Sri Lanka: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Sri Lanka

For the sixth consecutive year, the Sri Lankan market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver recorded growth in sales value, which increased by 6.8% to $X in 2022. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Sri Lanka

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from Sri Lanka

In 2022, shipments abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver increased by 182% to X kg, rising for the second year in a row after three years of decline. Over the period under review, exports saw a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. In general, exports posted a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates (X kg) was the main destination for exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Sri Lanka, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates amounted to +41.0%.

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver exports from Sri Lanka.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates totaled +65.0%.

Export Prices by Country

In 2022, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, picking up by 1,578% against the previous year. Over the period under review, the export price posted significant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to +17.1% per year.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into Sri Lanka

In 2022, purchases abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver decreased by 0% to X kg, falling for the third year in a row after two years of growth. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 29% against the previous year. As a result, imports attained the peak of X kg. From 2020 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver soared to $X in 2022. In general, imports enjoyed a strong expansion. The pace of growth was the most pronounced in 2019 when imports increased by 651%. Over the period under review, imports of hit record highs in 2022 and are likely to see steady growth in the near future.

Imports by Country

The UK (X kg) and Switzerland (X kg) were the main suppliers of imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Sri Lanka.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +14.9%).

In value terms, the UK ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Sri Lanka, comprising 85% of total imports. The second position in the ranking was taken by Switzerland ($X), with a 15% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK stood at +52.1%.

Import Prices by Country

In 2022, the average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, growing by 221% against the previous year. In general, the import price enjoyed resilient growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by 507% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per kg), while the price for Switzerland stood at $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+68.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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