Sri Lanka: Flywheels And Pulleys Market 2024

Flywheels And Pulleys Market Size in Sri Lanka

For the fourth year in a row, the Sri Lankan flywheels and pulleys market recorded growth in sales value, which increased by 8.6% to $X in 2021. Overall, consumption recorded notable growth. Flywheels and pulleys consumption peaked in 2021 and is expected to retain growth in the near future.

Flywheels And Pulleys Exports

Exports from Sri Lanka

In 2021, overseas shipments of flywheels and pulleys decreased by -64.4% to X kg, falling for the third consecutive year after three years of growth. Overall, exports recorded a abrupt setback. The pace of growth was the most pronounced in 2018 with an increase of 54%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, flywheels and pulleys exports fell rapidly to $X in 2021. Over the period under review, exports recorded a deep slump. The pace of growth was the most pronounced in 2013 with an increase of 61%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

India (X kg) was the main destination for flywheels and pulleys exports from Sri Lanka, accounting for a 30% share of total exports. Moreover, flywheels and pulleys exports to India exceeded the volume sent to the second major destination, Seychelles (X kg), twofold. The third position in this ranking was taken by Brazil (X kg), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to India amounted to -7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Seychelles (+16.1% per year) and Brazil (+45.7% per year).

In value terms, the largest markets for flywheels and pulleys exported from Sri Lanka were India ($X), Indonesia ($X) and Oman ($X), with a combined 50% share of total exports. These countries were followed by China, Nicaragua, Brazil, Germany, Seychelles, Canada, Singapore and Maldives, which together accounted for a further 27%.

In terms of the main countries of destination, Canada, with a CAGR of +48.1%, saw 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 flywheels and pulleys export price amounted to $X per ton, increasing by 7.3% against the previous year. Overall, export price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, flywheels and pulleys export price increased by +88.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 76%. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Seychelles ($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 Oman (+26.1%), while the prices for the other major destinations experienced more modest paces of growth.

Flywheels And Pulleys Imports

Imports into Sri Lanka

For the fourth consecutive year, Sri Lanka recorded growth in purchases abroad of flywheels and pulleys, which increased by 6.7% to X tons in 2021. In general, imports posted a remarkable increase. The pace of growth was the most pronounced in 2019 with an increase of 107% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, flywheels and pulleys imports amounted to $X in 2021. Over the period under review, imports recorded a pronounced expansion. The most prominent rate of growth was recorded in 2019 with an increase of 117% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

China (X tons), India (X tons) and Germany (X tons) were the main suppliers of flywheels and pulleys imports to Sri Lanka, with a combined 62% share of total imports. These countries were followed by Italy, the United States, Japan, Spain, South Korea, Australia, Hong Kong SAR, Indonesia, Singapore and Denmark, which together accounted for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +93.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest flywheels and pulleys suppliers to Sri Lanka were China ($X), India ($X) and Germany ($X), together accounting for 61% of total imports. These countries were followed by Italy, the United States, Japan, Spain, South Korea, Australia, Hong Kong SAR, Indonesia, Singapore and Denmark, which together accounted for a further 29%.

Indonesia, with a CAGR of +91.2%, recorded the highest growth rate of 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 2021, the average flywheels and pulleys import price amounted to $X per ton, increasing by 1.6% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 33%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were South Korea ($X per ton) and Indonesia ($X per ton), while the price for Italy ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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