Sri Lanka: Full-Rotation Excavator Market 2024

Full-Rotation Excavator Market Size in Sri Lanka

In 2021, the Sri Lankan full-rotation excavator market increased by 154% to $X, rising for the second consecutive year after two years of decline. Overall, consumption posted a buoyant expansion. Full-rotation excavator consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Full-Rotation Excavator Exports

Exports from Sri Lanka

For the fourth year in a row, Sri Lanka recorded decline in overseas shipments of self-propelled full-rotation excavators and bulldozers, which decreased by -58.3% to X units in 2021. Overall, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of 650%. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, full-rotation excavator exports contracted markedly to $X in 2021. Over the period under review, exports, however, recorded notable growth. The most prominent rate of growth was recorded in 2014 with an increase of 3,610%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X units), the Philippines (X units) and India (X units) were the main destinations of full-rotation excavator exports from Sri Lanka, with a combined 80% share of total exports. Moreover, full-rotation excavator exports in Japan exceeded the figures recorded by the second-largest exporter, the Philippines, twofold.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +8.0%), while the other leaders experienced mixed trend patterns.

In value terms, Maldives ($X) remains the key foreign market for self-propelled full-rotation excavators and bulldozers exports from Sri Lanka, comprising 46% of total exports. The second position in the ranking was taken by Japan ($X), with a 23% share of total exports. It was followed by India, with a 19% share.

From 2012 to 2021, the average annual growth rate of value to Maldives amounted to +17.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+10.7% per year) and India (+5.5% per year).

Export Prices by Country

In 2021, the average full-rotation excavator export price amounted to $X per unit, jumping by 45% against the previous year. Over the period under review, the export price recorded a strong expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 72%. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+33.4%), while the prices for the other major destinations experienced more modest paces of growth.

Full-Rotation Excavator Imports

Imports into Sri Lanka

In 2021, overseas purchases of self-propelled full-rotation excavators and bulldozers increased by 133% to X units, rising for the second consecutive year after two years of decline. Over the period under review, imports posted a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 145% against the previous year. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, full-rotation excavator imports soared to $X in 2021. Overall, imports enjoyed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of full-rotation excavator to Sri Lanka, with a 80% share of total imports. Moreover, full-rotation excavator imports from Japan exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. China (X units) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+37.0% per year) and China (+51.5% per year).

In value terms, Japan ($X) constituted the largest supplier of self-propelled full-rotation excavators and bulldozers to Sri Lanka, comprising 47% of total imports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total imports. It was followed by India, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+15.1% per year) and India (+4.3% per year).

Import Prices by Country

The average full-rotation excavator import price stood at $X per unit in 2021, with an increase of 16% against the previous year. In general, the import price, however, continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2018 an increase of 138% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+41.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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