Sri Lanka: Jacks And Hoists Market 2024

Jacks And Hoists Market Size in Sri Lanka

The Sri Lankan jacks and hoists market declined rapidly to $X in 2022, with a decrease of -60.7% 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). Overall, consumption continues to indicate a abrupt shrinkage. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Jacks And Hoists Exports

Exports from Sri Lanka

In 2022, shipments abroad of jacks and hoists for raising vehicles decreased by -86.8% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports continue to indicate a mild decrease. The growth pace was the most rapid in 2021 with an increase of 3,291%. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, jacks and hoists exports contracted notably to $X in 2022. Overall, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 2,250%. As a result, the exports reached the peak of $X, and then reduced sharply in the following year.

Exports by Country

Maldives (X units) was the main destination for jacks and hoists exports from Sri Lanka, with a 70% share of total exports. Moreover, jacks and hoists exports to Maldives exceeded the volume sent to the second major destination, Myanmar (X units), sevenfold. The United Arab Emirates (X units) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives totaled +2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (0.0% per year) and the United Arab Emirates (+20.9% per year).

In value terms, the largest markets for jacks and hoists exported from Sri Lanka were Germany ($X), Bahrain ($X) and India ($X), together comprising 42% of total exports.

Among the main countries of destination, Bahrain, with a CAGR of +411.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average jacks and hoists export price stood at $X per unit in 2022, increasing by 149% against the previous year. Overall, the export price saw a prominent expansion. The growth pace was the most rapid in 2019 an increase of 1,941% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Maldives ($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 Thailand (+228.3%), while the prices for the other major destinations experienced more modest paces of growth.

Jacks And Hoists Imports

Imports into Sri Lanka

In 2022, approx. X units of jacks and hoists for raising vehicles were imported into Sri Lanka; which is down by -65.8% compared with the year before. Over the period under review, imports saw a deep downturn. The most prominent rate of growth was recorded in 2014 with an increase of 327% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, jacks and hoists imports shrank sharply to $X in 2022. In general, imports showed a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 238% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest jacks and hoists supplier to Sri Lanka, accounting for a 67% share of total imports. Moreover, jacks and hoists imports from China exceeded the figures recorded by the second-largest supplier, India (X units), sixfold. The third position in this ranking was held by South Korea (X units), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-10.5% per year) and South Korea (+9.0% per year).

In value terms, China ($X), South Korea ($X) and India ($X) constituted the largest jacks and hoists suppliers to Sri Lanka, with a combined 78% share of total imports. Japan, Hong Kong SAR, the United Arab Emirates and Singapore lagged somewhat behind, together comprising a further 15%.

Hong Kong SAR, with a CAGR of +56.2%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average jacks and hoists import price stood at $X per unit in 2022, with an increase of 31% against the previous year. Overall, the import price, however, recorded a perceptible decline. The growth pace was the most rapid in 2018 an increase of 151% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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