Sri Lanka: Machinery For Packing Market 2024

Machinery For Packing Market Size in Sri Lanka

The Sri Lankan machinery for packing market declined remarkably to $X in 2022, waning by -20.2% 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). Overall, consumption saw a noticeable slump. Machinery for packing consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Machinery For Packing Exports

Exports from Sri Lanka

In 2022, overseas shipments of machinery for packing or wrapping decreased by -91.6% to X units for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 313% against the previous year. The exports peaked at X units in 2021, and then plummeted in the following year.

In value terms, machinery for packing exports fell dramatically to $X in 2022. Overall, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 270%. Over the period under review, the exports hit record highs at $X in 2021, and then fell rapidly in the following year.

Exports by Country

Malaysia (X units) was the main destination for machinery for packing exports from Sri Lanka, accounting for a 54% share of total exports. Moreover, machinery for packing exports to Malaysia exceeded the volume sent to the second major destination, the United Arab Emirates (X units), twofold. The third position in this ranking was held by India (X units), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia stood at +71.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+78.2% per year) and India (+33.5% per year).

In value terms, Malaysia ($X) emerged as the key foreign market for machinery for packing or wrapping exports from Sri Lanka, comprising 54% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 23% share of total exports. It was followed by India, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Malaysia totaled +113.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+88.2% per year) and India (+41.7% per year).

Export Prices by Country

The average machinery for packing export price stood at $X per unit in 2022, surging by 159% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Myanmar ($X per unit) and the United Arab Emirates ($X per unit), while the average price for exports to Italy ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+34.1%), while the prices for the other major destinations experienced mixed trend patterns.

Machinery For Packing Imports

Imports into Sri Lanka

In 2022, overseas purchases of machinery for packing or wrapping decreased by -28.6% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 75%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, machinery for packing imports plummeted to $X in 2022. In general, imports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 70%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X units), China (X units) and Malaysia (X units) were the main suppliers of machinery for packing imports to Sri Lanka, with a combined 65% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +18.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and Malaysia ($X) appeared to be the largest machinery for packing suppliers to Sri Lanka, together accounting for 65% of total imports.

Malaysia, with a CAGR of +14.9%, 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

The average machinery for packing import price stood at $X per unit in 2022, waning by -9% against the previous year. Overall, the import price continues to indicate a noticeable reduction. The pace of growth was the most pronounced in 2020 an increase of 9.4%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Sweden ($X per unit) and India ($X per unit), while the price for South Korea ($X per unit) and Italy ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :