Open AccessComposition and Trends in the Foreign Trade of Sri Lanka with India- An Analysis
Author(s) -
Barenya Nayak
Publication year - 2017
Publication title -
journal of business management and information systems
Language(s) - English
Resource type - Journals
ISSN - 2394-3130
DOI - 10.48001/jbmis.2017.0401001
Subject(s) - sri lanka , economics , incentive , yield (engineering) , international trade , international economics , south asia , census , agricultural economics , development economics , business , socioeconomics , population , history , ethnology , materials science , demography , sociology , metallurgy , tanzania , microeconomics
Prudent foreign trade can foster higher growth rates in an economy, especially in the case ofdeveloping countries. The higher GDP growth rates of South Asian nations, post the liberalizationreforms of India, is an example closer to home. India and her neenormity of potential gains that foreign trade could yield and this is reflected in the exponential rise of theabsolute volume of total exports receipts and imports payments of these countries.been the engine of growth for India who now is the largest as well as fastest growing economy in thesouth Asian sub-continent. The incentive to achieve equally impressive growth has encouragedneighboring states to accelerate their economic integration wdecade. Data from the trade publications of the Department of census and Statistics, Sri Lanka, reflectthat the trade with India has shown growth in terms of total volume of exports to and imports from thecountry as well as reflect a higher incidence of dependence on India for imports, over exports. SriLanka’s composition of imports and exports to India is fairly