Sri Lanka: Stone Polishing Machine Market 2024

Stone Polishing Machine Market Size in Sri Lanka

In 2022, the Sri Lankan stone polishing machine market increased by 40% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption saw a significant increase. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in years to come.

Stone Polishing Machine Production in Sri Lanka

In value terms, stone polishing machine production stood at $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 with a decrease of 99.9% against the previous year. Stone polishing machine production peaked in 2022 and is expected to retain growth in the near future.

Stone Polishing Machine Exports

Exports from Sri Lanka

In 2022, stone polishing machine exports from Sri Lanka shrank notably to X units, waning by -72.7% compared with 2021. Over the period under review, exports recorded a significant contraction. The pace of growth appeared the most rapid in 2014 with an increase of 224%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, stone polishing machine exports declined dramatically to $X in 2022. Overall, exports saw a sharp shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 737% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X units) was the main destination for stone polishing machine exports from Sri Lanka, with a 78% share of total exports. Moreover, stone polishing machine exports to Malaysia exceeded the volume sent to the second major destination, India (X units), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and Rwanda (0.0% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for grinding or polishing machines for working stone, ceramics and concrete exports from Sri Lanka, comprising 93% of total exports. The second position in the ranking was held by India ($X), with a 3.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-25.0% per year) and Rwanda (0.0% per year).

Export Prices by Country

The average stone polishing machine export price stood at $X per unit in 2022, waning by -84.2% against the previous year. Over the period under review, the export price saw a deep reduction. The pace of growth appeared the most rapid in 2014 when the average export price increased by 159%. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Rwanda ($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 Thailand (+12.8%), while the prices for the other major destinations experienced mixed trend patterns.

Stone Polishing Machine Imports

Imports into Sri Lanka

In 2022, supplies from abroad of grinding or polishing machines for working stone, ceramics and concrete increased by 52% to X units, rising for the second consecutive year after two years of decline. In general, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 268%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, stone polishing machine imports skyrocketed to $X in 2022. Over the period under review, imports recorded prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 151% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) was the main stone polishing machine supplier to Sri Lanka, with a 97% share of total imports. It was followed by India (X units), with a 1.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +39.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.8% per year) and Italy (-37.3% per year).

In value terms, China ($X) constituted the largest supplier of grinding or polishing machines for working stone, ceramics and concrete to Sri Lanka, comprising 90% of total imports. The second position in the ranking was taken by India ($X), with a 2.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +46.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.2% per year) and Italy (-23.7% per year).

Import Prices by Country

In 2022, the average stone polishing machine import price amounted to $X per unit, waning by -16% against the previous year. Over the period under review, the import price saw a pronounced curtailment. The most prominent rate of growth was recorded in 2014 when the average import price increased by 46%. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+21.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :