Sri Lanka: Stranded Wire Market 2025

Stranded Wire Market Size in Sri Lanka

The Sri Lankan stranded wire market skyrocketed to $X in 2021, with an increase of 158% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption posted a notable expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Stranded Wire Exports

Exports from Sri Lanka

In 2021, after two years of growth, there was significant decline in overseas shipments of stranded wire, ropes and cables, when their volume decreased by -34.4% to X tons. Overall, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2019 when exports increased by 312% against the previous year. The exports peaked at X tons in 2020, and then fell sharply in the following year.

In value terms, stranded wire exports rose remarkably to $X in 2021. In general, exports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 222% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Australia (X tons) was the main destination for stranded wire exports from Sri Lanka, with a 77% share of total exports. Moreover, stranded wire exports to Australia exceeded the volume sent to the second major destination, India (X tons), tenfold. The third position in this ranking was held by Belgium (X tons), with a 4% share.

From 2012 to 2021, the average annual growth rate of volume to Australia totaled +16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-1.6% per year) and Belgium (+74.8% per year).

In value terms, Australia ($X) emerged as the key foreign market for stranded wire, ropes and cables exports from Sri Lanka, comprising 65% of total exports. The second position in the ranking was taken by India ($X), with a 19% share of total exports. It was followed by Belgium, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value to Australia amounted to +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+4.1% per year) and Belgium (+48.4% per year).

Export Prices by Country

In 2021, the average stranded wire export price amounted to $X per ton, increasing by 61% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable shrinkage. The growth pace was the most rapid in 2018 when the average export price increased by 81%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, 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 ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+5.8%), while the prices for the other major destinations experienced a decline.

Stranded Wire Imports

Imports into Sri Lanka

Stranded wire imports into Sri Lanka skyrocketed to X tons in 2021, with an increase of 133% against 2020 figures. In general, imports showed a tangible expansion. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, stranded wire imports skyrocketed to $X in 2021. Overall, imports recorded tangible growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), India (X tons) and Japan (X tons) were the main suppliers of stranded wire imports to Sri Lanka, with a combined 91% share of total imports. These countries were followed by Malaysia and Vietnam, which together accounted for a further 3.5%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +317.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest stranded wire suppliers to Sri Lanka were India ($X), China ($X) and Japan ($X), together accounting for 90% of total imports. These countries were followed by Vietnam and Malaysia, which together accounted for a further 3.4%.

Vietnam, with a CAGR of +385.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average stranded wire import price amounted to $X per ton, increasing by 6.5% against the previous year. Overall, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, stranded wire import price decreased by +0.7% against 2018 indices. The pace of growth was the most pronounced in 2018 an increase of 93%. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+16.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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