Sri Lanka: Knitting Machines Market 2024

Knitting Machines Market Size in Sri Lanka

The Sri Lankan knitting machines market shrank dramatically to $X in 2021, which is down by -15.7% 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 temperate expansion. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Knitting Machines Exports

Exports from Sri Lanka

In 2021, overseas shipments of knitting machineses increased by 315% to X units, rising for the third year in a row after four years of decline. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 567% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, knitting machines exports surged to $X in 2021. Overall, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 780%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units), Oman (X units) and Pakistan (X units) were the main destinations of knitting machines exports from Sri Lanka, with a combined 56% share of total exports. These countries were followed by Hong Kong SAR, India, Germany, Italy and the UK, which together accounted for a further 14%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +67.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for knitting machines exported from Sri Lanka were Germany ($X), Hong Kong SAR ($X) and Pakistan ($X), together accounting for 63% of total exports.

Germany, with a CAGR of +150.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average knitting machines export price stood at $X per unit in 2021, shrinking by -37% against the previous year. In general, the export price recorded a deep downturn. The most prominent rate of growth was recorded in 2018 an increase of 46%. The export price peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Germany ($X per unit), while the average price for exports to Oman ($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 Pakistan (+34.1%), while the prices for the other major destinations experienced more modest paces of growth.

Knitting Machines Imports

Imports into Sri Lanka

In 2021, imports of knitting machineses into Sri Lanka fell to X units, reducing by -8.3% on 2020. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 218% against the previous year. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, knitting machines imports reached $X in 2021. Over the period under review, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 365% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest knitting machines supplier to Sri Lanka, with a 51% share of total imports. Moreover, knitting machines imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), fourfold. The third position in this ranking was taken by Switzerland (X units), with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+25.1% per year) and Switzerland (+3.4% per year).

In value terms, Japan ($X), China ($X) and Switzerland ($X) appeared to be the largest knitting machines suppliers to Sri Lanka, with a combined 59% share of total imports. Thailand, India, Germany, Taiwan (Chinese) and South Korea lagged somewhat behind, together accounting for a further 5.5%.

India, with a CAGR of +23.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average knitting machines import price amounted to $X per unit, increasing by 9.8% against the previous year. In general, the import price posted strong growth. The growth pace was the most rapid in 2018 when the average import price increased by 88% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+15.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform