Sri Lanka: Market for In-Hand Motor Grinders, Sanders And Planers 2024

Market Size for In-Hand Motor Grinders, Sanders And Planers in Sri Lanka

The Sri Lankan market for in-hand motor grinders, sanders and planers soared to $X in 2021, with an increase of 43% 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). Over the period under review, consumption enjoyed a buoyant increase. Consumption of peaked in 2021 and is expected to retain growth in years to come.

Exports of In-Hand Motor Grinders, Sanders And Planers

Exports from Sri Lanka

In 2021, after two years of decline, there was significant growth in overseas shipments of in-hand motor grinders, sanders and planers, when their volume increased by 28% to X units. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 553% against the previous year. Over the period under review, the exports of hit record highs at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, exports of in-hand motor grinders, sanders and planers surged to $X in 2021. Overall, exports continue to indicate noticeable growth. The most prominent rate of growth was recorded in 2014 when exports increased by 461% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Maldives (X units) was the main destination for exports of in-hand motor grinders, sanders and planers from Sri Lanka, accounting for a 65% share of total exports. Moreover, exports of in-hand motor grinders, sanders and planers to Maldives exceeded the volume sent to the second major destination, Germany (X units), fourfold. Ethiopia (X units) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume to Maldives totaled +3.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+29.6% per year) and Ethiopia (+38.3% per year).

In value terms, Maldives ($X) emerged as the key foreign market for electromechanical tools for working in the hand, with self-contained electric motor exports from Sri Lanka, comprising 79% of total exports. The second position in the ranking was held by India ($X), with an 8% share of total exports. It was followed by Germany, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value to Maldives totaled +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-9.9% per year) and Germany (+22.8% per year).

Export Prices by Country

In 2021, the average export price for in-hand motor grinders, sanders and planers amounted to $X per unit, growing by 7.5% against the previous year. Overall, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for in-hand motor grinders, sanders and planers decreased by -25.5% against 2019 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 115%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was India ($X per unit), while the average price for exports to Costa Rica ($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 India (+22.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of In-Hand Motor Grinders, Sanders And Planers

Imports into Sri Lanka

In 2021, supplies from abroad of in-hand motor grinders, sanders and planers increased by 38% to X units, rising for the second year in a row after two years of decline. Overall, imports showed a strong expansion. The pace of growth appeared the most rapid in 2014 with an increase of 48%. Over the period under review, imports of hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, imports of in-hand motor grinders, sanders and planers surged to $X in 2021. Over the period under review, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +46.1% against 2019 indices. The pace of growth was the most pronounced in 2014 when imports increased by 48% against the previous year. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, China (X units) was the main supplier of electromechanical tools for working in the hand, with self-contained electric motor to Sri Lanka, accounting for a 98% share of total imports. It was followed by Singapore (X units), with a 0.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +14.4%.

In value terms, China ($X) constituted the largest supplier of electromechanical tools for working in the hand, with self-contained electric motor to Sri Lanka, comprising 92% of total imports. The second position in the ranking was held by Singapore ($X), with a 1.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +11.7%.

Import Prices by Country

In 2021, the average import price for in-hand motor grinders, sanders and planers amounted to $X per unit, rising by 5.1% against the previous year. Overall, the import price, however, recorded a perceptible descent. The growth pace was the most rapid in 2018 an increase of 50% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Singapore ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.2%).

Source: IndexBox Platform

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