Sri Lanka: Knitting Machine Market 2024

Knitting Machine Market Size in Sri Lanka

The Sri Lankan knitting machine market contracted to $X in 2022, declining by X% against the previous year. Overall, consumption, however, saw a resilient increase. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Knitting Machine Production in Sri Lanka

In value terms, knitting machine production stood at $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with a decrease of X% against the previous year. Knitting machine production peaked in 2022 and is likely to continue growth in the near future.

Knitting Machine Exports

Exports from Sri Lanka

In 2022, exports of flat knitting machines, stitch-bonding machines and warp knitting machines from Sri Lanka skyrocketed to X units, picking up by X% on the year before. Over the period under review, exports posted buoyant growth. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, knitting machine exports plummeted to $X in 2022. Overall, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Korea (X units) was the main destination for knitting machine exports from Sri Lanka, accounting for a X% share of total exports. Moreover, knitting machine exports to South Korea exceeded the volume sent to the second major destination, India (X units), threefold. Hong Kong SAR (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Hong Kong SAR (X% per year).

In value terms, Hong Kong SAR ($X), India ($X) and South Korea ($X) appeared to be the largest markets for knitting machine exported from Sri Lanka worldwide, together accounting for X% of total exports.

South Korea, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average knitting machine export price stood at $X per unit in 2022, shrinking by X% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2015 when the average export price increased by X%. The export price peaked at $X per unit in 2021, and then fell significantly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Pakistan ($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 the United States (X%), while the prices for the other major destinations experienced more modest paces of growth.

Knitting Machine Imports

Imports into Sri Lanka

In 2022, approx. X units of flat knitting machines, stitch-bonding machines and warp knitting machines were imported into Sri Lanka; dropping by X% compared with the previous year. Over the period under review, imports, however, recorded a remarkable increase. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, knitting machine imports reduced rapidly to $X in 2022. Overall, imports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest knitting machine supplier to Sri Lanka, with a X% share of total imports. Moreover, knitting machine imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. Germany (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 Japan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Germany (X% per year).

In value terms, the largest knitting machine suppliers to Sri Lanka were Japan ($X), Germany ($X) and China ($X), with a combined X% share of total imports.

Germany, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average knitting machine import price amounted to $X per unit, falling by X% against the previous year. Overall, the import price, however, recorded a notable increase. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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