Sri Lanka: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Sri Lanka

For the fourth year in a row, the Sri Lankan market for tyres for agriculture, forestry, construction, industry and other off the road vehicles recorded decline in sales value, which decreased by -9.7% to $X in 2022. Over the period under review, consumption saw a noticeable slump. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Sri Lanka

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles contracted modestly to $X in 2022 estimated in export price. Overall, production saw a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 10%. Production of peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Sri Lanka

In 2022, the amount of tyres for agriculture, forestry, construction, industry and other off the road vehicles exported from Sri Lanka dropped rapidly to X units, shrinking by -25.4% against 2021 figures. Over the period under review, exports showed a noticeable decline. The growth pace was the most rapid in 2021 when exports increased by 50% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles declined dramatically to $X in 2022. Overall, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2021 with an increase of 68% against the previous year. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Sri Lanka, with a 27% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to the United States exceeded the volume sent to the second major destination, Belgium (X units), twofold. Latvia (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (-3.1% per year) and Latvia (-2.9% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Sri Lanka, comprising 34% of total exports. The second position in the ranking was taken by Germany ($X), with a 6.8% share of total exports. It was followed by France, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at -11.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-8.5% per year) and France (+5.0% per year).

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, dropping by -13.3% against the previous year. In general, the export price continues to indicate a pronounced decline. The pace of growth appeared the most rapid in 2018 an increase of 69% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Belgium ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Latvia (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Sri Lanka

In 2022, approx. X units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were imported into Sri Lanka; shrinking by -54.4% against 2021. In general, imports recorded a abrupt contraction. The pace of growth appeared the most rapid in 2019 with an increase of 84% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak figure at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped notably to $X in 2022. Over the period under review, imports, however, saw mild growth. The growth pace was the most rapid in 2013 when imports increased by 48%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), India (X units) and Thailand (X units) were the main suppliers of imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Sri Lanka, with a combined 96% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +34.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Sri Lanka, comprising 56% of total imports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total imports. It was followed by India, with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+52.2% per year) and India (-4.6% per year).

Import Prices by Country

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, surging by 17% against the previous year. Overall, the import price recorded a prominent expansion. The pace of growth appeared the most rapid in 2018 when the average import price increased by 168%. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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