Sri Lanka: Public Works Machinery Market 2024

Public Works Machinery Market Size in Sri Lanka

The Sri Lankan public works machinery market skyrocketed to $X in 2021, surging by 16% 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, however, continues to indicate a mild decrease. Public works machinery consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Public Works Machinery Exports

Exports from Sri Lanka

Public works machinery exports from Sri Lanka skyrocketed to X units in 2021, with an increase of 745% on 2020. In general, exports saw significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 9,800% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, public works machinery exports skyrocketed to $X in 2021. Overall, exports recorded a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 39,103%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X units) was the main destination for public works machinery exports from Sri Lanka, accounting for a 81% share of total exports. Moreover, public works machinery exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, the United States (X units), more than tenfold. The third position in this ranking was held by Maldives (X units), with a 3.2% share.

From 2012 to 2021, the average annual growth rate of volume to Taiwan (Chinese) stood at +1,945.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+49.9% per year) and Maldives (-28.3% per year).

In value terms, Taiwan (Chinese) ($X) emerged as the key foreign market for machinery for public works and building exports from Sri Lanka, comprising 81% of total exports. The second position in the ranking was held by Singapore ($X), with a 12% share of total exports. It was followed by the United States, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Taiwan (Chinese) amounted to +240.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+78.8% per year) and the United States (+59.3% per year).

Export Prices by Country

In 2021, the average public works machinery export price amounted to $X per unit, reducing by -18.7% against the previous year. In general, the export price continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2015 an increase of 914% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Maldives ($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 Oman (+85.7%), while the prices for the other major destinations experienced mixed trend patterns.

Public Works Machinery Imports

Imports into Sri Lanka

In 2021, supplies from abroad of machinery for public works and building increased by 31% to X units, rising for the second consecutive year after three years of decline. Overall, imports posted noticeable growth. The pace of growth appeared the most rapid in 2016 when imports increased by 517%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, public works machinery imports surged to $X in 2021. Over the period under review, imports, however, showed a slight descent. The pace of growth was the most pronounced in 2016 when imports increased by 207%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X units), India (X units) and Japan (X units) were the main suppliers of public works machinery imports to Sri Lanka, together accounting for 89% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +37.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest public works machinery suppliers to Sri Lanka were Germany ($X), India ($X) and Japan ($X), together accounting for 56% of total imports. These countries were followed by China, Taiwan (Chinese), Finland and Denmark, which together accounted for a further 16%.

Taiwan (Chinese), with a CAGR of +52.9%, saw the highest growth rate of the value of imports, among 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 public works machinery import price amounted to $X per unit, surging by 22% against the previous year. Overall, the import price, however, continues to indicate a pronounced decline. The growth pace was the most rapid in 2017 an increase of 81%. Over the period under review, average import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+17.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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