Sri Lanka: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Sri Lanka

In 2021, the Sri Lankan mechanical shovel and excavator market increased by 146% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption saw a measured expansion. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from Sri Lanka

In 2021, shipments abroad of mechanical shovels, excavators and shovel loaders was finally on the rise to reach X units after four years of decline. Over the period under review, exports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 239%. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, mechanical shovel and excavator exports dropped markedly to $X in 2021. Overall, exports, however, showed a deep setback. The most prominent rate of growth was recorded in 2014 with an increase of 127% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

India (X units), Japan (X units) and the Philippines (X units) were the main destinations of mechanical shovel and excavator exports from Sri Lanka, together comprising 50% of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +8.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for mechanical shovel and excavator exported from Sri Lanka were Maldives ($X), Japan ($X) and India ($X), together comprising 54% of total exports. These countries were followed by the United Arab Emirates, Indonesia, Singapore, Uganda, the Philippines, Bangladesh and Ghana, which together accounted for a further 34%.

Among the main countries of destination, the Philippines, with a CAGR of +6.7%, saw the highest rates of growth with regard to 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

The average mechanical shovel and excavator export price stood at $X per unit in 2021, with a decrease of -35.1% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 51% against the previous year. As a result, the export price attained the peak level of $X per unit, and then shrank notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to Bangladesh ($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 Ghana (+27.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into Sri Lanka

In 2021, supplies from abroad of mechanical shovels, excavators and shovel loaders increased by 128% to X units, rising for the second consecutive year after two years of decline. Overall, imports saw a buoyant expansion. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, mechanical shovel and excavator imports soared to $X in 2021. Over the period under review, imports saw a perceptible expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X units) constituted the largest mechanical shovel and excavator supplier to Sri Lanka, with a 66% share of total imports. Moreover, mechanical shovel and excavator imports from Japan exceeded the figures recorded by the second-largest supplier, the UK (X units), eightfold. The third position in this ranking was taken by China (X units), with a 6.7% share.

From 2012 to 2021, the average annual growth rate of volume from Japan totaled +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-3.1% per year) and China (+40.8% per year).

In value terms, Japan ($X) constituted the largest supplier of mechanical shovels, excavators and shovel loaders to Sri Lanka, comprising 36% of total imports. The second position in the ranking was held by Thailand ($X), with a 14% share of total imports. It was followed by the UK, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+14.7% per year) and the UK (-5.7% per year).

Import Prices by Country

The average mechanical shovel and excavator import price stood at $X per unit in 2021, increasing by 16% against the previous year. Over the period under review, the import price, however, recorded a pronounced descent. The pace of growth was the most pronounced in 2018 when the average import price increased by 64% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+30.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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