Sri Lanka: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Sri Lanka

The Sri Lankan needle roller bearing market surged to $X in 2021, picking up by 57% 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). In general, consumption showed buoyant growth. Needle roller bearing consumption peaked in 2021 and is expected to retain growth in the immediate term.

Needle Roller Bearing Exports

Exports from Sri Lanka

In 2021, overseas shipments of needle roller bearings decreased by -47.3% to X kg, falling for the second consecutive year after three years of growth. Overall, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of 307% against the previous year. As a result, the exports reached the peak of X kg. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, needle roller bearing exports declined remarkably to $X in 2021. Over the period under review, exports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2019 when exports increased by 349%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Maldives (X kg) was the main destination for needle roller bearing exports from Sri Lanka, accounting for a 69% share of total exports. Moreover, needle roller bearing exports to Maldives exceeded the volume sent to the second major destination, Morocco (X kg), ninefold. Argentina (X kg) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives amounted to +48.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Morocco (-7.2% per year) and Argentina (+10.7% per year).

In value terms, Maldives ($X) emerged as the key foreign market for needle roller bearing exports from Sri Lanka, comprising 61% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 20% share of total exports. It was followed by Morocco, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Maldives stood at +53.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+23.3% per year) and Morocco (-11.4% per year).

Export Prices by Country

In 2021, the average needle roller bearing export price amounted to $X per ton, rising by 5.8% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced curtailment. The growth pace was the most rapid in 2019 an increase of 11% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Argentina ($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 the Dominican Republic (+21.0%), while the prices for the other major destinations experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports into Sri Lanka

In 2021, approx. X tons of needle roller bearings were imported into Sri Lanka; with an increase of 56% against the year before. Over the period under review, imports posted a prominent increase. The growth pace was the most rapid in 2019 when imports increased by 79% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, needle roller bearing imports surged to $X in 2021. Overall, imports recorded a remarkable increase. The pace of growth appeared the most rapid in 2019 with an increase of 55%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, India (X tons) constituted the largest needle roller bearing supplier to Sri Lanka, with a 59% share of total imports. Moreover, needle roller bearing imports from India exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by China (X tons), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from India amounted to +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+21.3% per year) and China (+27.6% per year).

In value terms, India ($X) constituted the largest supplier of needle roller bearing to Sri Lanka, comprising 59% of total imports. The second position in the ranking was taken by Germany ($X), with a 17% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from India totaled +16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+23.9% per year) and China (+30.3% per year).

Import Prices by Country

The average needle roller bearing import price stood at $X per ton in 2021, almost unchanged from the previous year. In general, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, needle roller bearing import price decreased by -14.1% against 2018 indices. The growth pace was the most rapid in 2018 when the average import price increased by 90% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 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 the United Arab Emirates ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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