Sri Lanka: Plastic Ornamental Articles Market 2024

Plastic Ornamental Articles Market Size in Sri Lanka

The Sri Lankan plastic ornamental articles market shrank remarkably to $X in 2022, which is down by -15.8% against the previous year. In general, consumption saw a abrupt slump. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Plastic Ornamental Articles Production in Sri Lanka

In value terms, plastic ornamental articles production expanded sharply to $X in 2022 estimated in export price. In general, production, however, continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2020 with an increase of 44% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Plastic Ornamental Articles Exports

Exports from Sri Lanka

After three years of growth, shipments abroad of statuettes and other ornamental articles of plastic decreased by -28.9% to X tons in 2022. Over the period under review, exports, however, recorded temperate growth. The most prominent rate of growth was recorded in 2021 with an increase of 228%. As a result, the exports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, plastic ornamental articles exports declined dramatically to $X in 2022. Overall, exports, however, showed a perceptible increase. The pace of growth was the most pronounced in 2021 with an increase of 347% against the previous year. As a result, the exports attained the peak of $X, and then declined markedly in the following year.

Exports by Country

The United States (X tons) was the main destination for plastic ornamental articles exports from Sri Lanka, with a 55% share of total exports. Moreover, plastic ornamental articles exports to the United States exceeded the volume sent to the second major destination, Australia (X tons), threefold. The UK (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+22.4% per year) and the UK (+33.1% per year).

In value terms, the United States ($X) remains the key foreign market for statuettes and other ornamental articles of plastic exports from Sri Lanka, comprising 82% of total exports. The second position in the ranking was taken by the UK ($X), with an 11% share of total exports. It was followed by Hong Kong SAR, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+57.6% per year) and Hong Kong SAR (+91.6% per year).

Export Prices by Country

In 2022, the average plastic ornamental articles export price amounted to $X per ton, reducing by -18.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 36%. As a result, the export price reached the peak level of $X per ton, and then declined markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Australia ($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 (+18.4%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Ornamental Articles Imports

Imports into Sri Lanka

For the fifth year in a row, Sri Lanka recorded decline in supplies from abroad of statuettes and other ornamental articles of plastic, which decreased by -97.1% to X tons in 2022. In general, imports saw a deep slump. The growth pace was the most rapid in 2017 when imports increased by 1,131% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, plastic ornamental articles imports fell rapidly to $X in 2022. Over the period under review, imports continue to indicate a abrupt descent. The growth pace was the most rapid in 2014 with an increase of 1,064%. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of plastic ornamental articles to Sri Lanka, with a 87% share of total imports. Moreover, plastic ornamental articles imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X kg), more than tenfold. Malaysia (X kg) ranked third in terms of total imports with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+17.6% per year) and Malaysia (+3.2% per year).

In value terms, China ($X) constituted the largest supplier of statuettes and other ornamental articles of plastic to Sri Lanka, comprising 86% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 8% share of total imports. It was followed by Malaysia, with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at -5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+15.1% per year) and Malaysia (-4.8% per year).

Import Prices by Country

In 2022, the average plastic ornamental articles import price amounted to $X per ton, with an increase of 78% against the previous year. Over the period under review, the import price enjoyed a prominent expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Netherlands ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+14.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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