Sri Lanka: Market for Machines For Preparing, Weaving And Knitting Textiles 2024

Market Size for Machines For Preparing, Weaving And Knitting Textiles in Sri Lanka

The Sri Lankan market for machines for preparing, weaving and knitting textiles shrank to $X in 2021, remaining stable 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, however, saw resilient growth. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Exports of Machines For Preparing, Weaving And Knitting Textiles

Exports from Sri Lanka

In 2021, approx. X units of machines for preparing, weaving and knitting textiles were exported from Sri Lanka; picking up by 22% against the previous year's figure. Over the period under review, exports posted prominent growth. The pace of growth appeared the most rapid in 2019 when exports increased by 573%. 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, textile weaving and knitting machinery exports amounted to $X in 2021. Overall, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 205%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X units), Italy (X units) and Indonesia (X units) were the main destinations of textile weaving and knitting machinery exports from Sri Lanka, with a combined 49% share of total exports. These countries were followed by the United States, Pakistan, India, Oman and Kenya, which together accounted for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +128.7%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Hong Kong SAR ($X) and Pakistan ($X) constituted the largest markets for textile weaving and knitting machinery exported from Sri Lanka worldwide, together accounting for 66% of total exports. India, the United States, Kenya, Italy, Oman and Vietnam lagged somewhat behind, together accounting for a further 21%.

In terms of the main countries of destination, the United States, with a CAGR of +236.1%, recorded the highest growth rate of the value of exports, 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 export price for machines for preparing, weaving and knitting textiles amounted to $X per unit, with a decrease of -17.4% against the previous year. Overall, export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, textile weaving and knitting machinery export price increased by +20.2% against 2019 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 47%. The export price peaked at $X per unit in 2018; however, from 2019 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 ($X per unit), while the average price for exports to Oman ($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 the United States (+26.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machines For Preparing, Weaving And Knitting Textiles

Imports into Sri Lanka

In 2021, imports of machines for preparing, weaving and knitting textiles into Sri Lanka declined slightly to X units, dropping by -3.5% compared with the previous year's figure. Over the period under review, imports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2013 with an increase of 347%. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, textile weaving and knitting machinery imports amounted to $X in 2021. In general, imports, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 325% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and Italy (X units) were the main suppliers of textile weaving and knitting machinery imports to Sri Lanka, together comprising 91% of total imports. India, Germany and South Korea lagged somewhat behind, together comprising a further 3.4%.

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 +31.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest textile weaving and knitting machinery suppliers to Sri Lanka were Japan ($X), China ($X) and Italy ($X), with a combined 81% share of total imports. These countries were followed by India, Germany and South Korea, which together accounted for a further 4.4%.

In terms of the main suppliers, India, with a CAGR of +18.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for machines for preparing, weaving and knitting textiles stood at $X per unit in 2021, surging by 5.3% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 21%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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