Sri Lanka: Other Chemical Products Market 2024

Other Chemical Products Market Size in Sri Lanka

The Sri Lankan other chemical products market dropped significantly to $X in 2022, which is down by -50.5% 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 recorded a sharp downturn. Other chemical products consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Other Chemical Products Exports

Exports from Sri Lanka

In 2022, after four years of growth, there was significant decline in overseas shipments of other chemical products, when their volume decreased by -7.4% to X tons. Overall, exports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2018 when exports increased by 242%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, other chemical products exports shrank to $X in 2022. Over the period under review, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2018 when exports increased by 231%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

South Korea (X tons) was the main destination for other chemical products exports from Sri Lanka, accounting for a 49% share of total exports. Moreover, other chemical products exports to South Korea exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), threefold. Vietnam (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea stood at +33.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+28.2% per year) and Vietnam (+37.6% per year).

In value terms, South Korea ($X), Vietnam ($X) and Taiwan (Chinese) ($X) were the largest markets for other chemical products exported from Sri Lanka worldwide, with a combined 78% share of total exports.

Taiwan (Chinese), with a CAGR of +45.4%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average other chemical products export price stood at $X per ton in 2022, flattening at the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

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 Vietnam ($X per ton), while the average price for exports to the United Arab Emirates ($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 Taiwan (Chinese) (+13.4%), while the prices for the other major destinations experienced more modest paces of growth.

Other Chemical Products Imports

Imports into Sri Lanka

In 2022, other chemical products imports into Sri Lanka contracted notably to X tons, dropping by -45.2% against 2021 figures. Over the period under review, imports showed a sharp shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 642%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, other chemical products imports reduced rapidly to $X in 2022. Overall, imports faced a precipitous descent. The growth pace was the most rapid in 2021 with an increase of 895% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Vietnam (X tons), India (X tons) and China (X tons) were the main suppliers of other chemical products imports to Sri Lanka, together accounting for 56% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +6.0%), while imports for the other leaders experienced a decline.

In value terms, India ($X) constituted the largest supplier of other chemical products to Sri Lanka, comprising 30% of total imports. The second position in the ranking was held by China ($X), with an 11% share of total imports. It was followed by Egypt, with a 9.5% share.

From 2012 to 2022, the average annual growth rate of value from India stood at -27.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-30.2% per year) and Egypt (-32.0% per year).

Import Prices by Country

The average other chemical products import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Over the period under review, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, other chemical products import price increased by +34.6% against 2020 indices. The growth pace was the most rapid in 2017 when the average import price increased by 41% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

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 Thailand ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+23.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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