Sri Lanka: Brakes And Servo-Brakes Market 2024

Brakes And Servo-Brakes Market Size in Sri Lanka

The Sri Lankan brakes and servo-brakes market contracted significantly to $X in 2022, waning by -45.6% 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). Over the period under review, consumption continues to indicate a slight slump. Brakes and servo-brakes consumption peaked at $X in 2021, and then shrank notably in the following year.

Brakes And Servo-Brakes Exports

Exports from Sri Lanka

In 2022, the amount of brakes and servo-brakes exported from Sri Lanka surged to X kg, with an increase of 26% on 2021 figures. Over the period under review, exports, however, showed a deep reduction. The growth pace was the most rapid in 2020 with an increase of 266%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, brakes and servo-brakes exports rose sharply to $X in 2022. Overall, exports, however, showed a abrupt descent. The growth pace was the most rapid in 2020 when exports increased by 229%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X kg), Maldives (X kg) and Seychelles (X kg) were the main destinations of brakes and servo-brakes exports from Sri Lanka, together comprising 82% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saudi Arabia (with a CAGR of +784.8%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) emerged as the key foreign market for brakes and servo-brakes exports from Sri Lanka, comprising 55% of total exports. The second position in the ranking was taken by Maldives ($X), with an 18% share of total exports. It was followed by Seychelles, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia amounted to +626.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+7.1% per year) and Seychelles (+28.1% per year).

Export Prices by Country

The average brakes and servo-brakes export price stood at $X per ton in 2022, waning by -15.8% against the previous year. Overall, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, brakes and servo-brakes export price increased by +90.1% against 2018 indices. The pace of growth appeared the most rapid in 2019 an increase of 67%. The export price peaked at $X per ton in 2021, and then dropped markedly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Maldives ($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 Oman (+216.0%), while the prices for the other major destinations experienced more modest paces of growth.

Brakes And Servo-Brakes Imports

Imports into Sri Lanka

After three years of growth, supplies from abroad of brakes and servo-brakes decreased by -33.9% to X tons in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 36%. Over the period under review, imports reached the maximum at X tons in 2021, and then reduced remarkably in the following year.

In value terms, brakes and servo-brakes imports declined markedly to $X in 2022. In general, imports recorded a noticeable decline. The most prominent rate of growth was recorded in 2014 when imports increased by 46%. Imports peaked at $X in 2021, and then declined remarkably in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest brakes and servo-brakes supplier to Sri Lanka, accounting for a 48% share of total imports. Moreover, brakes and servo-brakes imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Japan (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from India totaled +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.4% per year) and Japan (-2.8% per year).

In value terms, the largest brakes and servo-brakes suppliers to Sri Lanka were India ($X), Japan ($X) and China ($X), with a combined 75% share of total imports.

Among the main suppliers, China, with a CAGR of +2.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average brakes and servo-brakes import price stood at $X per ton in 2022, shrinking by -25.2% against the previous year. In general, the import price showed a perceptible descent. The pace of growth was the most pronounced in 2021 an increase of 20%. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 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 Taiwan (Chinese) ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :