Sri Lanka: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in Sri Lanka

The Sri Lankan phosphoric acid market dropped slightly to $X in 2022, flattening at 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). Over the period under review, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +1.5% against 2020 indices. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Phosphoric Acid Exports

Exports from Sri Lanka

In 2022, phosphoric acid exports from Sri Lanka reduced to X kg, falling by -5.2% compared with the previous year. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when exports increased by 12% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, phosphoric acid exports reduced slightly to $X in 2022. In general, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 7%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Maldives (X kg) was the main destination for phosphoric acid exports from Sri Lanka, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives stood at +19.0%.

In value terms, Maldives ($X) also remains the key foreign market for phosphoric acid and polyphosphoric acids exports from Sri Lanka.

From 2012 to 2022, the average annual growth rate of value to Maldives totaled +33.2%.

Export Prices by Country

The average phosphoric acid export price stood at $X per ton in 2022, picking up by 1.9% against the previous year. Over the period under review, the export price enjoyed prominent growth. The pace of growth was the most pronounced in 2018 when the average export price increased by 28% against the previous year. The export price peaked at $X per ton in 2020; afterwards, it flattened through to 2022.

As there is only one major export destination, the average price level is determined by prices for Maldives.

From 2012 to 2022, the rate of growth in terms of prices for Maldives amounted to +11.9% per year.

Phosphoric Acid Imports

Imports into Sri Lanka

In 2022, the amount of phosphoric acid and polyphosphoric acids imported into Sri Lanka fell modestly to X tons, waning by -2.5% against the previous year. Overall, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +2.6% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by 42% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, phosphoric acid imports declined slightly to $X in 2022. Over the period under review, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -2.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 47% against the previous year. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest phosphoric acid supplier to Sri Lanka, with a 45% share of total imports. Moreover, phosphoric acid imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was held by South Korea (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+19.8% per year) and South Korea (+2.8% per year).

In value terms, China ($X) constituted the largest supplier of phosphoric acid and polyphosphoric acids to Sri Lanka, comprising 58% of total imports. The second position in the ranking was taken by India ($X), with an 11% share of total imports. It was followed by Taiwan (Chinese), with an 8.6% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+1.7% per year) and Taiwan (Chinese) (+10.9% per year).

Import Prices by Country

The average phosphoric acid import price stood at $X per ton in 2022, increasing by 1.6% against the previous year. Overall, the import price, however, continues to indicate a perceptible setback. The pace of growth appeared the most rapid in 2019 an increase of 14% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, 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 Belgium ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :