Sri Lanka: Machine-Tool For Drilling Market 2024

Machine-Tool For Drilling Market Size in Sri Lanka

In 2022, the Sri Lankan machine-tool for drilling market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption recorded a resilient increase. Machine-tool for drilling consumption peaked in 2022 and is likely to continue growth in the near future.

Machine-Tool For Drilling Exports

Exports from Sri Lanka

In 2022, machine-tool for drilling exports from Sri Lanka declined to X units, falling by -8.2% against the year before. Overall, exports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2017 when exports increased by 705%. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, machine-tool for drilling exports contracted remarkably to $X in 2022. Over the period under review, exports showed a deep contraction. The pace of growth was the most pronounced in 2015 with an increase of 150%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Singapore (X units) was the main destination for machine-tool for drilling exports from Sri Lanka, accounting for a 69% share of total exports. Moreover, machine-tool for drilling exports to Singapore exceeded the volume sent to the second major destination, Japan (X units), sixfold. The third position in this ranking was taken by India (X units), with an 8.9% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore totaled +46.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+5.2% per year) and India (-6.7% per year).

In value terms, India ($X) remains the key foreign market for machine-tools for drilling, boring or milling metal exports from Sri Lanka, comprising 72% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by the UK, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value to India was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.3% per year) and the UK (-1.3% per year).

Export Prices by Country

In 2022, the average machine-tool for drilling export price amounted to $X per unit, waning by -9.2% against the previous year. Overall, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 1,148%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Singapore ($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 India (+6.6%), while the prices for the other major destinations experienced a decline.

Machine-Tool For Drilling Imports

Imports into Sri Lanka

In 2022, overseas purchases of machine-tools for drilling, boring or milling metal increased by 262% to X units for the first time since 2019, thus ending a two-year declining trend. In general, imports posted a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, machine-tool for drilling imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest machine-tool for drilling supplier to Sri Lanka, with a 85% share of total imports. Moreover, machine-tool for drilling imports from China exceeded the figures recorded by the second-largest supplier, the UK (X units), more than tenfold. Japan (X units) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+38.6% per year) and Japan (+13.2% per year).

In value terms, China ($X) constituted the largest supplier of machine-tools for drilling, boring or milling metal to Sri Lanka, comprising 62% of total imports. The second position in the ranking was taken by the UK ($X), with a 15% share of total imports. It was followed by Japan, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+17.8% per year) and Japan (-7.8% per year).

Import Prices by Country

The average machine-tool for drilling import price stood at $X per unit in 2022, declining by -56.4% against the previous year. Overall, the import price recorded a abrupt descent. The growth pace was the most rapid in 2017 an increase of 261% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-4.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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