Sri Lanka: Market for Machine Tools For Working Metal Without Removing Metal 2024

Market Size for Machine Tools For Working Metal Without Removing Metal in Sri Lanka

In 2021, after three years of decline, there was significant growth in the Sri Lankan machine tool for metal market, when its value increased by 897% to $X. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Exports of Machine Tools For Working Metal Without Removing Metal

Exports from Sri Lanka

In 2021, overseas shipments of machine tools for working metal without removing metal increased by 63% to X units, rising for the second year in a row after two years of decline. Over the period under review, exports showed prominent growth. The most prominent rate of growth was recorded in 2014 with an increase of 650%. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, machine tool for metal exports dropped notably to $X in 2021. In general, exports, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2014 with an increase of 528%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

India (X units) was the main destination for machine tool for metal exports from Sri Lanka, accounting for a 54% share of total exports. Moreover, machine tool for metal exports to India exceeded the volume sent to the second major destination, Kenya (X units), twofold. The third position in this ranking was taken by Haiti (X units), with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to India totaled +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (-35.2% per year) and Haiti (0.0% per year).

In value terms, the largest markets for machine tool for metal exported from Sri Lanka were the UK ($X), India ($X) and Kenya ($X), with a combined 99% share of total exports.

Among the main countries of destination, the UK, with a CAGR of +24.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average machine tool for metal export price amounted to $X per unit, declining by -50.2% against the previous year. Over the period under review, the export price continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2018 an increase of 205% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the UK ($X per unit), while the average price for exports to Haiti ($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 Maldives (+47.5%), while the prices for the other major destinations experienced a decline.

Imports of Machine Tools For Working Metal Without Removing Metal

Imports into Sri Lanka

After three years of decline, supplies from abroad of machine tools for working metal without removing metal increased by 719% to X units in 2021. In general, imports, however, showed a relatively flat trend pattern. Imports peaked at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, machine tool for metal imports soared to $X in 2021. Overall, imports saw slight growth. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of machine tool for metal to Sri Lanka, with a 47% share of total imports. Moreover, machine tool for metal imports from China exceeded the figures recorded by the second-largest supplier, India (X units), twofold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+24.6% per year) and Taiwan (Chinese) (+72.5% per year).

In value terms, the largest machine tool for metal suppliers to Sri Lanka were Italy ($X), China ($X) and Taiwan (Chinese) ($X), together accounting for 65% of total imports.

Italy, with a CAGR of +114.6%, 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 more modest paces of growth.

Import Prices by Country

In 2021, the average machine tool for metal import price amounted to $X per unit, increasing by 28% against the previous year. Overall, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, machine tool for metal import price increased by +42.8% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+19.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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