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Sri Lanka is a developing country and the major occupation of the people is agriculture. In 1977, Colombo abandoned statist economic policies and its import substitution trade policy for market-oriented policies and export-oriented trade.

Textiles is the biggest export of Sri Lanka. Sri Lankan tea is very famous and is exported all over the world. Sri Lanka is a major centre of gems. The town of Ratnapura is the major gem-trading centre. Sri Lanka is a beautiful island and attracts tourists in heavy numbers. Tourism is a big revenue earner for Srilanka. Other major items of export are rubber, coconut and high-grade graphite. Continuous civil war has taken a heavy toll on Sri Lankan economy.