Sri Lanka: Market for Nets of Twine, Cordage, Rope or Textile Materials 2024

Market Size for Nets of Twine, Cordage, Rope or Textile Materials in Sri Lanka

In 2022, the Sri Lankan market for nets of twine, cordage, rope or textile materials decreased by -30.2% to $X, falling for the second consecutive year after two years of growth. Overall, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -46.1% against 2020 indices. Twine, cordage or textile net consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Nets of Twine, Cordage, Rope or Textile Materials in Sri Lanka

In value terms, twine, cordage or textile net production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a remarkable increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 32% against the previous year. Twine, cordage or textile net production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Nets of Twine, Cordage, Rope or Textile Materials

Exports from Sri Lanka

In 2022, the amount of nets of twine, cordage, rope or textile materials exported from Sri Lanka skyrocketed to X tons, with an increase of 28% compared with the year before. Overall, exports posted strong growth. The pace of growth was the most pronounced in 2021 when exports increased by 97% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, twine, cordage or textile net exports soared to $X in 2022. In general, exports recorded a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons), Belgium (X tons) and the United States (X tons) were the main destinations of twine, cordage or textile net exports from Sri Lanka, with a combined 48% share of total exports. The UK, the Netherlands, Turkey, Singapore, Qatar, Germany, Thailand, Taiwan (Chinese), Japan and South Korea lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +55.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Belgium ($X) and Hong Kong SAR ($X) constituted the largest markets for twine, cordage or textile net exported from Sri Lanka worldwide, together accounting for 53% of total exports.

Among the main countries of destination, Belgium, with a CAGR of +61.9%, recorded 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

In 2022, the average export price for nets of twine, cordage, rope or textile materials amounted to $X per ton, rising by 39% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Qatar ($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 Germany (+11.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Nets of Twine, Cordage, Rope or Textile Materials

Imports into Sri Lanka

In 2022, approx. X tons of nets of twine, cordage, rope or textile materials were imported into Sri Lanka; declining by -63.8% against the previous year. Over the period under review, imports saw a abrupt descent. The pace of growth was the most pronounced in 2017 when imports increased by 527% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, twine, cordage or textile net imports dropped dramatically to $X in 2022. Overall, imports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2017 with an increase of 557%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest twine, cordage or textile net supplier to Sri Lanka, with a 77% share of total imports. Moreover, twine, cordage or textile net imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold. The third position in this ranking was taken by the Netherlands (X tons), with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+5.6% per year) and the Netherlands (+54.9% per year).

In value terms, China ($X) constituted the largest supplier of nets of twine, cordage, rope or textile materials to Sri Lanka, comprising 56% of total imports. The second position in the ranking was taken by India ($X), with a 22% share of total imports. It was followed by Italy, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+16.7% per year) and Italy (-2.4% per year).

Import Prices by Country

The average import price for nets of twine, cordage, rope or textile materials stood at $X per ton in 2022, which is down by -36% against the previous year. Overall, the import price recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2014 when the average import price increased by 18%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the Netherlands ($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 (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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