Sri Lanka: Metal Office Furniture Market 2024

Metal Office Furniture Market Size in Sri Lanka

For the fourth consecutive year, the Sri Lankan metal office furniture market recorded decline in sales value, which decreased by -24.7% to $X in 2022. Overall, consumption continues to indicate a abrupt decrease. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Metal Office Furniture Exports

Exports from Sri Lanka

Metal office furniture exports from Sri Lanka skyrocketed to X tons in 2022, rising by 65% compared with 2021 figures. Overall, exports, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2019 with an increase of 110%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal office furniture exports skyrocketed to $X in 2022. In general, exports, however, showed a abrupt setback. The pace of growth was the most pronounced in 2019 with an increase of 138% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Maldives (X tons) was the main destination for metal office furniture exports from Sri Lanka, accounting for a 58% share of total exports. Moreover, metal office furniture exports to Maldives exceeded the volume sent to the second major destination, Seychelles (X tons), threefold. The third position in this ranking was taken by the Dominican Republic (X tons), with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives stood at -10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Seychelles (+12.4% per year) and the Dominican Republic (0.0% per year).

In value terms, Maldives ($X) remains the key foreign market for metal office furniture exports from Sri Lanka, comprising 73% of total exports. The second position in the ranking was taken by Seychelles ($X), with an 18% share of total exports. It was followed by India, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives stood at -5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Seychelles (+12.5% per year) and India (+31.4% per year).

Export Prices by Country

In 2022, the average metal office furniture export price amounted to $X per ton, surging by 37% against the previous year. Overall, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, metal office furniture export price increased by +54.9% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+32.0%), while the prices for the other major destinations experienced more modest paces of growth.

Metal Office Furniture Imports

Imports into Sri Lanka

After three years of decline, overseas purchases of metal office furniture increased by 4.7% to X tons in 2022. In general, imports, however, saw a deep setback. The pace of growth appeared the most rapid in 2016 when imports increased by 165% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, metal office furniture imports dropped remarkably to $X in 2022. Overall, imports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 124%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), the UK (X tons) and South Korea (X tons) were the main suppliers of metal office furniture imports to Sri Lanka, together comprising 79% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +15.2%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of metal office furniture to Sri Lanka, comprising 53% of total imports. The second position in the ranking was taken by the UK ($X), with a 20% share of total imports. It was followed by India, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+8.9% per year) and India (-7.1% per year).

Import Prices by Country

In 2022, the average metal office furniture import price amounted to $X per ton, declining by -34.3% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 73%. As a result, import price reached the peak level of $X per ton, and then reduced rapidly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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