Sri Lanka: Accordion Market 2024

Accordion Market Size in Sri Lanka

In 2021, the Sri Lankan accordion market decreased by -7.9% to $X, falling for the fourth year in a row after two years of growth. Overall, consumption continues to indicate a deep reduction. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Accordion Exports

Exports from Sri Lanka

In 2021, after two years of decline, there was significant growth in overseas shipments of accordions and mouth organs, when their volume increased by 227% to X units. Over the period under review, exports recorded buoyant growth. The growth pace was the most rapid in 2018 when exports increased by 445%. As a result, the exports reached the peak of X units. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, accordion exports soared to $X in 2021. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 451%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X units), South Korea (X units) and Australia (X units) were the main destinations of accordion exports from Sri Lanka, together accounting for 63% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +37.0%), while the other leaders experienced more modest paces of growth.

In value terms, Serbia ($X) emerged as the key foreign market for accordions and mouth organs exports from Sri Lanka, comprising 60% of total exports. The second position in the ranking was held by the UK ($X), with a 12% share of total exports. It was followed by Australia, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value to Serbia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+55.1% per year) and Australia (+4.0% per year).

Export Prices by Country

The average accordion export price stood at $X per unit in 2021, growing by 6.3% against the previous year. Over the period under review, the export price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by 548%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Serbia ($X per unit), while the average price for exports to South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+17.5%), while the prices for the other major destinations experienced more modest paces of growth.

Accordion Imports

Imports into Sri Lanka

For the fourth year in a row, Sri Lanka recorded decline in supplies from abroad of accordions and mouth organs, which decreased by -9.2% to X units in 2021. In general, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 46%. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, accordion imports reduced to $X in 2021. Over the period under review, imports showed a abrupt descent. The growth pace was the most rapid in 2017 when imports increased by 46% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X units) constituted the largest supplier of accordion to Sri Lanka, accounting for a 44% share of total imports. Moreover, accordion imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by India (X units), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea stood at +46.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-27.9% per year) and India (+1.7% per year).

In value terms, the largest accordion suppliers to Sri Lanka were China ($X), India ($X) and Indonesia ($X), with a combined 73% share of total imports. These countries were followed by France, the UK, South Korea, the United Arab Emirates and Thailand, which together accounted for a further 11%.

The United Arab Emirates, with a CAGR of +26.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average accordion import price stood at $X per unit in 2021, growing by 3.2% against the previous year. Over the period under review, import price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +8.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, accordion import price increased by +84.7% against 2015 indices. The growth pace was the most rapid in 2014 an increase of 40% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+27.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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