Sri Lanka: Dry Vegetable Market 2024

Dry Vegetable Market Size in Sri Lanka

In 2022, the Sri Lankan dry vegetable market decreased by -0.9% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption, however, enjoyed strong growth. Dry vegetable consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Dry Vegetable Production in Sri Lanka

In value terms, dry vegetable production expanded notably to $X in 2022 estimated in export price. Over the period under review, production enjoyed a strong expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 48% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Dry Vegetable Exports

Exports from Sri Lanka

Dry vegetable exports from Sri Lanka shrank rapidly to X tons in 2022, which is down by -47.1% on the year before. Over the period under review, exports, however, saw noticeable growth. The growth pace was the most rapid in 2018 with an increase of 223% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, dry vegetable exports dropped remarkably to $X in 2022. In general, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 114%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for dry vegetable exports from Sri Lanka, with a 56% share of total exports. Moreover, dry vegetable exports to the United States exceeded the volume sent to the second major destination, Australia (X tons), fourfold. The third position in this ranking was taken by Germany (X tons), with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +27.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+14.0% per year) and Germany (+38.8% per year).

In value terms, the United States ($X) emerged as the key foreign market for dry vegetables exports from Sri Lanka, comprising 49% of total exports. The second position in the ranking was taken by Germany ($X), with a 15% share of total exports. It was followed by New Zealand, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +18.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+49.5% per year) and New Zealand (+32.3% per year).

Export Prices by Country

The average dry vegetable export price stood at $X per ton in 2022, rising by 35% against the previous year. Overall, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, dry vegetable export price increased by +85.8% against 2018 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Dry Vegetable Imports

Imports into Sri Lanka

In 2022, overseas purchases of dry vegetables decreased by -15.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, posted a perceptible increase. The growth pace was the most rapid in 2016 when imports increased by 76%. Over the period under review, imports hit record highs at X tons in 2021, and then declined remarkably in the following year.

In value terms, dry vegetable imports contracted slightly to $X in 2022. Over the period under review, imports, however, saw a moderate expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 88% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then reduced in the following year.

Imports by Country

China (X tons), India (X tons) and Germany (X tons) were the main suppliers of dry vegetable imports to Sri Lanka, together accounting for 99% of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +36.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of dry vegetables to Sri Lanka, comprising 63% of total imports. The second position in the ranking was held by India ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+20.7% per year) and Germany (+15.2% per year).

Import Prices by Country

In 2022, the average dry vegetable import price amounted to $X per ton, with an increase of 14% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the average import price increased by 68%. 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.

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 Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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