Sri Lanka: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Sri Lanka

In 2022, the Sri Lankan sewing machine needle market increased by 12% to $X, rising for the third consecutive year after two years of decline. In general, consumption, however, showed a resilient increase. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the immediate term.

Sewing Machine Needle Exports

Exports from Sri Lanka

After four years of growth, overseas shipments of sewing machine needles decreased by -97.8% to X units in 2022. In general, exports, however, continue to indicate moderate growth. The pace of growth appeared the most rapid in 2015 with an increase of 2,696% against the previous year. The exports peaked at X units in 2021, and then fell rapidly in the following year.

In value terms, sewing machine needle exports declined notably to $X in 2022. Overall, exports faced a deep setback. The growth pace was the most rapid in 2015 with an increase of 2,013% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then reduced remarkably in the following year.

Exports by Country

Papua New Guinea (X units), Maldives (X units) and Ethiopia (X units) were the main destinations of sewing machine needle exports from Sri Lanka, together accounting for 99% 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 Papua New Guinea (with a CAGR of +657.9%), while the other leaders experienced more modest paces of growth.

In value terms, Ethiopia ($X) emerged as the key foreign market for sewing machine needles exports from Sri Lanka, comprising 58% of total exports. The second position in the ranking was taken by Maldives ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ethiopia stood at +61.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (+54.0% per year) and Papua New Guinea (+183.5% per year).

Export Prices by Country

In 2022, the average sewing machine needle export price amounted to $X per thousand units, remaining constant against the previous year. Overall, the export price, however, continues to indicate a deep reduction. The growth pace was the most rapid in 2014 when the average export price increased by 132%. The export price peaked at $X per thousand units in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ethiopia ($X per thousand units), while the average price for exports to Papua New Guinea ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+12.2%), while the prices for the other major destinations experienced a decline.

Sewing Machine Needle Imports

Imports into Sri Lanka

In 2022, supplies from abroad of sewing machine needles decreased by -18.4% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded a temperate expansion. The growth pace was the most rapid in 2020 with an increase of 452% against the previous year. Over the period under review, imports reached the maximum at X units in 2021, and then reduced markedly in the following year.

In value terms, sewing machine needle imports expanded rapidly to $X in 2022. Overall, imports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 779% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Germany (X units) constituted the largest sewing machine needle supplier to Sri Lanka, accounting for a 57% share of total imports. Moreover, sewing machine needle imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The United Arab Emirates (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Germany totaled +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.2% per year) and the United Arab Emirates (-0.8% per year).

In value terms, Germany ($X) constituted the largest supplier of sewing machine needles to Sri Lanka, comprising 71% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 17% share of total imports. It was followed by Brazil, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+2.5% per year) and Brazil (+8.4% per year).

Import Prices by Country

In 2022, the average sewing machine needle import price amounted to $X per thousand units, jumping by 35% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sewing machine needle import price decreased by -6.4% against 2020 indices. The pace of growth was the most pronounced in 2020 an increase of 59%. As a result, import price attained the peak level of $X per thousand units. From 2021 to 2022, the average import prices remained at a lower figure.

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 the United Arab Emirates ($X per thousand units), while the price for China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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