Sri Lanka: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Sri Lanka

The Sri Lankan electrical musical instrument market declined remarkably to $X in 2022, reducing by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption faced a deep setback. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Electrical Musical Instrument Exports

Exports from Sri Lanka

Electrical musical instrument exports from Sri Lanka surged to X units in 2022, with an increase of X% compared with the previous year's figure. Over the period under review, exports saw a strong increase. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, electrical musical instrument exports skyrocketed to $X in 2022. Overall, exports recorded a resilient increase. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Australia (X units) was the main destination for electrical musical instrument exports from Sri Lanka, accounting for a X% share of total exports. Moreover, electrical musical instrument exports to Australia exceeded the volume sent to the second major destination, Maldives (X units), sixfold. The third position in this ranking was taken by India (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Australia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (X% per year) and India (X% per year).

In value terms, Maldives ($X) emerged as the key foreign market for electrical musical or keyboard instruments exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by Australia ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and the UK (X% per year).

Export Prices by Country

The average electrical musical instrument export price stood at $X per unit in 2022, declining by X% against the previous year. In general, the export price continues to indicate a deep reduction. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to Australia ($X per unit) was amongst the lowest.

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

Electrical Musical Instrument Imports

Imports into Sri Lanka

After two years of growth, supplies from abroad of electrical musical or keyboard instruments decreased by X% to X units in 2022. In general, imports continue to indicate a abrupt decline. The pace of growth was the most pronounced in 2014 when imports increased by X%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, electrical musical instrument imports reduced markedly to $X in 2022. Overall, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest electrical musical instrument supplier to Sri Lanka, accounting for a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), twofold. India (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and India (X% per year).

In value terms, Indonesia ($X), China ($X) and India ($X) appeared to be the largest electrical musical instrument suppliers to Sri Lanka, together accounting for X% of total imports.

In terms of the main suppliers, India, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average electrical musical instrument import price amounted to $X per unit, rising by X% against the previous year. In general, the import price, however, recorded a noticeable setback. The pace of growth was the most pronounced in 2018 an increase of X%. The import price peaked at $X per unit in 2013; however, from 2014 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 Indonesia ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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