Sri Lanka: Footwear Market 2024

Footwear Market Size in Sri Lanka

The Sri Lankan footwear market reduced to $X in 2022, declining by X% against the previous year. Overall, consumption saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Footwear Production in Sri Lanka

In value terms, footwear production dropped slightly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Footwear Exports

Exports from Sri Lanka

In 2022, shipments abroad of footwear was finally on the rise to reach X pairs after two years of decline. In general, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, footwear exports surged to $X in 2022. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X pairs) was the main destination for footwear exports from Sri Lanka, accounting for a X% share of total exports. Moreover, footwear exports to the UK exceeded the volume sent to the second major destination, Sweden (X pairs), fivefold. French Polynesia (X pairs) ranked third in terms of total exports with a X% share.

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

In value terms, the UK ($X) remains the key foreign market for footwear exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

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

Export Prices by Country

In 2022, the average footwear export price amounted to $X per pair, reducing by X% against the previous year. In general, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The export price peaked at $X per pair in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per pair), while the average price for exports to France ($X per pair) 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.

Footwear Imports

Imports into Sri Lanka

In 2022, approx. X pairs of footwear were imported into Sri Lanka; increasing by X% on the previous year's figure. Overall, imports recorded a resilient expansion. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X pairs in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, footwear imports reached $X in 2022. Over the period under review, imports recorded a strong increase. The pace of growth was the most pronounced in 2015 when imports increased by X%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

China (X pairs), India (X pairs) and Hong Kong SAR (X pairs) were the main suppliers of footwear imports to Sri Lanka, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Hong Kong SAR ($X) appeared to be the largest footwear suppliers to Sri Lanka, together accounting for X% of total imports.

In terms of the main suppliers, Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average footwear import price stood at $X per pair in 2022, with a decrease of X% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per pair. From 2015 to 2022, the average 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 ($X per pair), while the price for Thailand ($X per pair) 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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