Sri Lanka: Knotted Carpet Market 2024

Knotted Carpet Market Size in Sri Lanka

The Sri Lankan knotted carpet market rose remarkably to $X in 2022, increasing by 5.3% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. Knotted carpet consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Knotted Carpet Production in Sri Lanka

In value terms, knotted carpet production expanded markedly to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24%. Knotted carpet production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Knotted Carpet Exports

Exports from Sri Lanka

In 2022, shipments abroad of knotted carpets and other knotted textile floor coverings was finally on the rise to reach X square meters after three years of decline. In general, exports recorded a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 254%. Over the period under review, the exports attained the maximum at X square meters in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, knotted carpet exports surged to $X in 2022. Overall, exports posted strong growth. The most prominent rate of growth was recorded in 2016 when exports increased by 643% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Australia (X square meters), Germany (X square meters) and India (X square meters) were the main destinations of knotted carpet exports from Sri Lanka, together comprising 92% of total exports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +77.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Australia ($X) and India ($X) appeared to be the largest markets for knotted carpet exported from Sri Lanka worldwide, with a combined 89% share of total exports.

Australia, with a CAGR of +57.1%, recorded the highest growth rate of the value of exports, in terms of 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

In 2022, the average knotted carpet export price amounted to $X per square meter, which is down by -28% against the previous year. Overall, the export price recorded a perceptible decrease. The most prominent rate of growth was recorded in 2016 an increase of 110% against the previous year. As a result, the export price attained the peak level of $X per square meter. From 2017 to 2022, the average export prices remained at a somewhat 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 India ($X per square meter), while the average price for exports to Australia ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+38.4%), while the prices for the other major destinations experienced more modest paces of growth.

Knotted Carpet Imports

Imports into Sri Lanka

In 2022, purchases abroad of knotted carpets and other knotted textile floor coverings was finally on the rise to reach X square meters for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 354%. As a result, imports reached the peak of X square meters. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, knotted carpet imports fell sharply to $X in 2022. In general, imports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 169%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X square meters) was the main supplier of knotted carpet to Sri Lanka, accounting for a 92% share of total imports. Moreover, knotted carpet imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X square meters), more than tenfold. India (X square meters) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+20.7% per year) and India (-27.1% per year).

In value terms, the largest knotted carpet suppliers to Sri Lanka were China ($X), India ($X) and Hong Kong SAR ($X), together accounting for 94% of total imports. Singapore and Japan lagged somewhat behind, together accounting for a further 3.1%.

In terms of the main suppliers, Singapore, with a CAGR of +1.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average knotted carpet import price stood at $X per square meter in 2022, with a decrease of -70.4% against the previous year. Overall, the import price continues to indicate a abrupt setback. The growth pace was the most rapid in 2018 an increase of 106% against the previous year. The import price peaked at $X per square meter in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Hong Kong SAR ($X per square meter), while the price for China ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+27.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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