Sri Lanka: Market for Pulley Tackle And Hoists Powered By An Electric Motor 2024

Market Size for Pulley Tackle And Hoists Powered By An Electric Motor in Sri Lanka

In 2022, the Sri Lankan market for pulley tackle and hoists powered by an electric motor was finally on the rise to reach $X after three years of decline. In general, consumption, however, recorded a pronounced slump. Consumption of peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Exports of Pulley Tackle And Hoists Powered By An Electric Motor

Exports from Sri Lanka

In 2022, overseas shipments of pulley tackle and hoists powered by an electric motor decreased by -78.2% to X units, falling for the second year in a row after five years of growth. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 515%. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of pulley tackle and hoists powered by an electric motor contracted dramatically to $X in 2022. Over the period under review, exports recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 343%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Singapore (X units) was the main destination for exports of pulley tackle and hoists powered by an electric motor from Sri Lanka, with a 82% share of total exports. Moreover, exports of pulley tackle and hoists powered by an electric motor to Singapore exceeded the volume sent to the second major destination, Ethiopia (X units), fivefold.

From 2012 to 2022, the average annual growth rate of volume to Singapore amounted to +16.7%.

In value terms, Ethiopia ($X) emerged as the key foreign market for pulley tackle and hoists powered by an electric motor exports from Sri Lanka, comprising 79% of total exports. The second position in the ranking was held by Singapore ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Ethiopia stood at -37.3%.

Export Prices by Country

In 2022, the average export price for pulley tackle and hoists powered by an electric motor amounted to $X per unit, with a decrease of -91.4% against the previous year. Overall, the export price faced a deep setback. The most prominent rate of growth was recorded in 2021 an increase of 363%. The export price peaked at $X per unit in 2018; however, from 2019 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 Ethiopia ($X per unit), while the average price for exports to Singapore amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Seychelles (+4.7%), while the prices for the other major destinations experienced a decline.

Imports of Pulley Tackle And Hoists Powered By An Electric Motor

Imports into Sri Lanka

In 2022, overseas purchases of pulley tackle and hoists powered by an electric motor were finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. In general, imports, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2014 when imports increased by 35%. Over the period under review, imports of reached the maximum at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of pulley tackle and hoists powered by an electric motor rose to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 80% against the previous year. Over the period under review, imports of hit record highs at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest pulley tackle and hoists powered by an electric motor supplier to Sri Lanka, with a 79% share of total imports. Moreover, imports of pulley tackle and hoists powered by an electric motor from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The third position in this ranking was taken by South Korea (X units), with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.5% per year) and South Korea (+15.2% per year).

In value terms, the largest pulley tackle and hoists powered by an electric motor suppliers to Sri Lanka were China ($X), South Korea ($X) and Taiwan (Chinese) ($X), together comprising 60% of total imports. Japan, Italy, Turkey, the United Arab Emirates and India lagged somewhat behind, together comprising a further 12%.

Among the main suppliers, Turkey, with a CAGR of +67.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for pulley tackle and hoists powered by an electric motor amounted to $X per unit, which is down by -11.1% against the previous year. Overall, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for pulley tackle and hoists powered by an electric motor decreased by -34.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 105%. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, 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 Taiwan (Chinese) ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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