Sri Lanka: Market for Non-Numerically Controlled Drilling Machines For Working Metal 2024

Market Size for Non-Numerically Controlled Drilling Machines For Working Metal in Sri Lanka

In 2021, the Sri Lankan non-numerically controlled drilling machine market increased by 211% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption posted a strong expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Non-Numerically Controlled Drilling Machines For Working Metal

Exports from Sri Lanka

For the fourth year in a row, Sri Lanka recorded decline in shipments abroad of non-numerically controlled drilling machines for working metal, which decreased by -74.2% to X kg in 2021. Over the period under review, exports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 1,034% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, non-numerically controlled drilling machine exports declined sharply to $X in 2021. Overall, exports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2014 when exports increased by 754% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X kg) was the main destination for non-numerically controlled drilling machine exports from Sri Lanka, accounting for a 61% share of total exports. Moreover, non-numerically controlled drilling machine exports to Thailand exceeded the volume sent to the second major destination, Maldives (X kg), threefold. Rwanda (X kg) ranked third in terms of total exports with a 9% share.

From 2012 to 2021, the average annual growth rate of volume to Thailand totaled +64.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+50.2% per year) and Rwanda (0.0% per year).

In value terms, Thailand ($X) remains the key foreign market for non-numerically controlled drilling machines for working metal exports from Sri Lanka, comprising 53% of total exports. The second position in the ranking was held by India ($X), with a 15% share of total exports. It was followed by Maldives, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at +66.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+48.0% per year) and Maldives (+44.9% per year).

Export Prices by Country

The average non-numerically controlled drilling machine export price stood at $X per ton in 2021, surging by 69% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 154% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Maldives ($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 India (+7.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Non-Numerically Controlled Drilling Machines For Working Metal

Imports into Sri Lanka

In 2021, the amount of non-numerically controlled drilling machines for working metal imported into Sri Lanka skyrocketed to X tons, increasing by 275% on the previous year. Overall, imports saw a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-numerically controlled drilling machine imports soared to $X in 2021. In general, imports continue to indicate a strong expansion. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), France (X tons) and Japan (X tons) were the main suppliers of non-numerically controlled drilling machine imports to Sri Lanka, together accounting for 71% of total imports. These countries were followed by Hong Kong SAR, the UK, South Korea and Italy, which together accounted for a further 18%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +51.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-numerically controlled drilling machine suppliers to Sri Lanka were China ($X), France ($X) and the UK ($X), with a combined 69% share of total imports. Japan, Hong Kong SAR, Italy and South Korea lagged somewhat behind, together accounting for a further 15%.

Hong Kong SAR, with a CAGR of +34.9%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average non-numerically controlled drilling machine import price stood at $X per ton in 2021, shrinking by -36.5% against the previous year. Overall, the import price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when the average import price increased by 52%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+10.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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