Sri Lanka: Market for Industrial Sewing Machines (Non-Automatic) 2024

Market Size for Industrial Sewing Machines (Non-Automatic) in Sri Lanka

The Sri Lankan industrial sewing machines (non-automatic) market fell remarkably to $X in 2022, with a decrease of -51.7% 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, however, recorded a buoyant increase. Over the period under review, the market attained the maximum level at $X in 2021, and then shrank dramatically in the following year.

Exports of Industrial Sewing Machines (Non-Automatic)

Exports from Sri Lanka

In 2022, after three years of growth, there was significant decline in shipments abroad of industrial sewing machines (non-automatic), when their volume decreased by -70.4% to X units. Overall, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 368% against the previous year. Over the period under review, the exports attained the maximum at X units in 2021, and then shrank dramatically in the following year.

In value terms, industrial sewing machines (non-automatic) exports fell sharply to $X in 2022. Over the period under review, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2016 when exports increased by 325%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

India (X units), Cambodia (X units) and Pakistan (X units) were the main destinations of industrial sewing machines (non-automatic) exports from Sri Lanka, with a combined 53% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cambodia (with a CAGR of +63.7%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) emerged as the key foreign market for industrial sewing machines (non-automatic) exports from Sri Lanka, comprising 42% of total exports. The second position in the ranking was taken by India ($X), with a 12% share of total exports. It was followed by Cambodia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +66.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+16.3% per year) and Cambodia (+94.0% per year).

Export Prices by Country

The average industrial sewing machines (non-automatic) export price stood at $X per unit in 2022, picking up by 177% against the previous year. In general, the export price showed a perceptible expansion. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

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 China ($X per unit), while the average price for exports to Bangladesh ($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 Cambodia (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Sewing Machines (Non-Automatic)

Imports into Sri Lanka

In 2022, approx. X units of industrial sewing machines (non-automatic) were imported into Sri Lanka; which is down by -54.2% against 2021. Overall, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2019 when imports increased by 632%. Over the period under review, imports reached the maximum at X units in 2021, and then contracted markedly in the following year.

In value terms, industrial sewing machines (non-automatic) imports contracted notably to $X in 2022. Over the period under review, imports, however, showed a tangible increase. The most prominent rate of growth was recorded in 2015 with an increase of 106% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest industrial sewing machines (non-automatic) supplier to Sri Lanka, accounting for a 84% share of total imports. Moreover, industrial sewing machines (non-automatic) imports from China exceeded the figures recorded by the second-largest supplier, India (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+22.9% per year) and Singapore (+8.9% per year).

In value terms, the largest industrial sewing machines (non-automatic) suppliers to Sri Lanka were China ($X), Singapore ($X) and India ($X), together accounting for 75% of total imports.

Among the main suppliers, India, with a CAGR of +11.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average industrial sewing machines (non-automatic) import price stood at $X per unit in 2022, jumping by 61% against the previous year. Overall, the import price, however, continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the average import price increased by 341% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-6.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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