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
Chile: Economic & Trade
Economic and Social Indicators – Chile and Sri Lanka
| Chile | Sri Lanka | |
|---|---|---|
| Official Name | Republic of Chile | Democratic Socialist Republic of Sri Lanka |
| Area | 756,102 sq. km | 65,610 Sq. Km |
| Capital | Santiago | Sri Jayewardenepura Kotte |
| Population | 18,664,652 (2024 est.) | 21,982,608 (2024 est.) |
| Life Expectancy | 80.3 years (2024 est.) | 76.8 years (2024 est.) |
| Literacy | 96% (2017 est.) | 93% (2023 est.) |
| Ethnic Groups | White and non-Indigenous 88.9%, Mapuche 9.1%, Aymara 0.7%, other Indigenous groups 1% (includes Rapa Nui, Likan Antai, Quechua, Colla, Diaguita, Kawesqar, Yagan or Yamana), unspecified 0.3% (2012 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 42%, Evangelical 14%, other 6%, none 37% (2021 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$330.27billion (Source: world Bank 2024) | US$ 98.96billion (Source World Bank 2024) |
| GDP - Rate | 0.22% (2023 est.) | 5.1% (source: World bank 2024) |
| GDP - Per Capita | US$ 16,709.9 (Source: world Bank 2024) | US$ 4,515.6 (source: World bank 2024) |
| GDP Composition by Sector | Agriculture: 3.5%; Industry: 29.7%; Services: 56.9% (2023 est.) | Agriculture: 8.3%; Industry: 25.6%; Services: 59.9% (2023 est.) |
| Labor Force | 10.088 million (2024 est.) | 8.593 million (2024 est.) |
| Unemployment Rate | 9.1% (2024 est.) | 5% (2024 est.) |
| Inflation Rate | 4.3% (2024 est.) | -0.4% (2024 est.) |
| Agriculture Products | Grapes, Milk, Apples, Wheat, Tomatoes, Potatoes, Chicken, Maize, Sugar beets, Pork (2023) | Rice, Coconuts, Tea, Sugarcane, Plantains, Milk, Fiber Crops, Cassava, Chicken, Pumpkins/Squash (2023) |
| Industries | Copper, Lithium, Other minerals, Foodstuffs, Fish processing, Iron and Steel, Wood and Wood products, Transport equipment, Cement, Textiles | Processing of rubber, Tea, Coconuts, Tobacco and other agricultural Commodities; Tourism; Clothing and textiles; Mining |
| Export - Merchandise | US$ 100.16 billion (source: World bank 2024) | US$ 12.77 billion (source: World bank 2024) |
| Export – Merchandise & Services | US$ 111.38 billion (source: World bank 2024) | US$ 19.68 billion (source: World bank 2024) |
| Exports Commodities | Copper ore, Refined copper, Fish, Carbonates, Pitted fruits (2023) | Garments, Tea, Precious stones, Used rubber tires, Rubber products (2023) |
| Exports Partners | China 39%, USA 16%, Japan 7%, S. Korea 6%, Brazil 4% (2023) | USA 22%, India 7%, Germany 7%, UK 7%, Italy 5% (2023) |
| Imports | US$ 99.808 billion (2023 est.) | US$ 18.823 billion (2023 est.) |
| Imports Commodities | Refined petroleum, Crude petroleum, Cars, Garments, Trucks (2023) | Refined petroleum, Fabric, Crude petroleum, Packaged medicine, Cotton fabric (2023) |
| Import Partners | China 23%, USA 20%, Brazil 10%, Argentina 7%, Germany 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 Chile
The total trade turnover between Sri Lanka and Chile, as shown in Table 1 below, has shown fluctuations over the past five years.
Table 1: Trade with Chile
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 | 54.59 | - | 14.77 | - | 69.37 | - | 39.82 | 369.49 |
| 2021 | 56.18 | 2.92 | 10.86 | (26.48) | 67.05 | (3.35) | 45.32 | 517.23 |
| 2022 | 46.34 | (17.52) | 5.97 | (45.00) | 52.31 | (21.97) | 40.37 | 775.61 |
| 2023 | 47.09 | 1.62 | 7.04 | 17.75 | 54.13 | 3.46 | 40.06 | 669.35 |
| 2024 | 56.80 | 20.61 | 4.01 | (43.00) | 60.81 | 12.34 | 52.79 | 1,416.24 |
| 2024 (Jan-Nov) | 51.76 | - | 3.51 | - | 55.27 | - | 48.25 | 1,473.68 |
| 2025 (Jan-Nov) | 69.57 | 34.42 | 9.11 | 159.27 | 78.68 | 42.35 | 60.47 | 764.00 |
Source: Sri Lanka
Customs
The value of exports from Sri Lanka to Chile increased by 20.61% in 2024 compared to 2023. Over the last five years, the trade balance between the two countries has in favor of Sri Lanka. Meanwhile, the value of imports from Chile decreased by 43% in 2024 compared to 2023.
Sri Lanka’s Exports to Chile
- In 2024, Chile was the 36th export market for Sri Lanka, accounting for 0.47 % of the country´s total exports. In 1977, Chile ranked 38th, with a share of 0.36%.
- As shown in Table 02 below, tea has become the dominant export item, representing 66.83% of Sri Lanka‘s exports to Chile in 2024.
Table 2: Sri Lanka’s Major Export Items to Chile (2020-2024)
Values in US$ Mn.
| HS | Description | 2020 | 2021 | 2022 | 2023 | 2024 | Share in 2024(%) | Change in 2024 over 2023(%) |
|---|---|---|---|---|---|---|---|---|
| 0902 | Tea | 36.24 | 35.94 | 27.98 | 31.86 | 37.96 | 66.83 | 19.13 |
| 0906 | Cinnamon and cinnamon-tree flowers | 5.15 | 4.92 | 4.59 | 4.67 | 7.11 | 12.52 | 52.23 |
| 61 & 62 | Apparel | 4.24 | 4.98 | 7.13 | 5.29 | 5.20 | 9.16 | (1.62) |
| 4015 | Articles of apparel and clothing accessories (including gloves), for all purposes, of vulcanized rubber | 1.67 | 2.94 | 1.06 | 1.32 | 1.20 | 2.11 | (9.10) |
| 80111 | Desiccated Coconut | 1.01 | 1.71 | 0.42 | 0.54 | 1.07 | 1.88 | 96.17 |
| 530500 | Other vegetable textile fibers; paper yarn and woven fabrics of paper yarn | 0.60 | 1.18 | 0.68 | 0.32 | 1.00 | 1.76 | 210.64 |
| 401290 | Retreaded or used pneumatic tyres of rubber; solid or cushion tyres, inter-changeable tyre treads | 0.80 | 0.99 | 0.94 | 0.77 | 0.74 | 1.29 | (4.08) |
| 1513 | Coconut (copra), palm kernel or babassu oil and fractions thereof, whether or not refined, but not chemically modified | 0.33 | 0.49 | 0.16 | 0.42 | 0.57 | 1.01 | 37.55 |
| 21 | Miscellaneous edible Preparations (Except Hs 2101) | 0.36 | 0.50 | 0.80 | 0.29 | 0.50 | 0.87 | 69.35 |
| 63 | Other made up textile articles; sets; worn clothing and worn textile articles; rags | 0.09 | 0.25 | 0.23 | 0.30 | 0.28 | 0.50 | (6.17) |
| Other | 4.11 | 2.28 | 2.36 | 1.31 | 1.18 | 2.08 | (10.06) | |
| Total | 54.59 | 56.18 | 46.34 | 47.09 | 56.80 | 100 | 20.61 |
Source: Sri Lanka Customs
Sri Lanka’s Imports from Chile
- In 2024, Chile was the 70th largest import partner of Sri Lanka, accounting for 0.02 % of Sri Lanka´s total imports.
- As shown in Table 03 below, the major import item from Chile in 2024 was Paper and paperboard, which accounted for 42.06% of the total imports from Chile.
Table 3: Sri Lanka’s Major Import Items from Chile (2020-2024)
Values in US$ Mn.
| HS | Description | 2020 | 2021 | 2022 | 2023 | 2024 | Share in 2024(%) | Change in 2024 over 2023 (%) |
|---|---|---|---|---|---|---|---|---|
| 48 | Paper and paperboard; articles of paper pulp, of paper or of paperboard | 0.17 | 0.41 | 0.22 | 0.14 | 1.69 | 42.06 | 1,102.88 |
| 22 | Beverages, spirits and vinegar (Except Hs 220290) | 0.84 | 0.71 | 1.21 | 1.71 | 1.19 | 29.64 | (30.55) |
| 72 & 73 | Iron and Steel; Articles of iron and steel | 0.31 | 0.44 | 0.50 | 0.00 | 0.21 | 5.29 | 16,280.75 |
| 38 | Miscellaneous chemical products | 0.10 | 0.10 | 0.11 | 0.13 | 0.11 | 2.71 | (13.55) |
| 0303 | Fish, frozen, excluding fish fillets and other fish meat of heading no.03.0 | 0.49 | 0.28 | 0.26 | 0.11 | 2.66 | - | |
| 13 | Lac gums, resins & other vegetable saps & extracts | 0.01 | 0.01 | 0.01 | 0.03 | 0.09 | 2.31 | 253.29 |
| 1209 | Seeds, fruit and sopores, of a kind used for sowing. | 0.00 | 0.00 | 0.04 | 1.08 | 1,409.32 | ||
| 83 | Miscellaneous articles of base metal | 0.00 | 0.01 | 0.27 | - | |||
| 0307 | Molluscs, whether in shell or not, live, fresh, chilled, frozen, dried, salted | 0.01 | 0.01 | 0.00 | 0.06 | (65.26) | ||
| 0302 | Fish, fresh or chilled, excluding fish fillets and other fish meat | 0.00 | 0.05 | - | ||||
| Other | 12.85 | 8.92 | 3.66 | 5.02 | 0.56 | 13.86 | (88.93) | |
| Total | 14.77 | 10.86 | 5.97 | 7.04 | 4.01 | 100 | (43.00) |
Source: Sri Lanka Customs
Preferential Trade
The Agreement on the Global System of Trade Preferences among Developing Countries (GSTP) was established in 1988 as a framework for the exchange of trade preferences among developing countries, with the aim of promoting intra-developing-country trade. Both Sri Lanka and Chile are members of the GSTP.
Trade between the two countries under the GSTP over the last five years is shown below (Table 4).
Table 4: Sri Lanka’s Trade with Chile under GSTP
Value in USD Mn.
| 2020 - Export | 2020 - Import | 2021 - Export | 2021 - Import | 2022 - Export | 2022 - Import | 2023 - Export | 2023 - Import | 2024 - Export | 2024 - Import |
|---|---|---|---|---|---|---|---|---|---|
| 2.47 | 0.13 | 3.47 | - | 2.54 | - | 2.49 | - | 3.00 | - |
Source: Sri Lanka Customs
2. Scope for further expansion of Sri Lanka’s Exports to Chile
Considering the growing demand in Chile and considering the sustainable supply capacities of Sri Lanka, the following products have potential for further expansion in the Chilean market.
- Black tea
- Apparel (Brassieres ,T-shirts & vests, Men's trousers & shorts of cotton ,Women's briefs & panties of cotton, knit/crochet ,Babies' garments & accessories of cotton, knit/crochet , knit/crochet ,Women's trousers & shorts of cotton )
- Gloves with plastics/rubber, Gloves of vulcanized rubber
- Coconut value added products
- Artificial flowers, foliage and fruit and parts
- Rubber and rubber value added products
- Tableware, kitchenware, other household articles
Additional Bilateral Trade Statistics - Chile
| Year | Rank | Value US $ Mn. | % of total export to the world | Growth (Multiples) |
|---|---|---|---|---|
| 1977 | 38 | 2.48 | 0.36 | - |
| 2024 | 36 | 56.80 | 0.47 | 22.90 |
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 | 10.33 | 0.27 | 20.43 | 30.76 | -10.10 |
| 2000 | 14.13 | 0.27 | 16.52 | 30.65 | -2.39 |
| 2001 | 11.17 | 0.24 | 15.04 | 26.21 | -3.87 |
| 2002 | 11.11 | 0.24 | 17.14 | 28.25 | -6.02 |
| 2003 | 9.48 | 0.19 | 15.74 | 25.22 | -6.26 |
| 2004 | 11.68 | 0.21 | 16.28 | 27.97 | -4.60 |
| 2005 | 15.63 | 0.25 | 20.63 | 36.27 | -5.00 |
| 2006 | 17.77 | 0.26 | 22.76 | 40.53 | -4.99 |
| 2007 | 20.65 | 0.27 | 28.71 | 49.36 | -8.06 |
| 2008 | 26.55 | 0.32 | 23.19 | 49.74 | 3.36 |
| 2009 | 22.65 | 0.32 | 22.42 | 45.07 | 0.24 |
| 2010 | 26.60 | 0.32 | 15.48 | 42.08 | 11.12 |
| 2011 | 32.45 | 0.32 | 7.21 | 39.66 | 25.23 |
| 2012 | 30.58 | 0.33 | 4.43 | 35.01 | 26.15 |
| 2013 | 35.27 | 0.35 | 6.73 | 42.00 | 28.55 |
| 2014 | 43.91 | 0.39 | 8.36 | 52.27 | 35.55 |
| 2015 | 38.43 | 0.38 | 8.32 | 46.75 | 30.11 |
| 2016 | 39.25 | 0.38 | 15.49 | 54.74 | 23.76 |
| 2017 | 49.55 | 0.43 | 6.53 | 56.08 | 43.02 |
| 2018 | 48.81 | 0.42 | 14.52 | 63.33 | 34.29 |
| 2019 | 40.02 | 0.34 | 12.63 | 52.65 | 27.39 |
| 2020 | 54.59 | 0.55 | 14.77 | 69.36 | 39.82 |
| 2021 | 56.18 | 0.46 | 10.86 | 67.04 | 45.32 |
| 2022 | 46.34 | 0.36 | 5.97 | 52.31 | 40.37 |
| 2023 | 47.09 | 0.40 | 7.04 | 54.13 | 40.06 |
| 2024 | 56.80 | 0.47 | 4.01 | 60.81 | 52.79 |
Source: Sri Lanka Customs / Trade Map
Chile: Investment in Sri Lanka
There were no significant investments from Chile to Sri Lanka during the period 2005 -2024.
Tourism
- As shown in the Table below, tourist arrivals from Chile increased significantly during 2012-2018, but recorded a decline starting in 2019.
- In 2024, Chile was the 88th source market for tourist arrivals to Sri Lanka.
- In 2020 and 2021, tourist arrivals from Chile decreased considerably compared to previous years due to measures implemented in response to COVID-19. With the positive signs of the pandemic subsiding globally, tourist arrivals from Chile rebounded, showing growth of 691.30% in 2022 and 116.48% in 2023 compared to the previous year.
Tourist arrivals from Chile to Sri Lanka
| Year | Tourists Arrivals | Change (%) |
|---|---|---|
| 2012 | - | - |
| 2013 | 255 | - |
| 2014 | 366 | 43.53 |
| 2015 | 433 | 18.31 |
| 2016 | 524 | 21.02 |
| 2017 | 631 | 20.42 |
| 2018 | 1,002 | 58.80 |
| 2019 | 938 | -6.39 |
| 2020 | 271 | -71.12 |
| 2021 | 23 | -91.51 |
| 2022 | 182 | 691.30 |
| 2023 | 394 | 116.48 |
| 2024 | 552 | 40.10 |
Source: Sri Lanka Tourism Development Authority