Situated in the Indian Ocean, close to the southeast coast of India, lies the island nation of Sri Lanka, formally known as the Democratic Socialist Republic of Sri Lanka. As per Sri Lanka trade data, the nation with a GDP of USD 99 billion, which has Colombo as its principal port, capital, and economic center, is well-known around the world for its thriving textile sector, rubber goods, precious stones, and Ceylon tea. Sri Lanka's overall merchandise exports in 2024 were estimated to be worth USD 12.11 billion, according to export data. This indicates the country's sustained status as a significant provider of textiles, agricultural products, and specialty industrial items to important markets in North America, Europe, and Asia.