Sri Lanka: Cork Article Market 2024

Cork Article Market Size in Sri Lanka

The Sri Lankan cork article market surged to $X in 2021, rising by 51% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Cork Article Exports

Exports from Sri Lanka

In 2021, exports of cork articles from Sri Lanka dropped dramatically to X kg, which is down by -71.8% against 2020. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 743% against the previous year. The exports peaked at X kg in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, cork article exports contracted markedly to $X in 2021. Overall, exports saw a deep reduction. The growth pace was the most rapid in 2017 when exports increased by 523%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X kg) was the main destination for cork article exports from Sri Lanka, with a 42% share of total exports. Moreover, cork article exports to Canada exceeded the volume sent to the second major destination, Poland (X kg), threefold. Maldives (X kg) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Canada amounted to -6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (-72.9% per year) and Maldives (-3.9% per year).

In value terms, Canada ($X), Maldives ($X) and Poland ($X) constituted the largest markets for cork article exported from Sri Lanka worldwide, with a combined 69% share of total exports. Slovakia, the Czech Republic, Serbia, Indonesia and Moldova lagged somewhat behind, together accounting for a further 24%.

In terms of the main countries of destination, the Czech Republic, with a CAGR of +53.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average cork article export price amounted to $X per ton, falling by -9.9% against the previous year. Overall, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cork article export price increased by +56.2% against 2018 indices. The pace of growth appeared the most rapid in 2013 an increase of 75%. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Moldova ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+68.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cork Article Imports

Imports into Sri Lanka

Cork article imports into Sri Lanka surged to X tons in 2021, jumping by 54% against the year before. Over the period under review, imports enjoyed a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, cork article imports skyrocketed to $X in 2021. Overall, imports recorded a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

India (X tons), Portugal (X tons) and China (X tons) were the main suppliers of cork article imports to Sri Lanka, with a combined 66% share of total imports. These countries were followed by South Korea, Hong Kong SAR and the United Arab Emirates, which together accounted for a further 11%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +54.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Portugal ($X), India ($X) and China ($X) were the largest cork article suppliers to Sri Lanka, together comprising 64% of total imports. These countries were followed by South Korea, Hong Kong SAR and the United Arab Emirates, which together accounted for a further 7.2%.

South Korea, with a CAGR of +48.4%, recorded the highest rates of growth with regard to the value of imports, among 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 cork article import price stood at $X per ton in 2021, falling by -5.4% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 50%. The import price peaked at $X per ton in 2020, and then reduced in the following year.

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 Portugal ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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