Sri Lanka–Australia Relations: Strengthening Bilateral Ties 📈

• Overall Trade: Total bilateral trade reached US$ 442 Mn in 2024, up from US$ 350.8 Mn in 2018. Sri Lanka maintained a positive trade balance of US$ 53.7 Mn last year. • Export Highlights: Sri Lanka’s exports to Australia rose to US$ 247 Mn in 2024. Key contributors include apparel, tea, rubber products (tyres/gloves), and coconut products. • Import Profile: Imports from Australia totaled US$ 194 Mn, dominated by lentils, cereals, and paper products. • Tourism: Australia remains a top 10 source market, contributing 4.36% of total arrivals. In 2024, arrivals reached 89,573, nearly recovering to pre-pandemic levels (92,674 in 2019). Notably, 19% of these arrivals are driven by the Visiting Friends and Relatives (VFR) segment. • Remittances & Migration: Remittance inflows from the diaspora in Australia grew by 33.3% YoY, rising from US$ 108.6 Mn in 2023 to US$ 144.8 Mn in 2024. • Investment: The total stock of Australian Foreign Direct Investment (FDI) in Sri Lanka reached US$ 231 Mn by end-2024. Emerging opportunities are identified in renewable energy, agribusiness, and infrastructure. • Development: Australia continues to support Sri Lanka through humanitarian aid, including recent relief efforts following Cyclone Ditwah and the 2022 economic crisis.