Sri Lanka: Piano Market 2024

Piano Market Size in Sri Lanka

In 2021, the Sri Lankan piano market was finally on the rise to reach $X after four years of decline. In general, consumption, however, continues to indicate a mild decline. Piano consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Piano Exports

Exports from Sri Lanka

In 2021, overseas shipments of pianos and other keyboard stringed musical instruments increased by 43% to X kg for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2018 when exports increased by 616% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, piano exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by 183% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Saudi Arabia (X kg), the UK (X kg) and Australia (X kg) were the main destinations of piano exports from Sri Lanka, together accounting for 84% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saudi Arabia (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, the largest markets for piano exported from Sri Lanka were Australia ($X), the UK ($X) and India ($X), together accounting for 65% of total exports. These countries were followed by Saudi Arabia, the United States and Maldives, which together accounted for a further 14%.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, with a decrease of -9.7% against the previous year. In general, the export price, however, saw a mild increase. The most prominent rate of growth was recorded in 2015 an increase of 107%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, 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 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+19.1%), while the prices for the other major destinations experienced mixed trend patterns.

Piano Imports

Imports into Sri Lanka

Piano imports into Sri Lanka soared to X tons in 2021, picking up by 89% against 2020 figures. Over the period under review, imports, however, continue to indicate a perceptible setback. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, piano imports skyrocketed to $X in 2021. Overall, imports, however, recorded a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest piano supplier to Sri Lanka, accounting for a 23% share of total imports. Moreover, piano imports from Japan exceeded the figures recorded by the second-largest supplier, Sweden (X tons), threefold. The third position in this ranking was taken by Indonesia (X tons), with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to -12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+12.9% per year) and Indonesia (+4.2% per year).

In value terms, Japan ($X) constituted the largest supplier of pianos and other keyboard stringed musical instruments to Sri Lanka, comprising 38% of total imports. The second position in the ranking was held by Indonesia ($X), with a 14% share of total imports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled -4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+14.6% per year) and Malaysia (+4.2% per year).

Import Prices by Country

In 2021, the average piano import price amounted to $X per ton, reducing by -24.8% against the previous year. Over the period under review, import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, piano import price decreased by -31.6% against 2018 indices. The growth pace was the most rapid in 2018 an increase of 65% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Kenya ($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 (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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