Economy

Major Blow: US imposes 44% Tax on Sri Lankan Goods

Published

1 year ago

April 3, 2025

US President Donald Trump has issued an executive order imposing a 44 percent tariff on Sri Lankan goods, citing it as a reciprocal measure to what he described as the 88 percent in taxes and trade barriers imposed by Sri Lanka on the United States.

The United States remained Sri Lanka’s largest export destination, accounting for 23% of total merchandise exports.

U.S. total goods trade with Sri Lanka were an estimated $3.4 billion in 2024. U.S. goods exports to Sri Lanka in 2024 were $368.2 million, up 4.9 percent ($17.1 million) from 2023. U.S. goods imports from Sri Lanka totaled $3.0 billion in 2024, up 6.1 percent ($173.5 million) from 2023. The U.S. goods trade deficit with Sri Lanka was $2.6 billion in 2024, a 6.3 percent increase ($156.4 million) over 2023.

Sri Lanka’s main export products to United States in 2023 were Men’s and Women’s Under Garments, Women’s Outerwear, Men’s Outerwear, Pneumatic & Retreated Rubber Tyres & Tubes, T-shirts, Gloves, Mitts & Mittens of Textile, Warm Cloths (Jerseys, Pullovers etc), Motor Vehicles & Parts, Active wear/Sportswear, and Babies’ Garments.

Economy

Sri Lanka’s tourist arrivals exceed 840,000 so far this year

Published

16 hours ago

April 27, 2026

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The Sri Lanka Tourism Development Authority (SLTDA) stated that the number of tourist arrivals in Sri Lanka so far has crossed the 840,000 mark.

Accordingly, a total of 840,411 tourists have visited the country between January 1 and April 22, 2026.

The highest number of arrivals has been recorded from India, with 176,465 tourists, the SLTDA noted.

A significant number of visitors have also arrived from countries including the United Kingdom, Russia, Germany, and China.

Meanwhile, the SLTDA stated that a total of 99,777 tourists arrived in the country between April 1 and April 22, 2026.

However, the data indicate that daily tourist arrivals in April have declined significantly compared to previous months.

Economy

Haputale restaurant fined Rs. 1 million forover pricing bottled water

Published

1 day ago

April 27, 2026

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A restaurant in Haputale has been fined Rs. 1 million for selling a bottle of drinking water above the maximum retail price.

The fine was imposed by the Bandarawela Magistrate’s Court on April 24 following a raid conducted by the Consumer Affairs Authority Badulla District Office.

The raid targeted a restaurant owned by a private company on Welimada Road in Haputale. Authorities found that the establishment had sold bottled water at a price exceeding the approved limit.

The court subsequently imposed a fine of Rs. 1,000,000 on the hotel.

Economy

Sri Lanka to Launch First Digital Motor Insurance Card from May 1

Published

3 days ago

April 25, 2026

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Sri Lanka’s Ministry of Finance, Planning, and Economic Development has announced that the country’s first digital motor insurance card will be introduced from May 1.

The Ministry stated that this initiative represents a significant step toward advancing national digitalization while also enhancing public safety.

By replacing physical plastic cards, the move is also expected to contribute to environmental sustainability across the country.

The Ministry added that the digital motor insurance card will be officially launched in collaboration with the Insurance Regulatory Commission of Sri Lanka, the Insurance Association of Sri Lanka, and the Sri Lanka Police.