Sri Lanka: Plastic Household Articles Market 2024

Plastic Household Articles Market Size in Sri Lanka

The Sri Lankan plastic household articles market declined remarkably to $X in 2022, waning by -80.1% 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, showed a slight expansion. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Plastic Household Articles Exports

Exports from Sri Lanka

For the third consecutive year, Sri Lanka recorded growth in overseas shipments of household articles and toilet articles of plastics, which increased by 1,475% to X tons in 2022. Overall, exports posted significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, plastic household articles exports soared to $X in 2022. Over the period under review, exports enjoyed prominent growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Bangladesh (X tons) was the main destination for plastic household articles exports from Sri Lanka, with a 68% share of total exports. Moreover, plastic household articles exports to Bangladesh exceeded the volume sent to the second major destination, India (X tons), fourfold. Hong Kong SAR (X tons) ranked third in terms of total exports with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume to Bangladesh stood at +135.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+73.0% per year) and Hong Kong SAR (+156.3% per year).

In value terms, Bangladesh ($X) emerged as the key foreign market for household articles and toilet articles of plastics exports from Sri Lanka, comprising 70% of total exports. The second position in the ranking was taken by India ($X), with a 14% share of total exports. It was followed by Hong Kong SAR, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value to Bangladesh amounted to +114.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+56.7% per year) and Hong Kong SAR (+102.6% per year).

Export Prices by Country

In 2022, the average plastic household articles export price amounted to $X per ton, waning by -4.3% against the previous year. In general, the export price continues to indicate a deep downturn. The growth pace was the most rapid in 2016 when the average export price increased by 12%. The export price peaked at $X per ton in 2012; however, from 2013 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 the UK ($X per ton), while the average price for exports to Pakistan ($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 the United Arab Emirates (-2.2%), while the prices for the other major destinations experienced a decline.

Plastic Household Articles Imports

Imports into Sri Lanka

In 2022, plastic household articles imports into Sri Lanka declined to X tons, waning by -8.8% on the previous year. In general, imports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2018 with an increase of 661%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, plastic household articles imports declined sharply to $X in 2022. Over the period under review, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 224% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then declined markedly in the following year.

Imports by Country

The UK (X tons), Turkey (X tons) and Bangladesh (X tons) were the main suppliers of plastic household articles imports to Sri Lanka, with a combined 76% share of total imports. China, Bulgaria, India, the Netherlands, Tokelau, Indonesia and the United Arab Emirates lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Tokelau (with a CAGR of +218.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic household articles suppliers to Sri Lanka were the UK ($X), Turkey ($X) and Bangladesh ($X), with a combined 67% share of total imports. China, India, Bulgaria, the Netherlands, Tokelau, Indonesia and the United Arab Emirates lagged somewhat behind, together accounting for a further 22%.

Tokelau, with a CAGR of +150.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plastic household articles import price stood at $X per ton in 2022, shrinking by -8.6% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic household articles import price increased by +204.8% against 2018 indices. The most prominent rate of growth was recorded in 2019 an increase of 207%. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then reduced in the following year.

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 ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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