Sri Lanka: Travelling Wool Rug Market 2024

Travelling Wool Rug Market Size in Sri Lanka

The Sri Lankan travelling wool rug market shrank slightly to $X in 2022, which is down by -4.1% against the previous year. In general, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +4.3% against 2020 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Travelling Wool Rug Production in Sri Lanka

In value terms, travelling wool rug production shrank to $X in 2022 estimated in export price. Over the period under review, the total production indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.7% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 45% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Travelling Wool Rug Exports

Exports from Sri Lanka

In 2022, travelling wool rug exports from Sri Lanka shrank notably to X units, which is down by -40.9% compared with the previous year's figure. Over the period under review, exports, however, showed a tangible expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 437%. As a result, the exports attained the peak of X units, and then contracted significantly in the following year.

In value terms, travelling wool rug exports reduced rapidly to $X in 2022. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 665%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X units) was the main destination for travelling wool rug exports from Sri Lanka, accounting for a 46% share of total exports. Moreover, travelling wool rug exports to the Netherlands exceeded the volume sent to the second major destination, Iceland (X units), tenfold.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands stood at +948.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (+100.9% per year) and Switzerland (+101.2% per year).

In value terms, the Netherlands ($X) emerged as the key foreign market for blankets and travelling rugs of wool exports from Sri Lanka, comprising 46% of total exports. The second position in the ranking was held by Iceland ($X), with a 3.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Netherlands amounted to +323.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iceland (+51.5% per year) and Switzerland (+12.1% per year).

Export Prices by Country

In 2022, the average travelling wool rug export price amounted to $X per unit, increasing by 9.2% against the previous year. Overall, the export price, however, continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2018 when the average export price increased by 88%. As a result, the export price reached 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Iceland ($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 the United States (-14.0%), while the prices for the other major destinations experienced a decline.

Travelling Wool Rug Imports

Imports into Sri Lanka

In 2022, approx. X units of blankets and travelling rugs of wool were imported into Sri Lanka; falling by -79.8% compared with 2021 figures. Over the period under review, imports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2021 when imports increased by 2,344% against the previous year. Over the period under review, imports attained the peak figure at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, travelling wool rug imports surged to $X in 2022. Overall, imports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2021 with an increase of 1,384% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) constituted the largest travelling wool rug supplier to Sri Lanka, accounting for a 87% share of total imports. Moreover, travelling wool rug imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X units), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (0.0% per year) and China (-28.4% per year).

In value terms, the United States ($X) constituted the largest supplier of blankets and travelling rugs of wool to Sri Lanka, comprising 94% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 5.6% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+8.5% per year) and China (-24.7% per year).

Import Prices by Country

In 2022, the average travelling wool rug import price amounted to $X per unit, picking up by 608% against the previous year. In general, the import price posted significant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for the United Arab Emirates ($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 (+11.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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