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
Bolivia: Economic & Trade
Economic and social Indicators - Bolivia and Sri Lanka
| Bolivia | Sri Lanka | |
|---|---|---|
| Official Name | Plurinational State of Bolivia | Democratic Socialist Republic of Sri Lanka |
| Area | 1,098,581 sq km | 65,610 Sq. Km |
| Capital | La Paz | Sri Jayewardenepura Kotte |
| Population | 12,311,974 (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 | Mestizo (mixed White and Indigenous ancestry) 68%, Indigenous 20%, White 5%, Cholo/Chola 2%, African descent 1%, other 1%, unspecified 3%; 44% other Indigenous group, predominantly Quechua or Aymara (2009 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 65%, Protestant 19.6% (Evangelical (non-specific) 11.9%, Evangelical Baptist 2.1%, Evangelical Pentecostal 1.8%, Evangelical Methodist 0.7%, Adventist 2.8%, Protestant (non-specific) 0.3%), Believer (not belonging to the church) 0.9%, other 4.8%, atheist 1.7%, agnostic 0.6%, none 6.1%, unspecified 1.3% (2023 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$ 49.67billion (Source: World bank 2024) | US$ 98.96billion (Source World Bank 2024) |
| GDP - rate | 3.08% (2023 est.) | 5.1% (source: World bank 2024) |
| GDP - per capita | US$ 4,001.2(source: World bank 2024) | US$ 4,515.6 (source: World bank 2024) |
| GDP composition by sector | Agriculture: 13.5%; Industry: 24.2%; Services: 51.1% (2023 est.) | Agriculture: 8.3%; Industry: 25.6%; Services: 59.9% (2023 est.) |
| Labor force | 6.859 million (2024 est.) | 8.593 million (2024 est.) |
| Unemployment rate | 3.1% (2024 est.) | 5% (2024 est.) |
| Inflation rate | 5.1% (2024 est.) | -0.4% (2024 est.) |
| Agriculture Products | Sugarcane, Soybeans, Maize, Potatoes, Sorghum, Rice, Milk, Chicken, Plantains, Beef (2023) | Rice, Coconuts, Tea, Sugarcane, Plantains, Milk, Fiber crops, Cassava, Chicken, Pumpkins/Squash (2023) |
| Industries | Mining, Smelting, Electricity, Petroleum, Food and beverages, Handicrafts, Clothing, Jewelry | Processing of rubber, Tea, Coconuts, Tobacco and other agricultural Commodities; Tourism; Clothing and textiles; Mining |
| Export - Merchandise | US$ 9.38 billion (source: World bank 2024) | US$ 12.77billion (source: World bank 2024) |
| Export – Merchandise & Services | US$ 11.52 billion (source: World bank 2023) | US$ 19.68billion (source: World bank 2024) |
| Export commodities | Gold, Natural gas, Precious metal ore, Zinc ore, Soybean meal (2023) | Garments, Tea, Precious stones, Used rubber tires, Rubber products (2023) |
| Export Partners | Brazil 15%, India 13%, China 11%, Argentina 11%, UAE 8% (2023) | USA 22%, India 7%, Germany 7%, UK 7%, Italy 5% (2023) |
| Imports | US$12.988 billion (2023 est.) | US$18.823 billion (2023 est.) |
| Import commodities | Refined petroleum, Cars, Pesticides, Trucks, Plastics (2023) | Refined petroleum, Fabric, Crude petroleum, Packaged medicine, Cotton fabric (2023) |
| Import partners | China 22%, Brazil 18%, Chile 13%, USA 7%, Peru 5% (2023) | India 21%, China 19%, UAE 10%, Singapore 5%, Malaysia 4% (2023) |
Source: The World Fact book/World Bank
1. Sri Lanka’s Exports, Imports, Total Trade & Balance of Trade with Bolivia
The total trade turnover between Sri Lanka and Bolivia, as shown in Table 1 below, has been rather erratic over the past five years.
Table 1: Trade with Bolivia (2020-2024)
Values in US$ Mn.
| Year | Exports - Value | Exports - Growth(%) | Imports - Value | Imports - Growth(%) | Total Trade Turnover - Value | Total Trade Turnover - Growth(%) | Trade Balance | Import Coverage (%) |
|---|---|---|---|---|---|---|---|---|
| 2020 | 6.80 | - | 0.000 | - | 6.80 | - | 6.80 | 6,251,957.33 |
| 2021 | 8.78 | 29.00 | 0.004 | 3,517.63 | 8.78 | 29.06 | 8.77 | 222,936.60 |
| 2022 | 6.63 | (24.39) | 0.000 | (91.97) | 6.64 | (24.42) | 6.63 | 2,100,039.44 |
| 2023 | 6.05 | (8.84) | 0.001 | 313.51 | 6.05 | (8.82) | 6.05 | 462,985.43 |
| 2024 | 5.25 | (13.13) | 0.001 | (39.42) | 5.26 | (13.13) | 5.25 | 663,965.29 |
| 2024 (Jan-Nov) | 4.87 | - | 0.00 | - | 4.87 | - | 4.87 | 614,743.41 |
| 2025 (Jan-Nov) | 5.71 | 17.23 | 0.01 | 1,521.99 | 5.73 | 17.47 | 5.70 | 44,430.74 |
Source: Sri Lanka Customs
The highest level of exports to Bolivia was recorded in 2021, with a value of US$ 8.78 million. Exports from Sri Lanka to Bolivia decreased by 13.13% in 2024 compared to 2023. Imports from Bolivia over past four years were negligible. The Balance of Trade has remained in favor of Sri Lanka during the period under consideration.
Sri Lanka’s Exports to Bolivia
- In 2024, Bolivia ranked as the 88th export market for Sri Lanka, accounting for a 0.04% share of total exports. In 1977, Bolivia was the 69th export market, with a share of 0.03%.
- As shown in Table 2 below, cinnamon has become the dominant export item, accounting for 91.26% of the value of Sri Lanka‘s exports to Bolivia in 2024.
Table 2: Sri Lanka’s Major Export Items to Bolivia (2020-2024)
Values in US$ Mn.
| HS Code | Product Description | 2020 | 2021 | 2022 | 2023 | 2024 | % share in 2024 | % growth in 2024 over 2023 |
|---|---|---|---|---|---|---|---|---|
| 0906 | Cinnamon and cinnamon-tree flowers | 6.12 | 8.10 | 5.55 | 5.38 | 4.80 | 91.26 | (10.93) |
| 8422 | Dish washing machines; machinery for cleaning or drying bottles or other containers; | - | - | - | 0.03 | 0.24 | 4.60 | 827.98 |
| 0902 | Tea | 0.23 | 0.16 | 0.14 | 0.08 | 0.07 | 1.41 | (4.82) |
| 1513 | Coconut (copra), palm kernel or babassu oil and fractions thereof, whether or not refined, but not chemically modified | 0.04 | 0.04 | 0.02 | 0.08 | 0.05 | 0.88 | (41.51) |
| 61 & 62 | Apparel | 0.03 | 0.05 | 0.07 | 0.06 | 0.04 | 0.81 | (32.57) |
| Other Exports | 0.38 | 0.43 | 0.86 | 0.42 | 0.05 | 1.03 | (87.07) | |
| Total Exports | 6.80 | 8.78 | 6.63 | 6.05 | 5.25 | 100 | (13.13) |
Source: Sri Lanka Customs
Sri Lanka’s Imports from Bolivia
The imports from Bolivia over past six years have been at a very negligible level.
Preferential Trade
The Global System of Trade Preferences (GSTP) was initiated by the UNCTAD to develop trading opportunities among the developing countries. Through the framework of the GSTP, its Participants aim to promote economic growth and development by capitalizing on South-South trade.
Sri Lanka’s exports to Bolivia under GSTP scheme over past five years are shown below. No imports from Bolivia under GSTP were recorded by Sri Lanka during this period.
Table 4: Exports to Bolivia under GSTP
Value in US $ Mn.
| 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| 4.98 | 6.28 | 4.50 | 4.99 | 3.71 |
Source: Sri Lanka of Customs
2. Scope for further expansion of Sri Lanka’s Exports to Bolivia
Considering the growing demand in Bolivia and the sustainable supply capacities of Sri Lanka, the following products have potential for further expansion in the Bolivian market.
- Cinnamon (incl flowers), not crushed, not ground
- New pneumatic tyres, of rubber
- Solid/cushion tyres, interchangeable tyre treads & tyre flaps
- Brassieres
- Gloves, of vulcanised rubber
- Desiccated coconuts
- Food preparations
- Tea or mate extracts & preparations
- Black tea, packings <=3kg
- T-shirts & vests, knit/crochet
- Gloves with plastics/rubber, knit/crochet
- Women's briefs & panties of man-made fibres, knit/crochet
- Black tea, packings >3kg Preparations used in animal feeding
Additional Bilateral Trade Statistics - Bolivia
| Year | Rank | Value US. Mn. | % of total export to the world | growth (Multiples) |
|---|---|---|---|---|
| 1977 | 69 | 0.22 | 0.03 | - |
| 2024 | 88 | 5.25 | 0.04 | 23.86 |
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 | 0.61 | 0.02 | 0.000 | 0.61 | 0.61 |
| 2000 | 0.58 | 0.01 | 0.000 | 0.58 | 0.58 |
| 2001 | 1.10 | 0.02 | 0.000 | 1.10 | 1.10 |
| 2002 | 0.71 | 0.01 | 0.000 | 0.71 | 0.71 |
| 2003 | 1.31 | 0.03 | 0.033 | 1.35 | 1.28 |
| 2004 | 1.43 | 0.03 | 0.124 | 1.55 | 1.31 |
| 2005 | 1.51 | 0.02 | 0.011 | 1.52 | 1.50 |
| 2006 | 1.65 | 0.02 | 0.006 | 1.66 | 1.65 |
| 2007 | 1.62 | 0.02 | 0.000 | 1.62 | 1.62 |
| 2008 | 2.33 | 0.03 | 0.096 | 2.43 | 2.24 |
| 2009 | 1.29 | 0.02 | 1.041 | 2.33 | 0.25 |
| 2010 | 2.35 | 0.03 | 0.000 | 2.35 | 2.35 |
| 2011 | 2.26 | 0.02 | 0.000 | 2.26 | 2.26 |
| 2012 | 3.87 | 0.04 | 0.000 | 3.87 | 3.87 |
| 2013 | 4.23 | 0.04 | 0.000 | 4.23 | 4.23 |
| 2014 | 2.45 | 0.02 | 0.081 | 2.53 | 2.37 |
| 2015 | 3.40 | 0.02 | 0.120 | 3.52 | 3.28 |
| 2016 | 6.57 | 0.00 | 0.270 | 6.84 | 6.30 |
| 2017 | 7.63 | 0.00 | 0.000 | 7.63 | 7.63 |
| 2018 | 5.76 | 0.00 | 0.020 | 5.78 | 5.74 |
| 2019 | 8.76 | 0.00 | 0.000 | 8.76 | 8.76 |
| 2020 | 6.80 | 0.07 | 0.000 | 6.80 | 6.80 |
| 2021 | 8.78 | 0.07 | 0.000 | 8.78 | 8.78 |
| 2022 | 6.63 | 0.05 | 0.000 | 6.63 | 6.63 |
| 2023 | 6.05 | 0.05 | 0.001 | 6.05 | 6.05 |
| 2024 | 5.25 | 0.04 | 0.001 | 5.26 | 5.25 |
Source: Sri Lanka Customs / Trade Map
Bolivia: Investment in Sri Lanka
There have been no significant Foreign Direct Investments in Sri Lanka from Bolivia during the period 2005 to 2024.
Tourism
In 2024, Bolivia ranked as the 128th source of tourist arrivals to Sri Lanka, with 55 visitors.
Tourists arrivals from Bolivia to Sri Lanka
| Year | No. Arrivals | Change (%) |
|---|---|---|
| 2018 | 81 | - |
| 2019 | 30 | -62.96 |
| 2020 | 18 | -40.0 |
| 2021 | 18 | 0 |
| 2022 | 37 | 105 |
| 2023 | 34 | -8.11 |
| 2024 | 55 | 61.76 |
Source: Sri Lanka Tourism Development Authority