Sri Lanka: Cottonseed Market 2024

Cottonseed Market Size in Sri Lanka

In 2022, after five years of decline, there was significant growth in the Sri Lankan cottonseed market, when its value increased by 1,989% to $X. Over the period under review, consumption, however, faced a abrupt shrinkage. Cottonseed consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Cottonseed Production in Sri Lanka

In value terms, cottonseed production expanded rapidly to $X in 2022 estimated in export price. In general, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.7% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 45% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In 2022, the average yield of cottonseed in Sri Lanka stood at less than X kg per ha, approximately reflecting 2021 figures. In general, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of cottonseed were harvested in Sri Lanka; almost unchanged from 2021 figures. In general, the harvested area saw a relatively flat trend pattern.

Cottonseed Exports

Exports from Sri Lanka

In 2022, overseas shipments of cottonseed decreased by -73.6% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 334%. As a result, the exports attained the peak of X tons, and then reduced notably in the following year.

In value terms, cottonseed exports reduced to $X in 2022. Over the period under review, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 1,544% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X kg) was the main destination for cottonseed exports from Sri Lanka, with a 68% share of total exports. Moreover, cottonseed exports to Japan exceeded the volume sent to the second major destination, the United States (X kg), twofold.

From 2014 to 2022, the average annual rate of growth in terms of volume to Japan was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and Maldives (-20.5% per year).

In value terms, the United States ($X) emerged as the key foreign market for cottonseed exports from Sri Lanka, comprising 82% of total exports. The second position in the ranking was held by Japan ($X), with an 18% share of total exports.

From 2014 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (0.0% per year) and Maldives (-24.3% per year).

Export Prices by Country

In 2022, the average cottonseed export price amounted to $X per ton, increasing by 250% against the previous year. Overall, the export price continues to indicate a resilient increase. The growth pace was the most rapid in 2019 when the average export price increased by 426%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

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 the United States ($X per ton), while the average price for exports to Maldives ($X per ton) was amongst the lowest.

From 2014 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+32.5%), while the prices for the other major destinations experienced mixed trend patterns.

Cottonseed Imports

Imports into Sri Lanka

In 2022, the amount of cottonseed imported into Sri Lanka expanded slightly to X kg, increasing by 1.8% compared with the previous year's figure. Over the period under review, imports, however, faced a significant decline. The most prominent rate of growth was recorded in 2020 with an increase of 454%. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, cottonseed imports amounted to $X in 2022. Overall, imports, however, faced a precipitous decline. The growth pace was the most rapid in 2020 with an increase of 315%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X kg) constituted the largest cottonseed supplier to Sri Lanka, accounting for a 83% share of total imports. Moreover, cottonseed imports from India exceeded the figures recorded by the second-largest supplier, China (X kg), fivefold.

From 2013 to 2022, the average annual rate of growth in terms of volume from India amounted to -11.1%.

In value terms, India ($X) constituted the largest supplier of cottonseed to Sri Lanka, comprising 97% of total imports. The second position in the ranking was held by China ($X), with a 3.5% share of total imports.

From 2013 to 2022, the average annual rate of growth in terms of value from India totaled -16.0%.

Import Prices by Country

In 2022, the average cottonseed import price amounted to $X per ton, reducing by -1.7% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average import price increased by 168% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 India ($X per ton), while the price for China totaled $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by India (-5.5%).

Source: IndexBox Platform

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