Sri Lanka: Golf Equipment Market 2024

Golf Equipment Market Size in Sri Lanka

The Sri Lankan golf equipment market surged to $X in 2022, picking up by 179% against the previous year. Overall, consumption, however, faced a drastic downturn. Golf equipment consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Golf Equipment Production in Sri Lanka

In value terms, golf equipment production expanded significantly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +61.5% against 2018 indices. The pace of growth was the most pronounced in 2021 when the production volume increased by 26%. Golf equipment production peaked in 2022 and is expected to retain growth in years to come.

Golf Equipment Exports

Exports from Sri Lanka

In 2022, overseas shipments of golf clubs and other golf equipment decreased by -80.3% to X units, falling for the second consecutive year after three years of growth. Overall, exports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 199%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, golf equipment exports fell significantly to $X in 2022. In general, exports recorded a abrupt setback. The pace of growth was the most pronounced in 2020 with an increase of 296%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for golf equipment exports from Sri Lanka, accounting for a 87% share of total exports. Moreover, golf equipment exports to Germany exceeded the volume sent to the second major destination, Ukraine (X units), more than tenfold. Jordan (X units) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume to Germany totaled -16.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+266.7% per year) and Jordan (0.0% per year).

In value terms, Germany ($X) remains the key foreign market for golf clubs and other golf equipment exports from Sri Lanka, comprising 94% of total exports. The second position in the ranking was taken by Jordan ($X), with a 4.2% share of total exports. It was followed by Ukraine, with a 0.6% share.

From 2012 to 2022, the average annual growth rate of value to Germany amounted to -8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (0.0% per year) and Ukraine (+125.8% per year).

Export Prices by Country

In 2022, the average golf equipment export price amounted to $X per unit, picking up by 11% against the previous year. Over the period under review, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2021 an increase of 41%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jordan ($X per unit), while the average price for exports to Canada ($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 Germany (+9.7%), while the prices for the other major destinations experienced a decline.

Golf Equipment Imports

Imports into Sri Lanka

In 2022, approx. X units of golf clubs and other golf equipment were imported into Sri Lanka; growing by 125% on the year before. In general, imports, however, recorded a abrupt decrease. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, golf equipment imports dropped to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2019 when imports increased by 111% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of golf equipment to Sri Lanka, accounting for a 52% share of total imports. Moreover, golf equipment imports from China exceeded the figures recorded by the second-largest supplier, Pakistan (X units), threefold. The third position in this ranking was held by France (X units), with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Pakistan (+22.0% per year) and France (+87,800.0% per year).

In value terms, China ($X) constituted the largest supplier of golf clubs and other golf equipment to Sri Lanka, comprising 40% of total imports. The second position in the ranking was taken by India ($X), with a 12% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to -14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-3.9% per year) and the United States (+4.9% per year).

Import Prices by Country

The average golf equipment import price stood at $X per unit in 2022, shrinking by -61.3% against the previous year. Overall, the import price recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2013 when the average import price increased by 220% against the previous year. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, 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 India ($X per unit), while the price for Pakistan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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