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Sri Lanka's No. 1 export to the US faces a potential 20% hit under tariffs
On 2 April, US President Donald Trump imposed a 44 percent tariff on Sri Lankan exports to the United States. With apparel comprising 64 percent of these exports—valued at nearly USD 1.8 billion in 2023—Sri Lanka’s apparel industry is likely to suffer the greatest impact. The reciprocal tariffs imposed across all exporters to the US could potentially reduce overall US demand for apparel. Consequently, this analysis conducted using World Bank's SMART partial equilibrium model, reveals that Sri Lanka's apparel exports to the US may decline by approximately 20 percent (over USD 300 million). The model simulated the impact on US demand of an increase in the weighted average tariff for US apparel to 36 percent.
Featured Insight
Sri Lanka's No. 1 export to the US faces a potential 20% hit under tariffs
On 2 April, US President Donald Trump imposed a 44 percent tariff on Sri Lankan exports to the United States. With apparel comprising 64 percent of these exports—valued at nearly USD 1.8 billion in 2023—Sri Lanka’s apparel industry is likely to suffer the greatest impact. The reciprocal tariffs imposed across all exporters to the US could potentially reduce overall US demand for apparel. Consequently, this analysis conducted using World Bank's SMART partial equilibrium model, reveals that Sri Lanka's apparel exports to the US may decline by approximately 20 percent (over USD 300 million). The model simulated the impact on US demand of an increase in the weighted average tariff for US apparel to 36 percent.
Featured Insight
Sri Lanka's No. 1 export to the US faces a potential 20% hit under tariffs
On 2 April, US President Donald Trump imposed a 44 percent tariff on Sri Lankan exports to the United States. With apparel comprising 64 percent of these exports—valued at nearly USD 1.8 billion in 2023—Sri Lanka’s apparel industry is likely to suffer the greatest impact. The reciprocal tariffs imposed across all exporters to the US could potentially reduce overall US demand for apparel. Consequently, this analysis conducted using World Bank's SMART partial equilibrium model, reveals that Sri Lanka's apparel exports to the US may decline by approximately 20 percent (over USD 300 million). The model simulated the impact on US demand of an increase in the weighted average tariff for US apparel to 36 percent.
Featured Insight
Sri Lanka's No. 1 export to the US faces a potential 20% hit under tariffs
On 2 April, US President Donald Trump imposed a 44 percent tariff on Sri Lankan exports to the United States. With apparel comprising 64 percent of these exports—valued at nearly USD 1.8 billion in 2023—Sri Lanka’s apparel industry is likely to suffer the greatest impact. The reciprocal tariffs imposed across all exporters to the US could potentially reduce overall US demand for apparel. Consequently, this analysis conducted using World Bank's SMART partial equilibrium model, reveals that Sri Lanka's apparel exports to the US may decline by approximately 20 percent (over USD 300 million). The model simulated the impact on US demand of an increase in the weighted average tariff for US apparel to 36 percent.
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Key Expenditure Components 2025
This document provides government expenditure estimates for 2025 in terms of expenditure components under each ministry.
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Assessment of Sri Lanka Government's Commitment to Crisis Response Policies 2022
How well did the government implement the proposed Crisis Response Policies? Sri Lanka’s prolonged economic crisis and socio-political turmoil have had severe repercussions for its citizens. Three defining characteristics of the crisis have been: acute shortages in essential medicine & drugs, surging food inflation, and fuel shortages that rendered citizens immobile for months. In this context, Verité Research set out to assess how well the government implemented policies it proposed to overcome these three problems during the first half of 2022. The objectives were to (1) improve visibility on government decision-making and its subsequent follow-through and (2) hold the government and its vast network of bureaucracy accountable.
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Assessment of Sri Lanka Government's Commitment to Crisis Response Policies 2022
How well did the government implement the proposed Crisis Response Policies? Sri Lanka’s prolonged economic crisis and socio-political turmoil have had severe repercussions for its citizens. Three defining characteristics of the crisis have been: acute shortages in essential medicine & drugs, surging food inflation, and fuel shortages that rendered citizens immobile for months. In this context, Verité Research set out to assess how well the government implemented policies it proposed to overcome these three problems during the first half of 2022. The objectives were to (1) improve visibility on government decision-making and its subsequent follow-through and (2) hold the government and its vast network of bureaucracy accountable.
View Report