Sri Lanka: Electrical Circuit Apparatus Market 2022

Electrical Circuit Apparatus Market Size in Sri Lanka

The Sri Lankan electrical circuit apparatus market soared to $X in 2021, picking up by 26% against the previous year. The market value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Electrical Circuit Apparatus Production in Sri Lanka

In value terms, electrical circuit apparatus production shrank slightly to $X in 2021 estimated in export price. Overall, the total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +73.5% against 2012 indices. The pace of growth appeared the most rapid in 2014 when the production volume increased by 7.6% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then contracted in the following year.

Electrical Circuit Apparatus Exports

Exports from Sri Lanka

In 2021, shipments abroad of electrical apparatus for circuit connection, switching and protection was finally on the rise to reach X tons after three years of decline. Over the period under review, total exports indicated a measured expansion from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when exports increased by 34%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, electrical circuit apparatus exports surged to $X in 2021. Overall, exports enjoyed buoyant growth. The pace of growth was the most pronounced in 2017 when exports increased by 77%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Austria (X tons), the United States (X tons) and Pakistan (X tons) were the main destinations of electrical circuit apparatus exports from Sri Lanka, with a combined 49% share of total exports. These countries were followed by China, Maldives, the Netherlands, the United Arab Emirates, India, Luxembourg, Kenya, Germany, Singapore and Ethiopia, which together accounted for a further 43%.

From 2012 to 2021, the biggest increases were in Luxembourg (with a CAGR of +218.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the Netherlands ($X) and China ($X) appeared to be the largest markets for electrical circuit apparatus exported from Sri Lanka worldwide, with a combined 49% share of total exports. These countries were followed by the United States, Luxembourg, Pakistan, Austria, India, Maldives, the United Arab Emirates, Singapore, Ethiopia and Kenya, which together accounted for a further 40%.

In terms of the main countries of destination, Luxembourg, with a CAGR of +412.5%, recorded the highest rates of growth with regard to 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

In 2021, the average electrical circuit apparatus export price amounted to $X per ton, picking up by 18% against the previous year. Overall, the export price recorded a remarkable increase. The pace of growth appeared the most rapid in 2017 when the average export price increased by 32% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to Kenya ($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 Luxembourg (+60.8%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Circuit Apparatus Imports

Imports into Sri Lanka

In 2021, supplies from abroad of electrical apparatus for circuit connection, switching and protection increased by 28% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, total imports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, electrical circuit apparatus imports surged to $X in 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest electrical circuit apparatus supplier to Sri Lanka, accounting for a 55% share of total imports. Moreover, electrical circuit apparatus imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. The third position in this ranking was taken by Italy (X tons), with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+1.1% per year) and Italy (+11.6% per year).

In value terms, China ($X) constituted the largest supplier of electrical circuit apparatus to Sri Lanka, comprising 33% of total imports. The second position in the ranking was held by India ($X), with a 15% share of total imports. It was followed by Germany, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+3.1% per year) and Germany (+2.9% per year).

Import Prices by Country

The average electrical circuit apparatus import price stood at $X per ton in 2021, increasing by 8.6% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 17% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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