Sri Lanka: Market for Coconut, Abaca, Ramie and other Vegetable Textile Fibres 2024

Market Size for Coconut, Abaca, Ramie and other Vegetable Textile Fibres in Sri Lanka

In 2022, the Sri Lankan market for coconut, abaca, ramie and other vegetable textile fibres was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, showed a abrupt decrease. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Coconut, Abaca, Ramie and other Vegetable Textile Fibres in Sri Lanka

In value terms, production of coconut, abaca, ramie and other vegetable textile fibres dropped slightly to $X in 2022 estimated in export price. Overall, production, however, saw a resilient expansion. The growth pace was the most rapid in 2018 when the production volume increased by 99%. As a result, production reached the peak level of $X. From 2019 to 2022, production of growth remained at a somewhat lower figure.

The average yield of coconut, abaca, ramie and other vegetable textile fibres in Sri Lanka dropped slightly to X tons per ha in 2022, remaining relatively unchanged against the previous year's figure. Overall, the yield saw a perceptible curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 46%. Over the period under review, the average yield of coconut, abaca, ramie and other vegetable textile fibres reached the maximum level at X tons per ha in 2017; however, from 2018 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of coconut, abaca, ramie and other vegetable textile fibres production in Sri Lanka contracted to X ha, which is down by -1.6% against the previous year. Over the period under review, the total harvested area indicated temperate growth from 2012 to 2022: its figure increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, harvested area of coconut, abaca, ramie and other vegetable textile fibres increased by +48.8% against 2013 indices. The pace of growth was the most pronounced in 2016 with an increase of 14%. The harvested area of coconut, abaca, ramie and other vegetable textile fibres peaked at X ha in 2021, and then shrank modestly in the following year.

Exports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Exports from Sri Lanka

In 2022, after three years of growth, there was significant decline in shipments abroad of coconut, abaca, ramie and other vegetable textile fibres, when their volume decreased by -7.2% to X tons. In general, exports, however, recorded a pronounced increase. The growth pace was the most rapid in 2016 when exports increased by 106%. The exports peaked at X tons in 2021, and then shrank in the following year.

In value terms, exports of coconut, abaca, ramie and other vegetable textile fibres fell to $X in 2022. Overall, exports, however, recorded resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 91% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

China (X tons), Japan (X tons) and Mexico (X tons) were the main destinations of exports of coconut, abaca, ramie and other vegetable textile fibres from Sri Lanka, together accounting for 44% of total exports. The United States, the Netherlands, South Korea, Canada, Morocco, the UK, Turkey, Peru, France and Australia lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Peru (with a CAGR of +59.4%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), Mexico ($X) and the Netherlands ($X) constituted the largest markets for coconut, abaca, ramie and other vegetable textile fibre exported from Sri Lanka worldwide, with a combined 33% share of total exports. Japan, the United States, South Korea, Canada, Morocco, the UK, Peru, Australia, France and Turkey lagged somewhat behind, together accounting for a further 44%.

Among the main countries of destination, Peru, with a CAGR of +54.9%, 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

The average export price for coconut, abaca, ramie and other vegetable textile fibres stood at $X per ton in 2022, approximately equating the previous year. In general, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for coconut, abaca, ramie and other vegetable textile fibres decreased by -20.0% against 2018 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 61% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average 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 Australia ($X per ton), while the average price for exports to China ($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 South Korea (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Imports into Sri Lanka

In 2022, imports of coconut, abaca, ramie and other vegetable textile fibres into Sri Lanka shrank notably to X kg, reducing by -99.6% on the previous year. Over the period under review, imports showed a dramatic downturn. The pace of growth appeared the most rapid in 2021 when imports increased by 358%. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, imports of coconut, abaca, ramie and other vegetable textile fibres contracted sharply to $X in 2022. Overall, imports continue to indicate a significant decrease. The most prominent rate of growth was recorded in 2021 when imports increased by 297% against the previous year. As a result, imports reached the peak of $X, and then dropped significantly in the following year.

Imports by Country

In 2022, Australia (X kg) constituted the largest supplier of coconut, abaca, ramie and other vegetable textile fibre to Sri Lanka, accounting for a 42% share of total imports. Moreover, imports of coconut, abaca, ramie and other vegetable textile fibres from Australia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X kg), twofold. The third position in this ranking was held by India (X kg), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from Australia stood at -33.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+35.3% per year) and India (+6.9% per year).

In value terms, Spain ($X) constituted the largest supplier of coconut, abaca, ramie and other vegetable textile fibres to Sri Lanka, comprising 59% of total imports. The second position in the ranking was taken by India ($X), with a 7.9% share of total imports. It was followed by the United Arab Emirates, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value from Spain amounted to +22,266.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+18.0% per year) and the United Arab Emirates (+38.5% per year).

Import Prices by Country

The average import price for coconut, abaca, ramie and other vegetable textile fibres stood at $X per ton in 2022, with an increase of 153% against the previous year. Over the period under review, the import price showed a significant expansion. As a result, import price reached 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 Spain ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3,341.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform