Sri Lanka: Hand Tools Market 2024

Hand Tools Market Size in Sri Lanka

In 2021, the Sri Lankan hand tools market increased by 60% to $X for the first time since 2016, thus ending a four-year declining trend. In general, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Hand Tools Exports

Exports from Sri Lanka

In 2021, approx. X tons of hand tools were exported from Sri Lanka; picking up by 10% against the previous year. In general, exports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 178%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, hand tools exports skyrocketed to $X in 2021. Overall, exports showed prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 124% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Canada (X tons), the United States (X tons) and India (X tons) were the main destinations of hand tools exports from Sri Lanka, together accounting for 82% of total exports.

From 2012 to 2021, the biggest increases were recorded for the United States (with a CAGR of +95.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), India ($X) and the United States ($X) appeared to be the largest markets for hand tools exported from Sri Lanka worldwide, with a combined 78% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +62.8%, recorded 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

In 2021, the average hand tools export price amounted to $X per ton, rising by 4.2% against the previous year. In general, the export price, however, saw a mild slump. The most prominent rate of growth was recorded in 2013 when the average export price increased by 62% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Seychelles ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+36.1%), while the prices for the other major destinations experienced mixed trend patterns.

Hand Tools Imports

Imports into Sri Lanka

In 2021, after three years of decline, there was significant growth in purchases abroad of hand tools, when their volume increased by 54% to X tons. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hand tools imports soared to $X in 2021. Overall, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest hand tools supplier to Sri Lanka, accounting for a 80% share of total imports. Moreover, hand tools imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), ninefold. The third position in this ranking was held by Thailand (X tons), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-0.2% per year) and Thailand (+5.0% per year).

In value terms, China ($X) constituted the largest supplier of hand tools to Sri Lanka, comprising 65% of total imports. The second position in the ranking was held by India ($X), with an 8.3% share of total imports. It was followed by Thailand, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+0.2% per year) and Thailand (+8.2% per year).

Import Prices by Country

The average hand tools import price stood at $X per ton in 2021, growing by 4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 22% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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