Sri Lanka: Preserved Mackerel Market 2024

Preserved Mackerel Market Size in Sri Lanka

The Sri Lankan preserved mackerel market dropped rapidly to $X in 2021, waning by -76.9% 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). Over the period under review, consumption continues to indicate a abrupt curtailment. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Preserved Mackerel Exports

Exports from Sri Lanka

In 2021, overseas shipments of mackerel (prepared or preserved) decreased by -41.7% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, saw prominent growth. The pace of growth appeared the most rapid in 2019 when exports increased by 601%. The exports peaked at X tons in 2020, and then fell sharply in the following year.

In value terms, preserved mackerel exports declined markedly to $X in 2021. Over the period under review, exports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 599% against the previous year. The exports peaked at $X in 2020, and then contracted dramatically in the following year.

Exports by Country

China (X tons) was the main destination for preserved mackerel exports from Sri Lanka, accounting for a 66% share of total exports. Moreover, preserved mackerel exports to China exceeded the volume sent to the second major destination, Chile (X tons), twofold. Canada (X tons) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +27.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+32.6% per year) and Canada (+66.9% per year).

In value terms, China ($X) remains the key foreign market for mackerel (prepared or preserved) exports from Sri Lanka, comprising 63% of total exports. The second position in the ranking was held by Chile ($X), with a 28% share of total exports. It was followed by Australia, with a 1.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +27.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+30.1% per year) and Australia (-14.0% per year).

Export Prices by Country

The average preserved mackerel export price stood at $X per ton in 2021, shrinking by -2.6% against the previous year. Overall, the export price recorded a slight setback. The growth pace was the most rapid in 2020 when the average export price increased by 15%. The export price peaked at $X per ton in 2013; however, from 2014 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 South Korea ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Mackerel Imports

Imports into Sri Lanka

In 2021, the amount of mackerel (prepared or preserved) imported into Sri Lanka contracted notably to X tons, which is down by -74.7% against 2020 figures. In general, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2019 with an increase of 339% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, preserved mackerel imports reduced sharply to $X in 2021. Overall, imports showed a deep contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 278%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of preserved mackerel to Sri Lanka, accounting for a 60% share of total imports. Moreover, preserved mackerel imports from China exceeded the figures recorded by the second-largest supplier, Peru (X tons), fivefold. South Africa (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (-7.9% per year) and South Africa (+13.0% per year).

In value terms, Peru ($X), China ($X) and South Africa ($X) were the largest preserved mackerel suppliers to Sri Lanka, with a combined 91% share of total imports.

Among the main suppliers, South Africa, with a CAGR of +6.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average preserved mackerel import price amounted to $X per ton, approximately reflecting the previous year. Overall, the import price recorded a perceptible reduction. The pace of growth appeared the most rapid in 2016 an increase of 14% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 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 Peru ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+10.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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