Sri Lanka: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Sri Lanka

The Sri Lankan grinding and sharpening machine market skyrocketed to $X in 2022, growing by 52% 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). In general, consumption, however, saw a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Sri Lanka

In 2022, the amount of grinding and sharpening metal finishing machines exported from Sri Lanka soared to X units, jumping by 81% compared with the previous year's figure. In general, exports saw a strong increase. The growth pace was the most rapid in 2020 with an increase of 311%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, grinding and sharpening machine exports soared to $X in 2022. Overall, exports saw a strong increase. The pace of growth was the most pronounced in 2017 when exports increased by 125%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X units), Singapore (X units) and Maldives (X units) were the main destinations of grinding and sharpening machine exports from Sri Lanka, together accounting for 83% of total exports. Moreover, grinding and sharpening machine exports in Indonesia exceeded the figures recorded by the second-largest exporter, Singapore, twofold.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +35.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for grinding and sharpening machine exported from Sri Lanka were Singapore ($X), India ($X) and Maldives ($X), together comprising 98% of total exports.

Among the main countries of destination, Singapore, with a CAGR of +61.0%, 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

The average grinding and sharpening machine export price stood at $X per unit in 2022, waning by -9.8% against the previous year. Over the period under review, the export price recorded a perceptible slump. The pace of growth appeared the most rapid in 2018 when the average export price increased by 221%. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, the 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 India ($X per unit), while the average price for exports to Indonesia ($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 Ethiopia (+47.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Sri Lanka

In 2022, approx. X units of grinding and sharpening metal finishing machines were imported into Sri Lanka; picking up by 84% compared with the year before. Over the period under review, imports, however, recorded a noticeable slump. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine imports contracted sharply to $X in 2022. Overall, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2021 with an increase of 97% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of grinding and sharpening machine to Sri Lanka, accounting for a 89% share of total imports. Moreover, grinding and sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), more than tenfold. Italy (X units) ranked third in terms of total imports with a 2.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+11.0% per year) and Italy (+14.2% per year).

In value terms, China ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to Sri Lanka, comprising 47% of total imports. The second position in the ranking was taken by Singapore ($X), with a 6% share of total imports. It was followed by Italy, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-0.9% per year) and Italy (-9.4% per year).

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, waning by -88.6% against the previous year. Overall, the import price recorded a deep reduction. The most prominent rate of growth was recorded in 2018 an increase of 99% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2021, and then fell notably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Poland ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+11.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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