Sri Lanka: Carbonate Market 2024

Carbonate Market Size in Sri Lanka

In 2021, the Sri Lankan carbonate market increased by 4.7% to $X, rising for the fourth year in a row after two years of decline. In general, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +55.2% against 2017 indices. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the near future.

Carbonate Exports

Exports from Sri Lanka

In 2021, shipments abroad of carbonates and peroxocarbonates decreased by -2.1% to X tons, falling for the fourth consecutive year after three years of growth. Overall, exports recorded a abrupt contraction. The pace of growth appeared the most rapid in 2015 when exports increased by 159%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, carbonate exports dropped dramatically to $X in 2021. In general, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2015 when exports increased by 141% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Seychelles (X tons) was the main destination for carbonate exports from Sri Lanka, accounting for a 81% share of total exports. Moreover, carbonate exports to Seychelles exceeded the volume sent to the second major destination, Australia (X tons), eightfold.

From 2012 to 2021, the average annual growth rate of volume to Seychelles totaled +94.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+52.8% per year) and India (-66.1% per year).

In value terms, Seychelles ($X) remains the key foreign market for carbonates and peroxocarbonates exports from Sri Lanka, comprising 57% of total exports. The second position in the ranking was taken by Australia ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Seychelles amounted to +83.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+76.3% per year) and India (-66.4% per year).

Export Prices by Country

The average carbonate export price stood at $X per ton in 2021, declining by -30.6% against the previous year. Overall, the export price recorded a deep setback. The growth pace was the most rapid in 2018 when the average export price increased by 6.4% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Seychelles ($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 Australia (+15.4%), while the prices for the other major destinations experienced mixed trend patterns.

Carbonate Imports

Imports into Sri Lanka

In 2021, purchases abroad of carbonates and peroxocarbonates decreased by -1.5% to X tons for the first time since 2017, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 27% against the previous year. Imports peaked at X tons in 2020, and then fell modestly in the following year.

In value terms, carbonate imports expanded significantly to $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +59.4% against 2017 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 17% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

India (X tons), Pakistan (X tons) and China (X tons) were the main suppliers of carbonate imports to Sri Lanka, together comprising 44% of total imports. Turkey, Malaysia, Bulgaria, Romania, Bosnia and Herzegovina, Thailand, Kenya and Russia lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for Bulgaria (with a CAGR of +43.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest carbonate suppliers to Sri Lanka were India ($X), China ($X) and Pakistan ($X), with a combined 46% share of total imports. Turkey, Malaysia, Bulgaria, Romania, Bosnia and Herzegovina, Kenya, Russia and Thailand lagged somewhat behind, together accounting for a further 26%.

Bosnia and Herzegovina, with a CAGR of +53.4%, saw the highest growth rate of the value of imports, in terms of 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 carbonate import price stood at $X per ton in 2021, growing by 9.5% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 11% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Bulgaria ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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