Sri Lanka: Market for Other Synthetic Organic Colouring Matters 2024

Market Size for Other Synthetic Organic Colouring Matters in Sri Lanka

The Sri Lankan synthetic organic colouring matters market fell dramatically to $X in 2022, with a decrease of -20.4% 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, however, posted notable growth. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Exports of Other Synthetic Organic Colouring Matters

Exports from Sri Lanka

In 2022, shipments abroad of other synthetic organic colouring matters increased by 63% to X tons, rising for the third consecutive year after five years of decline. In general, exports saw temperate growth. The most prominent rate of growth was recorded in 2020 when exports increased by 227% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in years to come.

In value terms, synthetic organic colouring matters exports surged to $X in 2022. Over the period under review, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2020 when exports increased by 288% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Bangladesh (X tons) was the main destination for synthetic organic colouring matters exports from Sri Lanka, accounting for a 66% share of total exports. Moreover, synthetic organic colouring matters exports to Bangladesh exceeded the volume sent to the second major destination, India (X tons), fivefold. The third position in this ranking was held by Pakistan (X tons), with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Bangladesh stood at +1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+31.2% per year) and Pakistan (+26.2% per year).

In value terms, Bangladesh ($X) remains the key foreign market for other synthetic organic colouring matters exports from Sri Lanka, comprising 70% of total exports. The second position in the ranking was held by India ($X), with a 17% share of total exports. It was followed by Pakistan, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bangladesh amounted to +10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+26.3% per year) and Pakistan (+33.8% per year).

Export Prices by Country

In 2022, the average synthetic organic colouring matters export price amounted to $X per ton, increasing by 16% against the previous year. Over the period under review, the export price enjoyed a strong expansion. The pace of growth appeared the most rapid in 2019 when the average export price increased by 28%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Saudi Arabia ($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 Saudi Arabia (+45.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Other Synthetic Organic Colouring Matters

Imports into Sri Lanka

In 2022, the amount of other synthetic organic colouring matters imported into Sri Lanka reduced markedly to X tons, with a decrease of -19.2% compared with the year before. Overall, imports, however, recorded a measured expansion. The pace of growth was the most pronounced in 2018 with an increase of 183%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic organic colouring matters imports reduced to $X in 2022. The total import value increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 33%. As a result, imports reached the peak of $X, and then fell slightly in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest synthetic organic colouring matters supplier to Sri Lanka, with a 44% share of total imports. Moreover, synthetic organic colouring matters imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by Italy (X tons), with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.8% per year) and Italy (+39.2% per year).

In value terms, India ($X) constituted the largest supplier of other synthetic organic colouring matters to Sri Lanka, comprising 41% of total imports. The second position in the ranking was taken by China ($X), with a 20% share of total imports. It was followed by Italy, with a 7.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +15.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+2.6% per year) and Italy (+32.1% per year).

Import Prices by Country

The average synthetic organic colouring matters import price stood at $X per ton in 2022, increasing by 18% against the previous year. In general, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, synthetic organic colouring matters import price increased by +222.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 149%. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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