Sri Lanka: Pharmaceutical Rubber Articles Market 2024

Pharmaceutical Rubber Articles Market Size in Sri Lanka

The Sri Lankan pharmaceutical rubber articles market reduced to $X in 2021, declining by -4.7% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Pharmaceutical Rubber Articles Production in Sri Lanka

In value terms, pharmaceutical rubber articles production totaled $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 21%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Pharmaceutical Rubber Articles Exports

Exports from Sri Lanka

After four years of decline, overseas shipments of hygienic or pharmaceutical articles of rubber increased by 51% to X units in 2021. In general, exports, however, recorded a slight slump. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, pharmaceutical rubber articles exports surged to $X in 2021. Over the period under review, exports, however, recorded a noticeable reduction. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X units) was the main destination for pharmaceutical rubber articles exports from Sri Lanka, with a 52% share of total exports. Moreover, pharmaceutical rubber articles exports to Germany exceeded the volume sent to the second major destination, the UK (X units), fivefold. The third position in this ranking was held by Canada (X units), with a 9.6% share.

From 2012 to 2021, the average annual growth rate of volume to Germany totaled +7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+48.3% per year) and Canada (-4.1% per year).

In value terms, Germany ($X) remains the key foreign market for hygienic or pharmaceutical articles of rubber exports from Sri Lanka, comprising 40% of total exports. The second position in the ranking was taken by Japan ($X), with a 15% share of total exports. It was followed by the UK, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Germany amounted to +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+46.9% per year) and the UK (+36.9% per year).

Export Prices by Country

The average pharmaceutical rubber articles export price stood at $X per unit in 2021, surging by 12% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 27% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+11.9%), while the prices for the other major destinations experienced more modest paces of growth.

Pharmaceutical Rubber Articles Imports

Imports into Sri Lanka

In 2021, purchases abroad of hygienic or pharmaceutical articles of rubber decreased by -23.2% to X units, falling for the second year in a row after two years of growth. Overall, imports, however, enjoyed pronounced growth. The pace of growth was the most pronounced in 2016 with an increase of 126% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, pharmaceutical rubber articles imports shrank to $X in 2021. Over the period under review, imports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2016 with an increase of 125% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of pharmaceutical rubber articles to Sri Lanka, with a 74% share of total imports. Moreover, pharmaceutical rubber articles imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+44.5% per year) and Taiwan (Chinese) (-18.4% per year).

In value terms, China ($X) constituted the largest supplier of hygienic or pharmaceutical articles of rubber to Sri Lanka, comprising 55% of total imports. The second position in the ranking was held by India ($X), with an 8.5% share of total imports. It was followed by Thailand, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+41.3% per year) and Thailand (+54.2% per year).

Import Prices by Country

In 2021, the average pharmaceutical rubber articles import price amounted to $X per unit, with an increase of 14% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, pharmaceutical rubber articles import price increased by +26.9% against 2018 indices. The most prominent rate of growth was recorded in 2014 an increase of 45% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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