 18.17 | 18.87 | 6.78 | 219.15 |
| 2022 | 8.05 | (35.46) | 6.93 | 21.75 | 14.99 | (17.53) | 1.12 | 116.18 |
| 2023 | 8.74 | 8.46 | 5.53 | (20.26) | 14.26 | (4.83) | 3.21 | 158.01 |
| 2024 | 9.29 | 6.35 | 6.42 | 16.10 | 15.71 | 10.13 | 2.87 | 144.74 |
| 2024 (Jan-Nov) | 8.31 | - | 5.61 | - | 13.92 | - | 2.70 | 148.05 |
| 2025 (Jan-Nov) | 8.26 | (0.53) | 5.16 | (8.13) | 13.42 | (3.60) | 3.11 | 160.29 |
Source: Sri Lanka Customs
The value of exports from Sri Lanka to Argentina increased by 6.35% in 2024 compared to 2023. The trade balance between the two countries over the past five years has been in favor of Sri Lanka. The value of imports from Argentina also increased by 16.10% in 2024 compared to 2023.
Sri Lanka’s Exports to Argentina
- In 2024, Argentina was the 74th export destination for Sri Lanka, accounting for 0.08% of the country´s total exports. In 1977, Argentine was Sri Lanka’s 56th export market, with the same share of 0.08%.
- As Table 2 illustrates, Tea has been the dominant export item, accounting for 19.90% of the value of Sri Lanka’s exports to Argentina in 2024.
Table 2: Sri Lanka’s Major Export Items to Argentina (2020-2024)
Values in US$ Mn.
| HS code | Product description | 2020 | 2021 | 2022 | 2023 | 2024 | Share in 2024(%) | Change in 2024 over 2023 (%) |
|---|---|---|---|---|---|---|---|---|
| 0902 | Tea | 0.11 | 0.35 | 1.35 | 1.25 | 1.85 | 19.90 | 48.24 |
| 61 & 62 | Apparel | 1.32 | 2.26 | 1.68 | 2.04 | 1.51 | 16.25 | (26.15) |
| 401290 | Retreaded or used pneumatic tyres of rubber; solid or cushion tyres, inter-changeable tyre treads | 0.85 | 2.08 | 0.88 | 0.49 | 1.50 | 16.11 | 202.53 |
| 4011 | New pneumatic tyres, of rubber. | 1.51 | 2.49 | 1.08 | 1.86 | 1.03 | 11.06 | (44.71) |
| 4819 | Cartons, boxes, cases bags and other packing containers of paper paperboard cellulose wadding | 0.29 | 0.44 | 0.60 | 0.48 | 0.81 | 8.71 | 67.89 |
| 3802 | Activated carbon; activated natural mineral products; animal black, including spent animal black. | 0.70 | 0.52 | 0.36 | 0.48 | 0.80 | 8.61 | 67.75 |
| 1513 | Coconut (copra), palm kernel or babassu oil and fractions thereof, whether or not refined, but not chemically modified. | 0.27 | 0.44 | 0.06 | 0.29 | 0.34 | 3.65 | 17.43 |
| 0906 | Cinnamon and cinnamon-tree flowers | 0.93 | 0.92 | 0.40 | 0.68 | 0.27 | 2.93 | (59.82) |
| 70 | Glass and glassware. | 0.07 | 0.18 | 0.49 | 0.45 | 0.25 | 2.65 | (44.81) |
| 69 | Ceramic products | 0.00 | 0.12 | 0.23 | 2.45 | 86.31 | ||
| Other Exports | 2.38 | 2.78 | 1.15 | 0.60 | 0.71 | 7.68 | 19.16 | |
| Total Exports | 8.44 | 12.48 | 8.05 | 8.74 | 9.29 | 100 | 6.35 |
Source: Sri Lanka Customs
Sri Lanka’s Imports from Argentina
- In 2024, Argentina was the 64th supplier to Sri Lanka, accounting for nearly 0.03% of the country´s total imports.
- The major import item from Argentina in 2024 was Pharmaceutical products, which contributed 61.69% of the total imports from Argentina.
Table 3: Sri Lanka’s Major Imports from Argentina (2020-2024)
Values in US$ Mn/
| HS code | Product Description | 2020 | 2021 | 2022 | 2023 | 2024 | Share in 2024 (%) | Change in 2024 over 2023 (%) |
|---|---|---|---|---|---|---|---|---|
| 30 | Pharmaceutical products | 2.71 | 2.53 | 3.03 | 3.09 | 3.96 | 61.69 | 28.19 |
| 0909 | Seeds of anise, badian, fennel, coriander, cumin or caraway; juniper berries. | 0.73 | 2.03 | 3.03 | 1.71 | 1.49 | 23.14 | (13.24) |
| 0713 | Dried leguminous vegetables, shelled, whether or not skinned or split. | 2.14 | 0.08 | 0.37 | 5.76 | - | ||
| 02 | Meat and edible meat | 0.03 | 0.04 | 0.04 | 0.14 | 2.15 | 275.64 | |
| 32 | Tanning or dying extracts; tannins and their derivatives; dyes, pigments and other coloring matter; | 0.08 | 0.05 | 0.08 | 0.03 | 0.09 | 1.43 | 237.56 |
| 34 | Soap, organic-active agents, washing preparations, lubricating preparations, artificial waxes | 0.10 | 0.10 | 0.11 | 0.11 | 0.09 | 1.39 | (16.10) |
| 22 | Beverages, spirits and vinegar (Except Hs 220290) | 0.20 | 0.09 | 0.07 | 0.19 | 0.07 | 1.09 | (63.44) |
| 90 | Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments | 0.07 | 0.18 | 0.03 | 0.13 | 0.06 | 0.88 | (56.45) |
| 8422 | Dish washing machines; machinery for cleaning or drying bottles or other containers; machinery for.. | 0.31 | 0.24 | 0.03 | 0.05 | 0.84 | 58.95 | |
| 48 | Paper and paperboard; articles of paper pulp, of paper or of paperboard | 0.02 | 0.00 | 0.00 | 0.04 | 0.68 | 280,660.85 | |
| Other Imports | 0.44 | 0.35 | 0.59 | 0.20 | 0.04 | 0.64 | (79.47) | |
| Total Imports | 6.85 | 5.69 | 6.93 | 5.53 | 6.42 | 100 | 16.10 |
Source: Sri Lanka Customs
2. Scope for further expansion of Sri Lanka’s Exports to Argentina
The following items have been identified as potential products that can be further promoted in Argentina;
- Solid/cushion tyres, interchangeable tyre treads & tyre flaps
- Gloves, of vulcanized rubber
- Desiccated coconuts
- Gloves with plastics/rubber, knit/crochet
- Black tea
- Activated carbon
- Apparel
- Vulcanized rubber, articles
- Preparations used in animal feeding
- Coconut oil (excl crude) & fractions
- Food preparations
Additional Bilateral Trade Statistics –Argentina
| Year | Rank | Value US$. Mn. | % of total export to the world | Growth (Multiples) |
|---|---|---|---|---|
| 1977 | 56 | 0.52 | 0.08 | |
| 2024 | 74 | 9.29 | 0.08 | 17.86 |
Source: Sri Lanka Customs
Note: Sri Lanka’s total exports to the world which stood at US$ 743 Mn in 1977 has reached US$ 12,017.03 Mn in 2024, registering a 16 fold growth.
Additional Bilateral Trade Statistics
Value in US$ Mn.
| Year | Export | Share of total export to the world (%) | Import | Total Trade | Balance of Trade |
|---|---|---|---|---|---|
| 1995 | 4.14 | 0.11 | 8.67 | 12.81 | -4.53 |
| 2000 | 4.83 | 0.09 | 5.54 | 10.37 | -0.71 |
| 2001 | 3.18 | 0.07 | 0.38 | 3.56 | 2.80 |
| 2002 | 1.79 | 0.04 | 11.19 | 12.98 | -9.40 |
| 2003 | 3.05 | 0.06 | 1.03 | 4.08 | 2.02 |
| 2004 | 4.76 | 0.09 | 54.26 | 59.02 | -49.50 |
| 2005 | 5.08 | 0.08 | 59.62 | 64.70 | -54.54 |
| 2006 | 6.24 | 0.09 | 3.03 | 9.27 | 3.21 |
| 2007 | 4.74 | 0.06 | 3.44 | 8.18 | 1.30 |
| 2008 | 7.35 | 0.09 | 12.77 | 20.12 | -5.42 |
| 2009 | 5.31 | 0.07 | 1.02 | 6.33 | 4.29 |
| 2010 | 7.62 | 0.09 | 1.57 | 9.19 | 6.05 |
| 2011 | 9.48 | 0.09 | 4.22 | 13.70 | 5.26 |
| 2012 | 5.50 | 0.06 | 3.08 | 8.58 | 2.42 |
| 2013 | 5.39 | 0.05 | 3.26 | 8.65 | 2.13 |
| 2014 | 6.45 | 0.06 | 3.41 | 9.86 | 3.04 |
| 2015 | 5.97 | 0.06 | 4.23 | 10.20 | 1.74 |
| 2016 | 9.52 | 0.09 | 5.92 | 15.44 | 3.60 |
| 2017 | 10.09 | 0.09 | 8.69 | 18.78 | 1.40 |
| 2018 | 14.72 | 0.13 | 8.02 | 22.74 | 6.70 |
| 2019 | 8.09 | 0.07 | 8.85 | 16.94 | -0.76 |
| 2020 | 8.44 | 0.09 | 6.85 | 15.29 | 1.59 |
| 2021 | 12.48 | 0.10 | 5.69 | 18.17 | 6.79 |
| 2022 | 8.05 | 0.06 | 5.42 | 13.78 | 2.94 |
| 2023 | 8.74 | 0.07 | 5.53 | 14.26 | 3.21 |
| 2024 | 9.29 | 0.08 | 6.42 | 15.71 | 2.87 |
Source: Sri Lanka Customs / Trade Map
Argentina: Investment in Sri Lanka
There has been no record of significant FDI from Argentina to Sri Lanka from 2005 to 2023.
Tourism
- In 2024, Argentina ranked as 79th source of tourist arrivals to Sri Lanka.
- Since 2012, there has been a considerable increase in tourist arrivals from Argentina to Sri Lanka, peaking in 2018 before declining in 2019.
- In 2020, tourist arrivals from Argentina decreased by 70.35 % compared to 2019 due to the adverse effects of Covid-19 and the related measures implemented to control the pandemic.
- In 2024, tourist arrivals from Argentina to Sri Lanka increased by 35.52% compared to 2023.
Tourists arrivals from Argentina to Sri Lanka
| Year | Tourists Arrivals | Change (%) |
|---|---|---|
| 2012 | 387 | - |
| 2013 | 400 | 3.36 |
| 2014 | 509 | 27.25 |
| 2015 | 550 | 8.06 |
| 2016 | 771 | 40.18 |
| 2017 | 921 | 19.46 |
| 2018 | 1809 | 96.42 |
| 2019 | 1403 | -22.44 |
| 2020 | 416 | -70.35 |
| 2021 | 50 | -87.98 |
| 2022 | 268 | 436 |
| 2023 | 687 | 156.34 |
| 2024 | 931 | 35.52 |
Source: Sri Lanka Tourism Development Authority