Sri Lanka: Ethylene Polymer Bag Market 2024

Ethylene Polymer Bag Market Size in Sri Lanka

In 2022, the Sri Lankan ethylene polymer bag market increased by 0.6% to $X for the first time since 2015, thus ending a six-year declining trend. Overall, consumption showed a relatively flat trend pattern. Ethylene polymer bag consumption peaked at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Ethylene Polymer Bag Production in Sri Lanka

In value terms, ethylene polymer bag production reduced slightly to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 29% against the previous year. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Ethylene Polymer Bag Exports

Exports from Sri Lanka

In 2022, approx. X tons of sacks and bags of polymers of ethylene were exported from Sri Lanka; declining by -18.9% on the previous year's figure. In general, exports saw a mild shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 32%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, ethylene polymer bag exports contracted notably to $X in 2022. Overall, exports showed a noticeable contraction. The pace of growth was the most pronounced in 2014 with an increase of 39% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for ethylene polymer bag exports from Sri Lanka, accounting for a 54% share of total exports. Moreover, ethylene polymer bag exports to the United States exceeded the volume sent to the second major destination, France (X tons), threefold. The UK (X tons) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to -2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+9.0% per year) and the UK (-5.9% per year).

In value terms, the United States ($X) remains the key foreign market for sacks and bags of polymers of ethylene exports from Sri Lanka, comprising 57% of total exports. The second position in the ranking was taken by France ($X), with a 16% share of total exports. It was followed by the UK, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to -7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+7.8% per year) and the UK (-2.5% per year).

Export Prices by Country

In 2022, the average ethylene polymer bag export price amounted to $X per ton, shrinking by -8.7% against the previous year. In general, the export price showed a pronounced contraction. The growth pace was the most rapid in 2015 an increase of 12%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Seychelles ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+3.6%), while the prices for the other major destinations experienced mixed trend patterns.

Ethylene Polymer Bag Imports

Imports into Sri Lanka

Ethylene polymer bag imports into Sri Lanka declined markedly to X tons in 2022, waning by -20% compared with the previous year's figure. In general, imports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2018 when imports increased by 91%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, ethylene polymer bag imports stood at $X in 2022. Over the period under review, imports recorded a mild decline. The growth pace was the most rapid in 2021 when imports increased by 43% against the previous year. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of ethylene polymer bag to Sri Lanka, accounting for a 48% share of total imports. Moreover, ethylene polymer bag imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. The third position in this ranking was taken by the Philippines (X tons), with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+4.4% per year) and the Philippines (-7.9% per year).

In value terms, China ($X) constituted the largest supplier of sacks and bags of polymers of ethylene to Sri Lanka, comprising 34% of total imports. The second position in the ranking was taken by India ($X), with a 13% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+4.7% per year) and the United States (+27.5% per year).

Import Prices by Country

In 2022, the average ethylene polymer bag import price amounted to $X per ton, surging by 26% against the previous year. Overall, the import price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by 271%. The import price peaked in 2022 and is likely to see steady growth in years to come.

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 Hong Kong SAR ($X per ton), while the price for the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+16.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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