Sri Lanka: Market for Machine-Tools For Working Any Material By Removal Of Material 2024

Market Size for Machine-Tools For Working Any Material By Removal Of Material in Sri Lanka

The Sri Lankan machine-tool for removing material market expanded sharply to $X in 2021, surging by 8% 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). In general, consumption recorded a significant expansion. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Exports of Machine-Tools For Working Any Material By Removal Of Material

Exports from Sri Lanka

Machine-tool for removing material exports from Sri Lanka rose modestly to X units in 2021, growing by 3.1% compared with the previous year. Overall, exports showed a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 497%. As a result, the exports reached the peak of X units. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, machine-tool for removing material exports fell markedly to $X in 2021. Over the period under review, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 1,564%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Singapore (X units) was the main destination for machine-tool for removing material exports from Sri Lanka, with a 82% share of total exports. Moreover, machine-tool for removing material exports to Singapore exceeded the volume sent to the second major destination, India (X units), more than tenfold. Indonesia (X units) ranked third in terms of total exports with a 3% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore amounted to +45.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-19.4% per year) and Indonesia (0.0% per year).

In value terms, Singapore ($X), Indonesia ($X) and France ($X) constituted the largest markets for machine-tool for removing material exported from Sri Lanka worldwide, with a combined 38% share of total exports. Kenya, Bangladesh, India and the United Arab Emirates lagged somewhat behind, together accounting for a further 12%.

Kenya, with a CAGR of +82.4%, recorded the highest rates of growth with regard to 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 2021, the average machine-tool for removing material export price amounted to $X per unit, declining by -52.6% against the previous year. Overall, the export price saw a abrupt downturn. The most prominent rate of growth was recorded in 2019 when the average export price increased by 175%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2021, 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 Indonesia ($X per unit), while the average price for exports to the United Arab Emirates ($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 Kenya (+82.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Any Material By Removal Of Material

Imports into Sri Lanka

In 2021, approx. X units of machine-tools for working any material by removal of material were imported into Sri Lanka; jumping by 46% against the previous year's figure. Over the period under review, imports recorded a significant increase. The growth pace was the most rapid in 2014 with an increase of 167% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, machine-tool for removing material imports shrank to $X in 2021. Overall, imports posted a significant increase. The growth pace was the most rapid in 2014 when imports increased by 159%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of machine-tool for removing material to Sri Lanka, accounting for a 68% share of total imports. Moreover, machine-tool for removing material imports from China exceeded the figures recorded by the second-largest supplier, Austria (X units), threefold. The third position in this ranking was held by Turkey (X units), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +27.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+99.2% per year) and Turkey (+57.9% per year).

In value terms, China ($X) constituted the largest supplier of machine-tools for working any material by removal of material to Sri Lanka, comprising 36% of total imports. The second position in the ranking was held by Turkey ($X), with an 18% share of total imports. It was followed by Austria, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +29.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+122.4% per year) and Austria (+61.6% per year).

Import Prices by Country

In 2021, the average machine-tool for removing material import price amounted to $X per unit, reducing by -40.4% against the previous year. Over the period under review, the import price showed a perceptible slump. The pace of growth was the most pronounced in 2013 an increase of 35%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+46.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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