Sri Lanka: Metal Furniture Lock Market 2024

Metal Furniture Lock Market Size in Sri Lanka

The Sri Lankan metal furniture lock market dropped notably to $X in 2022, reducing by X% 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). Overall, consumption recorded a noticeable slump. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Metal Furniture Lock Exports

Exports from Sri Lanka

In 2022, overseas shipments of base metal furniture locks were finally on the rise to reach X kg after two years of decline. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, metal furniture lock exports skyrocketed to $X in 2022. Overall, exports posted significant growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X kg) was the main destination for metal furniture lock exports from Sri Lanka, accounting for a X% share of total exports. Moreover, metal furniture lock exports to the United States exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Maldives (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for base metal furniture locks exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by Maldives ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (X% per year) and the United Arab Emirates (X% per year).

Export Prices by Country

The average metal furniture lock export price stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the export price showed a abrupt decrease. The pace of growth appeared the most rapid in 2018 an increase of X%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (X%).

Metal Furniture Lock Imports

Imports into Sri Lanka

After two years of growth, supplies from abroad of base metal furniture locks decreased by X% to X tons in 2022. Over the period under review, imports saw a deep reduction. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, metal furniture lock imports contracted rapidly to $X in 2022. Overall, imports recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Thailand (X tons), China (X tons) and India (X tons) were the main suppliers of metal furniture lock imports to Sri Lanka, together accounting for X% of total imports. Malaysia and the UK lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of X%), while imports for the other leaders experienced a decline.

In value terms, the largest metal furniture lock suppliers to Sri Lanka were China ($X), India ($X) and Thailand ($X), together accounting for X% of total imports. The UK and Malaysia lagged somewhat behind, together accounting for a further X%.

The UK, with a CAGR of X%, saw 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 mixed trend patterns.

Import Prices by Country

In 2022, the average metal furniture lock import price amounted to $X per ton, surging by X% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal furniture lock import price increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :