Sri Lanka: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Sri Lanka

The Sri Lankan market for iron or steel wire products expanded sharply to $X in 2022, picking up by X% against the previous year. Overall, consumption, however, showed a perceptible reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Iron or Steel Wire Products in Sri Lanka

In value terms, iron or steel wire product production fell to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Iron or steel wire product production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Iron or Steel Wire Products

Exports from Sri Lanka

In 2022, shipments abroad of iron or steel wire products decreased by X% to X tons, falling for the sixth year in a row after five years of growth. Overall, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron or steel wire product exports dropped significantly to $X in 2022. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons) was the main destination for iron or steel wire product exports from Sri Lanka, with a X% share of total exports. Moreover, iron or steel wire product exports to India exceeded the volume sent to the second major destination, Maldives (X tons), more than tenfold.

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

In value terms, India ($X) remains the key foreign market for iron or steel wire products exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by the UK ($X), with a X% share of total exports.

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

Export Prices by Country

The average export price for iron or steel wire products stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the export price, however, showed a pronounced downturn. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Maldives ($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 (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Wire Products

Imports into Sri Lanka

Iron or steel wire product imports into Sri Lanka skyrocketed to X tons in 2022, rising by X% on the previous year's figure. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, iron or steel wire product imports surged to $X in 2022. In general, imports showed a prominent increase. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. As a result, imports attained the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

In 2022, China (X tons) was the main supplier of iron or steel wire product to Sri Lanka, with a X% share of total imports. It was followed by India (X tons), with a X% share of total imports. Turkey (X tons) 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 amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Turkey (X% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel wire products to Sri Lanka, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by Turkey, with a X% share.

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

Import Prices by Country

The average import price for iron or steel wire products stood at $X per ton in 2022, surging by X% against the previous year. In general, the import price posted a modest expansion. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 the United Arab Emirates ($X per ton), while the price for Turkey ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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