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Sri Lanka shares a longstanding relationship with India thanks to its close proximity and cultural ties. The two nations share a robust economic partnership, reinforced by the establishment of the Indo-Sri Lanka Free Trade Agreement (ISFTA) in 2000, designed to promote and foster trade by eliminating tariffs on a wide range of goods.
As Sri Lanka’s third-largest export destination, with US$91.2 million worth of exports in 2022, according to TrendEconomy, India is an important market for Sri Lankan businesses looking to expand their reach. Popular main export items from Sri Lanka to India include textiles and clothing, rubber products, precious stones, and a range of agricultural goods such as tea and spices are also commonly exported.
Understanding the nuances of the export process is crucial for local enterprises looking to tap into the vast Indian market. This guide will walk Sri Lankan businesses through the essentials of shipping items and products from Sri Lanka to India.
Expanding into the Indian market offers Sri Lankan businesses access to one of the largest consumer bases in the world with reduced tariffs under the ISFTA. This Free Trade Agreement (FTA) allows Sri Lankan businesses to transact goods and services across the border without tariffs or trade barriers, significantly increasing potential sales and revenue opportunities. The close proximity between Sri Lanka and India not only facilitates competitive shipping fees but also shorter delivery times. Finally, the cultural ties between the two countries create a favourable environment for Sri Lankan products, often leading to higher demand and easier market entry.
Trade between Sri Lanka and India is a bustling conduit of diverse commodities, reflecting a mutually beneficial exchange of goods. As Sri Lanka's export to India strengthens, there's a clear indication of the Indian market's appetite for specific Sri Lankan products. Recognising and capitalising on these export opportunities can pave the way for significant economic gains for Sri Lankan businesses.
This list contains the top five main export products from Sri Lanka to India, as per trade figures from Trading Economics:
Ensuring that all required documentation is accurate and complete is paramount when exporting products from Sri Lanka to India. Meticulous attention to paperwork is vital to clearing customs efficiently and adhering to trade regulations.
Every exporter from Sri Lanka needs to secure these necessary documentation for legal and smooth export of goods to India:
Sri Lankan businesses shipping to India need to be aware of several key regulations to ensure smooth customs clearance. While the specific regulations can vary depending on the product being exported, there are general guidelines and requirements that must be followed:
Selecting the most cost-efficient shipping options from Sri Lanka to India is crucial for businesses aiming to expand their market reach while keeping overheads manageable. Shipping time from Sri Lanka to India can vary depending on the mode of transport. Air freight is typically faster but comes with higher costs, making it suitable for urgent or high-priority shipments. On the other hand, sea freight presents a more economical option, ideal for larger, less time-sensitive consignments, albeit with longer shipping times.
When it comes to exporting, DHL Express offers rate quotes and transit time, so businesses will never be surprised by unexpected fees.