Sri Lanka: Market for Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles 2024

Market Size for Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles in Sri Lanka

The Sri Lankan knitted shawl and scarf market soared to $X in 2022, rising by 18% against the previous year. In general, consumption enjoyed a prominent increase. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Production of Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles in Sri Lanka

In value terms, knitted shawl and scarf production reached $X in 2022 estimated in export price. Overall, production showed a resilient expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 54% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles

Exports from Sri Lanka

In 2022, knitted shawl and scarf exports from Sri Lanka declined dramatically to X units, dropping by -81.5% on the previous year's figure. Over the period under review, exports showed a deep slump. The most prominent rate of growth was recorded in 2021 when exports increased by 229% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, knitted shawl and scarf exports reduced remarkably to $X in 2022. In general, exports recorded a drastic downturn. The pace of growth was the most pronounced in 2021 when exports increased by 244%. As a result, the exports attained the peak of $X, and then declined rapidly in the following year.

Exports by Country

The United States (X units) was the main destination for knitted shawl and scarf exports from Sri Lanka, accounting for a 49% share of total exports. Moreover, knitted shawl and scarf exports to the United States exceeded the volume sent to the second major destination, Germany (X units), threefold. Ireland (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-18.1% per year) and Ireland (+20.0% per year).

In value terms, the United States ($X), Germany ($X) and Ireland ($X) appeared to be the largest markets for knitted shawl and scarf exported from Sri Lanka worldwide, together accounting for 72% of total exports. Malaysia, Norway, the Netherlands, Austria, Canada, Maldives, the UK and Sweden lagged somewhat behind, together accounting for a further 20%.

In terms of the main countries of destination, Canada, with a CAGR of +62.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average knitted shawl and scarf export price stood at $X per unit in 2022, rising by 17% against the previous year. Over the period under review, the export price posted a strong expansion. The growth pace was the most rapid in 2015 when the average export price increased by 65% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per unit), while the average price for exports to Maldives ($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 Sweden (+34.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Shawls, Scarves And The Like Of Knitted Or Crocheted Textiles

Imports into Sri Lanka

In 2022, supplies from abroad of shawls, scarves and the like of knitted or crocheted textiles increased by 27% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 119% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, knitted shawl and scarf imports expanded rapidly to $X in 2022. In general, imports, however, showed a noticeable reduction. The most prominent rate of growth was recorded in 2014 with an increase of 146%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Singapore (X units) and India (X units) were the main suppliers of knitted shawl and scarf imports to Sri Lanka, with a combined 96% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +96.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of shawls, scarves and the like of knitted or crocheted textiles to Sri Lanka, comprising 48% of total imports. The second position in the ranking was taken by India ($X), with a 24% share of total imports. It was followed by Singapore, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-10.2% per year) and Singapore (+67.0% per year).

Import Prices by Country

The average knitted shawl and scarf import price stood at $X per unit in 2022, waning by -14.6% against the previous year. Over the period under review, the import price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2020 when the average import price increased by 48% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, 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 Hong Kong SAR ($X per unit), while the price for Singapore ($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) (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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