Sri Lanka: Fishing Rod Market 2024

Fishing Rod Market Size in Sri Lanka

The Sri Lankan fishing rod market was estimated at $X in 2021, with an increase of 7.7% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. Fishing rod consumption peaked in 2021 and is expected to retain growth in the immediate term.

Fishing Rod Production in Sri Lanka

In value terms, fishing rod production fell to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 21%. Fishing rod production peaked at $X in 2020, and then fell in the following year.

Fishing Rod Exports

Exports from Sri Lanka

In 2021, overseas shipments of fishing rods and other line fishing tackle decreased by -7.4% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +41.6% against 2018 indices. The pace of growth was the most pronounced in 2016 when exports increased by 54%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, fishing rod exports skyrocketed to $X in 2021. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +75.3% against 2019 indices. The growth pace was the most rapid in 2020 with an increase of 37% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the near future.

Exports by Country

The United States (X tons) was the main destination for fishing rod exports from Sri Lanka, accounting for a 39% share of total exports. Moreover, fishing rod exports to the United States exceeded the volume sent to the second major destination, Norway (X tons), fourfold. The third position in this ranking was taken by New Zealand (X tons), with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (-6.6% per year) and New Zealand (+16.1% per year).

In value terms, the United States ($X) remains the key foreign market for fishing rods and other line fishing tackle exports from Sri Lanka, comprising 48% of total exports. The second position in the ranking was held by New Zealand ($X), with a 7.5% share of total exports. It was followed by Norway, with a 7.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +8.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+15.3% per year) and Norway (-7.2% per year).

Export Prices by Country

The average fishing rod export price stood at $X per ton in 2021, with an increase of 39% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, the countries with the highest prices were the United States ($X per ton) and Latvia ($X per ton), while the average price for exports to Sweden ($X per ton) and Norway ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Latvia (+14.1%), while the prices for the other major destinations experienced mixed trend patterns.

Fishing Rod Imports

Imports into Sri Lanka

Fishing rod imports into Sri Lanka surged to X tons in 2021, with an increase of 103% against the year before. Over the period under review, imports posted a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, fishing rod imports surged to $X in 2021. In general, imports continue to indicate a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of fishing rod to Sri Lanka, accounting for a 58% share of total imports. Moreover, fishing rod imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fourfold. The United States (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+15.8% per year) and the United States (+8.7% per year).

In value terms, China ($X) constituted the largest supplier of fishing rods and other line fishing tackle to Sri Lanka, comprising 55% of total imports. The second position in the ranking was taken by the United States ($X), with a 7.1% share of total imports. It was followed by Taiwan (Chinese), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +23.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+10.7% per year) and Taiwan (Chinese) (+16.0% per year).

Import Prices by Country

The average fishing rod import price stood at $X per ton in 2021, growing by 22% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 30%. Over the period under review, average import prices reached the maximum in 2021 and is likely to continue growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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