Sri Lanka: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Sri Lanka

After two years of growth, the Sri Lankan cranks and crankshafts market decreased by -52.9% to $X in 2022. Overall, consumption saw a pronounced slump. As a result, consumption reached the peak level of $X, and then dropped dramatically in the following year.

Cranks And Crankshafts Exports

Exports from Sri Lanka

In 2022, shipments abroad of cranks and crankshafts increased by 77% to X kg, rising for the second consecutive year after two years of decline. In general, exports enjoyed a measured expansion. The pace of growth was the most pronounced in 2013 when exports increased by 282% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, cranks and crankshafts exports soared to $X in 2022. Overall, exports enjoyed a pronounced expansion. The most prominent rate of growth was recorded in 2013 with an increase of 301% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

India (X kg), Maldives (X kg) and Malaysia (X kg) were the main destinations of cranks and crankshafts exports from Sri Lanka, together comprising 74% of total exports.

From 2012 to 2022, the biggest increases were recorded for Maldives (with a CAGR of +0.9%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, India ($X), Maldives ($X) and Malaysia ($X) constituted the largest markets for cranks and crankshafts exported from Sri Lanka worldwide, with a combined 74% share of total exports. The Netherlands, Singapore, Bangladesh, the Philippines and Australia lagged somewhat behind, together accounting for a further 25%.

The Netherlands, with a CAGR of +25.7%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cranks and crankshafts export price stood at $X per ton in 2022, declining by -2.4% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 56% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Australia ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Singapore ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+82.1%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Sri Lanka

In 2022, overseas purchases of cranks and crankshafts decreased by -53.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports saw a pronounced contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 145% against the previous year. Imports peaked at X tons in 2021, and then declined markedly in the following year.

In value terms, cranks and crankshafts imports contracted markedly to $X in 2022. In general, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of 97% against the previous year. As a result, imports reached the peak of $X, and then fell remarkably in the following year.

Imports by Country

India (X tons), China (X tons) and Germany (X tons) were the main suppliers of cranks and crankshafts imports to Sri Lanka, together comprising 66% of total imports. Italy, Japan, Denmark, Singapore, Taiwan (Chinese), the United Arab Emirates, Sweden, the United States and South Korea lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of +17.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Germany ($X) appeared to be the largest cranks and crankshafts suppliers to Sri Lanka, together accounting for 67% of total imports. Italy, Japan, Denmark, Singapore, Taiwan (Chinese), Sweden, the United States, South Korea and the United Arab Emirates lagged somewhat behind, together comprising a further 24%.

Denmark, with a CAGR of +16.8%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average cranks and crankshafts import price amounted to $X per ton, rising by 4.1% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 143%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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