Sri Lanka: Market for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines 2024

Market Size for Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines in Sri Lanka

The Sri Lankan fuel or lubricating pump market surged to $X in 2021, growing by 99% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a strong expansion. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Exports from Sri Lanka

In 2021, exports of fuel, lubricating or cooling-medium pumps for internal combustion engines from Sri Lanka reduced rapidly to X units, shrinking by -86.7% compared with the year before. Over the period under review, exports saw a dramatic setback. The most prominent rate of growth was recorded in 2020 when exports increased by 1,163% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, fuel or lubricating pump exports dropped sharply to $X in 2021. In general, exports recorded a abrupt setback. The growth pace was the most rapid in 2020 when exports increased by 766% against the previous year. As a result, the exports attained the peak of $X, and then shrank significantly in the following year.

Exports by Country

Oman (X units) was the main destination for fuel or lubricating pump exports from Sri Lanka, with a 53% share of total exports. Moreover, fuel or lubricating pump exports to Oman exceeded the volume sent to the second major destination, Germany (X units), threefold. The third position in this ranking was held by Kuwait (X units), with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume to Oman amounted to -10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-26.3% per year) and Kuwait (-15.7% per year).

In value terms, the largest markets for fuel or lubricating pump exported from Sri Lanka were South Korea ($X), Germany ($X) and Singapore ($X), with a combined 57% share of total exports. Oman, Maldives, Kuwait, Seychelles and Thailand lagged somewhat behind, together comprising a further 16%.

Seychelles, with a CAGR of +10.9%, recorded 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 a decline.

Export Prices by Country

The average fuel or lubricating pump export price stood at $X per unit in 2021, waning by -8.9% against the previous year. Overall, the export price, however, posted prominent growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 134% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Singapore ($X per unit), while the average price for exports to Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+24.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fuel, Lubricating Or Cooling-Medium Pumps For Internal Combustion Engines

Imports into Sri Lanka

Fuel or lubricating pump imports into Sri Lanka skyrocketed to X units in 2021, growing by 117% on 2020 figures. Overall, imports showed a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 250%. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, fuel or lubricating pump imports soared to $X in 2021. In general, imports showed buoyant growth. The growth pace was the most rapid in 2013 with an increase of 220% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, India (X units) constituted the largest fuel or lubricating pump supplier to Sri Lanka, with a 44% share of total imports. Moreover, fuel or lubricating pump imports from India exceeded the figures recorded by the second-largest supplier, Japan (X units), fourfold. The third position in this ranking was held by China (X units), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India totaled +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.0% per year) and China (+0.2% per year).

In value terms, India ($X), Japan ($X) and China ($X) constituted the largest fuel or lubricating pump suppliers to Sri Lanka, together comprising 52% of total imports. These countries were followed by Taiwan (Chinese) and Thailand, which together accounted for a further 5.7%.

In terms of the main suppliers, Thailand, with a CAGR of +25.4%, 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

In 2021, the average fuel or lubricating pump import price amounted to $X per unit, shrinking by -10.6% against the previous year. In general, the import price, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2018 an increase of 43% against the previous year. The import price peaked at $X per unit in 2020, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+23.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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