Sri Lanka: Non-Cotton Terry Towelling Market 2024

Non-Cotton Terry Towelling Market Size in Sri Lanka

In 2021, the Sri Lankan non-cotton terry towelling market increased by 142% to $X, rising for the second year in a row after three years of decline. Overall, consumption saw a buoyant increase. Non-cotton terry towelling consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Non-Cotton Terry Towelling Exports

Exports from Sri Lanka

In 2021, the amount of terry towelling (excluding of cotton) exported from Sri Lanka contracted markedly to X square meters, waning by -83.2% compared with the previous year. Over the period under review, exports faced a dramatic contraction. The growth pace was the most rapid in 2017 with an increase of 91% against the previous year. The exports peaked at X square meters in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, non-cotton terry towelling exports shrank notably to $X in 2021. Overall, exports faced a dramatic contraction. The growth pace was the most rapid in 2017 with an increase of 93%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Maldives (X square meters) was the main destination for non-cotton terry towelling exports from Sri Lanka, with a 77% share of total exports. Moreover, non-cotton terry towelling exports to Maldives exceeded the volume sent to the second major destination, Nigeria (X square meters), fivefold. The third position in this ranking was held by Germany (X square meters), with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives amounted to -33.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (0.0% per year) and Germany (-5.7% per year).

In value terms, Maldives ($X) remains the key foreign market for terry towelling (excluding of cotton) exports from Sri Lanka, comprising 87% of total exports. The second position in the ranking was held by France ($X), with an 8.9% share of total exports. It was followed by Nigeria, with a 1.1% share.

From 2012 to 2021, the average annual growth rate of value to Maldives totaled -36.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+2.6% per year) and Nigeria (0.0% per year).

Export Prices by Country

The average non-cotton terry towelling export price stood at $X per square meter in 2021, with a decrease of -38.2% against the previous year. In general, the export price continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2014 when the average export price increased by 47% against the previous year. As a result, the export price reached the peak level of $X per square meter. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per square meter), while the average price for exports to Nigeria ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+11.4%), while the prices for the other major destinations experienced a decline.

Non-Cotton Terry Towelling Imports

Imports into Sri Lanka

In 2021, supplies from abroad of terry towelling (excluding of cotton) increased by 163% to X square meters, rising for the third year in a row after two years of decline. Over the period under review, imports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 393%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, non-cotton terry towelling imports soared to $X in 2021. In general, imports showed resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 320%. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the near future.

Imports by Country

India (X square meters), China (X square meters) and Pakistan (X square meters) were the main suppliers of non-cotton terry towelling imports to Sri Lanka, together comprising 93% of total imports. These countries were followed by Hong Kong SAR and Taiwan (Chinese), which together accounted for a further 5.2%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +31.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-cotton terry towelling suppliers to Sri Lanka were China ($X), India ($X) and Taiwan (Chinese) ($X), together accounting for 88% of total imports. These countries were followed by Hong Kong SAR and Pakistan, which together accounted for a further 7%.

Among the main suppliers, Hong Kong SAR, with a CAGR of +32.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average non-cotton terry towelling import price stood at $X per square meter in 2021, declining by -15.4% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 15%. The import price peaked at $X per square meter in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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 Taiwan (Chinese) ($X per square meter), while the price for Pakistan ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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