Sri Lanka: Market for Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers 2024

Market Size for Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers in Sri Lanka

The Sri Lankan market for iron or steel gas domestic cooking appliances and plate warmers contracted remarkably to $X in 2022, declining by -82.3% 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). Overall, consumption, however, continues to indicate pronounced growth. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Exports of Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers

Exports from Sri Lanka

For the fifth consecutive year, Sri Lanka recorded decline in shipments abroad of iron or steel gas domestic cooking appliances and plate warmers, which decreased by -71.7% to X units in 2022. In general, exports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2013 when exports increased by 293% against the previous year. Over the period under review, the exports of reached the maximum at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of iron or steel gas domestic cooking appliances and plate warmers contracted significantly to $X in 2022. Overall, exports, however, posted a noticeable increase. The most prominent rate of growth was recorded in 2014 with an increase of 510%. Over the period under review, the exports of reached the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Maldives (X units) was the main destination for exports of iron or steel gas domestic cooking appliances and plate warmers from Sri Lanka, accounting for a 89% share of total exports. Moreover, exports of iron or steel gas domestic cooking appliances and plate warmers to Maldives exceeded the volume sent to the second major destination, Seychelles (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives amounted to -4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Seychelles (-8.3% per year) and India (-65.1% per year).

In value terms, Maldives ($X) remains the key foreign market for iron or steel gas domestic cooking appliances and plate warmers exports from Sri Lanka, comprising 96% of total exports. The second position in the ranking was taken by Seychelles ($X), with a 3.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Maldives totaled +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Seychelles (-3.6% per year) and India (-67.9% per year).

Export Prices by Country

In 2022, the average export price for iron or steel gas domestic cooking appliances and plate warmers amounted to $X per unit, falling by -10.4% against the previous year. Overall, the export price, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2014 an increase of 151% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to India ($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 Maldives (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Gas Domestic Cooking Appliances and Plate Warmers

Imports into Sri Lanka

Imports of iron or steel gas domestic cooking appliances and plate warmers into Sri Lanka contracted notably to X units in 2022, dropping by -82.3% on the previous year's figure. Over the period under review, imports, however, continue to indicate a measured increase. The most prominent rate of growth was recorded in 2019 with an increase of 1,497% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, imports of iron or steel gas domestic cooking appliances and plate warmers contracted dramatically to $X in 2022. Overall, imports showed a deep setback. The most prominent rate of growth was recorded in 2015 with an increase of 150%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

China (X units), India (X units) and Bangladesh (X units) were the main suppliers of imports of iron or steel gas domestic cooking appliances and plate warmers to Sri Lanka, with a combined 89% share of total imports. Vietnam, Turkey, Indonesia and Malaysia lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +29.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest iron or steel gas domestic cooking appliances and plate warmers suppliers to Sri Lanka were China ($X), India ($X) and Turkey ($X), together comprising 83% of total imports. Indonesia, Malaysia, Vietnam and Bangladesh lagged somewhat behind, together comprising a further 9.6%.

Among the main suppliers, Vietnam, with a CAGR of +1.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for iron or steel gas domestic cooking appliances and plate warmers stood at $X per unit in 2022, declining by -5.9% against the previous year. Overall, the import price recorded a deep reduction. The growth pace was the most rapid in 2018 when the average import price increased by 1,578%. As a result, import price attained 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 Turkey ($X per unit), while the price for Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-7.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform