Sri Lanka: Grinding Machine Market 2024

Grinding Machine Market Size in Sri Lanka

The Sri Lankan grinding machine market skyrocketed to $X in 2021, picking up by 68% 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 mild expansion. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Grinding Machine Exports

Exports from Sri Lanka

Grinding machine exports from Sri Lanka skyrocketed to X units in 2021, with an increase of 100% on 2020. Overall, exports posted significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 569% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

In value terms, grinding machine exports stood at $X in 2021. In general, exports showed a resilient expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 720% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

India (X units) was the main destination for grinding machine exports from Sri Lanka, accounting for a 73% share of total exports. Moreover, grinding machine exports to India exceeded the volume sent to the second major destination, Taiwan (Chinese) (X units), threefold. Switzerland (X units) ranked third in terms of total exports with a 1.5% share.

From 2012 to 2021, the average annual growth rate of volume to India totaled +57.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+41.9% per year) and Switzerland (0.0% per year).

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for machines having individual functions, for mixing, kneading, crushing or grinding exports from Sri Lanka, comprising 87% of total exports. The second position in the ranking was held by India ($X), with a 13% share of total exports. It was followed by the UK, with a 0.2% share.

From 2012 to 2021, the average annual growth rate of value to Taiwan (Chinese) totaled +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+17.5% per year) and the UK (-51.9% per year).

Export Prices by Country

The average grinding machine export price stood at $X per unit in 2021, with a decrease of -43.7% against the previous year. Overall, the export price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 an increase of 245% 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 remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Taiwan (Chinese) ($X per unit), while the average price for exports to Switzerland ($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 (+90.1%), while the prices for the other major destinations experienced mixed trend patterns.

Grinding Machine Imports

Imports into Sri Lanka

In 2021, approx. X units of machines having individual functions, for mixing, kneading, crushing or grinding were imported into Sri Lanka; rising by 57% on the previous year. Over the period under review, imports, however, continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2017 with an increase of 113% against the previous year. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, grinding machine imports surged to $X in 2021. Overall, imports posted a pronounced expansion. The growth pace was the most rapid in 2017 when imports increased by 237% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest grinding machine supplier to Sri Lanka, with a 66% share of total imports. Moreover, grinding machine imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fivefold. The third position in this ranking was taken by Canada (X units), with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-12.5% per year) and Canada (+67.6% per year).

In value terms, China ($X) constituted the largest supplier of machines having individual functions, for mixing, kneading, crushing or grinding to Sri Lanka, comprising 45% of total imports. The second position in the ranking was taken by India ($X), with a 16% share of total imports. It was followed by Germany, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-1.9% per year) and Germany (+2.1% per year).

Import Prices by Country

The average grinding machine import price stood at $X per unit in 2021, rising by 13% against the previous year. Overall, the import price enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2017 an increase of 58%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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