Sri Lanka: Market for Machine-Tools For Working Wood 2024

Market Size for Machine-Tools For Working Wood in Sri Lanka

In 2021, after three years of decline, there was significant growth in the Sri Lankan machine-tool for working wood market, when its value increased by 72% to $X. Over the period under review, consumption, however, saw a slight decrease. 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 Wood

Exports from Sri Lanka

In 2021, shipments abroad of machine-tools for working wood decreased by -81.8% to X kg, falling for the second year in a row after three years of growth. Over the period under review, exports showed a precipitous setback. The pace of growth appeared the most rapid in 2014 when exports increased by 135%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, machine-tool for working wood exports declined remarkably to $X in 2021. Overall, exports continue to indicate a sharp decline. The pace of growth was the most pronounced in 2014 when exports increased by 157% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Oman (X kg) was the main destination for machine-tool for working wood exports from Sri Lanka, accounting for a 70% share of total exports. Moreover, machine-tool for working wood exports to Oman exceeded the volume sent to the second major destination, Bangladesh (X kg), twofold.

From 2012 to 2021, the average annual growth rate of volume to Oman amounted to -12.9%.

In value terms, Oman ($X) remains the key foreign market for machine-tools for working wood exports from Sri Lanka, comprising 72% of total exports. The second position in the ranking was held by Bangladesh ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Oman amounted to -8.2%.

Export Prices by Country

In 2021, the average machine-tool for working wood export price amounted to $X per ton, surging by 56% against the previous year. Over the period under review, export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Bangladesh amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+58.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Wood

Imports into Sri Lanka

In 2021, after three years of decline, there was significant growth in overseas purchases of machine-tools for working wood, when their volume increased by 86% to X tons. In general, imports saw a relatively flat trend pattern. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, machine-tool for working wood imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a slight curtailment. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of machine-tool for working wood to Sri Lanka, accounting for a 49% share of total imports. Moreover, machine-tool for working wood imports from China exceeded the figures recorded by the second-largest supplier, Poland (X tons), twofold. India (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+0.8% per year) and India (+13.8% per year).

In value terms, China ($X) constituted the largest supplier of machine-tools for working wood to Sri Lanka, comprising 54% of total imports. The second position in the ranking was held by Poland ($X), with a 20% share of total imports. It was followed by India, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-0.2% per year) and India (+9.1% per year).

Import Prices by Country

In 2021, the average machine-tool for working wood import price amounted to $X per ton, dropping by -10% against the previous year. Over the period under review, the import price showed a pronounced decrease. The pace of growth was the most pronounced in 2019 an increase of 20%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Germany ($X per ton) and China ($X per ton), while the price for India ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (-0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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