Sri Lanka: Lock And Key Market 2025

Lock And Key Market Size in Sri Lanka

The Sri Lankan lock and key market shrank significantly to $X in 2021, falling by -17.4% 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, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Lock and key consumption peaked at $X in 2020, and then fell sharply in the following year.

Lock And Key Exports

Exports from Sri Lanka

In 2021, overseas shipments of padlocks, locks and keys of base metal were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports enjoyed a buoyant expansion. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, lock and key exports skyrocketed to $X in 2021. Overall, exports saw a remarkable increase. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons) was the main destination for lock and key exports from Sri Lanka, with a 58% share of total exports. Moreover, lock and key exports to Germany exceeded the volume sent to the second major destination, Maldives (X tons), fourfold. Bangladesh (X tons) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+38.7% per year) and Bangladesh (+41.1% per year).

In value terms, Germany ($X) remains the key foreign market for padlocks, locks and keys of base metal exports from Sri Lanka, comprising 48% of total exports. The second position in the ranking was taken by Bangladesh ($X), with a 17% share of total exports. It was followed by Maldives, with a 15% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+41.5% per year) and Maldives (+45.6% per year).

Export Prices by Country

In 2021, the average lock and key export price amounted to $X per ton, shrinking by -12.6% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, lock and key export price decreased by -27.9% against 2019 indices. The pace of growth appeared the most rapid in 2018 an increase of 46%. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to China ($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 Tanzania (+41.8%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Sri Lanka

Lock and key imports into Sri Lanka dropped to X tons in 2021, falling by -12.4% compared with the previous year. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +12.2% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 45%. Over the period under review, imports reached the peak figure at X tons in 2020, and then fell in the following year.

In value terms, lock and key imports reduced dramatically to $X in 2021. Overall, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 37%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest lock and key supplier to Sri Lanka, accounting for a 72% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), sixfold. Malaysia (X tons) ranked third in terms of total imports with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.7% per year) and Malaysia (+26.1% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to Sri Lanka, comprising 66% of total imports. The second position in the ranking was taken by India ($X), with a 15% share of total imports. It was followed by Thailand, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+7.7% per year) and Thailand (-2.8% per year).

Import Prices by Country

In 2021, the average lock and key import price amounted to $X per ton, waning by -3.7% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 36% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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