Sri Lanka: Non-Electric Pulley Tackle Market 2024

Non-Electric Pulley Tackle Market Size in Sri Lanka

The Sri Lankan non-electric pulley tackle market skyrocketed to $X in 2022, picking up by 22% 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). Over the period under review, consumption showed a remarkable increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Non-Electric Pulley Tackle Exports

Exports from Sri Lanka

In 2022, overseas shipments of pulley tackle and hoists, non-powered by electric motor were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2013 when exports increased by 644% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, non-electric pulley tackle exports surged to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 1,043%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Maldives (X units), Australia (X units) and Singapore (X units) were the main destinations of non-electric pulley tackle exports from Sri Lanka, with a combined 87% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Maldives (with a CAGR of +51.3%), while the other leaders experienced more modest paces of growth.

In value terms, Maldives ($X), the United Arab Emirates ($X) and Australia ($X) were the largest markets for non-electric pulley tackle exported from Sri Lanka worldwide, together accounting for 73% of total exports. India and Singapore lagged somewhat behind, together comprising a further 25%.

Singapore, with a CAGR of +59.6%, saw 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 non-electric pulley tackle export price stood at $X per unit in 2022, waning by -60.3% against the previous year. Over the period under review, the export price saw a abrupt contraction. The growth pace was the most rapid in 2017 an increase of 87%. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Maldives ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+55.7%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Pulley Tackle Imports

Imports into Sri Lanka

Non-electric pulley tackle imports into Sri Lanka soared to X units in 2022, with an increase of 41% on the previous year. In general, imports showed buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 623% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, non-electric pulley tackle imports contracted remarkably to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 189%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of non-electric pulley tackle to Sri Lanka, with a 83% share of total imports. Moreover, non-electric pulley tackle imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. Italy (X units) ranked third in terms of total imports with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +18.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+8.5% per year) and Italy (+58.8% per year).

In value terms, the largest non-electric pulley tackle suppliers to Sri Lanka were China ($X), Italy ($X) and Japan ($X), together comprising 57% of total imports.

Italy, with a CAGR of +33.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average non-electric pulley tackle import price stood at $X per unit in 2022, waning by -49.3% against the previous year. In general, the import price continues to indicate a abrupt decline. The growth pace was the most rapid in 2013 when the average import price increased by 65% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-10.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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