Sri Lanka: Metal Spring Washer Market 2025

Metal Spring Washer Market Size in Sri Lanka

The Sri Lankan metal spring washer market reduced notably to $X in 2022, waning by -64.6% 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 saw a drastic downturn. Over the period under review, the market hit record highs at $X in 2021, and then declined rapidly in the following year.

Metal Spring Washer Exports

Exports from Sri Lanka

Metal spring washer exports from Sri Lanka contracted to X kg in 2022, waning by -8.5% compared with 2021 figures. Over the period under review, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 689%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, metal spring washer exports reduced markedly to $X in 2022. In general, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 1,210% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Maldives (X kg) was the main destination for metal spring washer exports from Sri Lanka, with a 87% share of total exports. Moreover, metal spring washer exports to Maldives exceeded the volume sent to the second major destination, Singapore (X kg), tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives totaled +24.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (0.0% per year) and Switzerland (-3.8% per year).

In value terms, Maldives ($X) emerged as the key foreign market for iron or steel spring washers exports from Sri Lanka, comprising 93% of total exports. The second position in the ranking was held by Switzerland ($X), with a 1.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Maldives stood at +35.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+0.8% per year) and Singapore (0.0% per year).

Export Prices by Country

In 2022, the average metal spring washer export price amounted to $X per ton, shrinking by -11.4% against the previous year. Overall, the export price, however, showed a resilient increase. The pace of growth was the most pronounced in 2018 an increase of 82%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average 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 Maldives ($X per ton), while the average price for exports to Singapore ($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 Indonesia (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Spring Washer Imports

Imports into Sri Lanka

In 2022, approx. X tons of iron or steel spring washers were imported into Sri Lanka; reducing by -72.9% compared with 2021 figures. In general, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 321%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, metal spring washer imports reduced notably to $X in 2022. Overall, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 60% against the previous year. As a result, imports attained the peak of $X, and then contracted notably in the following year.

Imports by Country

India (X tons), China (X tons) and Germany (X tons) were the main suppliers of metal spring washer imports to Sri Lanka, with a combined 79% share of total imports. Indonesia, Taiwan (Chinese) and Hong Kong SAR lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +239.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), India ($X) and China ($X) constituted the largest metal spring washer suppliers to Sri Lanka, together accounting for 59% of total imports. Hong Kong SAR, Taiwan (Chinese) and Indonesia lagged somewhat behind, together comprising a further 22%.

In terms of the main suppliers, Indonesia, with a CAGR of +215.7%, 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 metal spring washer import price stood at $X per ton in 2022, increasing by 174% against the previous year. In general, the import price enjoyed a resilient increase. The pace of growth was the most pronounced in 2018 an increase of 413% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($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 (+12.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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