Sri Lanka: Granite Block Market 2024

Granite Block Market Size in Sri Lanka

The Sri Lankan granite block market reduced modestly to $X in 2022, waning by -2.8% against the previous year. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Granite Block Production in Sri Lanka

In value terms, granite block production shrank to $X in 2022 estimated in export price. Overall, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -13.9% against 2019 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 34% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Granite Block Exports

Exports from Sri Lanka

In 2022, exports of granite blocks and slabs from Sri Lanka fell to X tons, declining by -7.2% on the previous year's figure. In general, exports, however, posted a resilient increase. The growth pace was the most rapid in 2019 when exports increased by 159%. Over the period under review, the exports reached the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, granite block exports fell to $X in 2022. Overall, exports, however, posted a resilient increase. The pace of growth was the most pronounced in 2019 when exports increased by 159% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for granite block exports from Sri Lanka, with a 73% share of total exports. Moreover, granite block exports to China exceeded the volume sent to the second major destination, India (X tons), fivefold. The United Arab Emirates (X tons) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+11.6% per year) and the United Arab Emirates (+65.7% per year).

In value terms, China ($X) remains the key foreign market for granite blocks and slabs exports from Sri Lanka, comprising 70% of total exports. The second position in the ranking was taken by India ($X), with an 18% share of total exports. It was followed by Italy, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+12.9% per year) and Italy (-8.0% per year).

Export Prices by Country

The average granite block export price stood at $X per ton in 2022, with a decrease of -2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 5.3% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Granite Block Imports

Imports into Sri Lanka

In 2022, approx. X tons of granite blocks and slabs were imported into Sri Lanka; declining by -1.6% on the year before. Over the period under review, imports, however, continue to indicate a prominent increase. The growth pace was the most rapid in 2014 with an increase of 85%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, granite block imports reduced slightly to $X in 2022. Overall, imports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2014 with an increase of 127%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) was the main supplier of granite block to Sri Lanka, with a 92% share of total imports. Moreover, granite block imports from India exceeded the figures recorded by the second-largest supplier, Norway (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-10.4% per year) and China (-6.7% per year).

In value terms, India ($X) constituted the largest supplier of granite blocks and slabs to Sri Lanka, comprising 89% of total imports. The second position in the ranking was taken by Norway ($X), with an 8.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from India totaled +28.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-10.8% per year) and China (+14.8% per year).

Import Prices by Country

The average granite block import price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2014 an increase of 22%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat 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 China ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+23.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :