Sri Lanka has shown a significant improvement in trade logistics according to the recently released World Bank's Logistics Performance Index (LPI).
Sri Lanka has come forward 56 places from the position in 2010 to rank at the 81st place among the 155 countries surveyed in 2012 mainly due to the improvements in infrastructure and quality of logistics services.
The LPI is the weighted average of scores assigned on six key dimensions - efficiency of customs clearance process, quality of trade and transport related infrastructure, ease of arranging competitively priced shipments, competence and quality of logistics services, ability to track and trace consignments and Timeliness of shipments.
The LPI data were compiled from the feedback received from a worldwide survey of global freight forwarders and express carriers on the logistics "friendliness" of the countries in which they operate and those with which they trade.
A score from 1 to 5 has been assigned for each measure, 1 being the worst and 5 being the best.
Sri Lanka received a LPI score of 2.75 this year as opposed to the 2.29 it received in 2010.
Sri Lanka, which aims to become the transport hub of Asia, has shown notable improvements in all areas except on timeliness.
Singapore ranked number one at 4.13 in the index with Hong Kong and China following with an LPI of 4.12. Burundi ranked the lowest at 1.61.