Sri Lanka: Market for Toothed wheels, chain sprockets and other transmission elements 2024

Market Size for Toothed wheels, chain sprockets and other transmission elements in Sri Lanka

In 2021, after two years of decline, there was significant growth in the Sri Lankan market for toothed wheels, chain sprockets and other transmission elements, when its value increased by 76% to $X. Overall, consumption posted a prominent expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Exports of Toothed wheels, chain sprockets and other transmission elements

Exports from Sri Lanka

In 2021, shipments abroad of toothed wheels, chain sprockets and other transmission elements decreased by -55% to X tons, falling for the third year in a row after three years of growth. In general, exports faced a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 527% against the previous year. Over the period under review, the exports of reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, exports of toothed wheels, chain sprockets and other transmission elements contracted rapidly to $X in 2021. Overall, exports recorded a deep downturn. The pace of growth was the most pronounced in 2016 when exports increased by 443%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Mali (X kg) was the main destination for exports of toothed wheels, chain sprockets and other transmission elements from Sri Lanka, with a 69% share of total exports. Moreover, exports of toothed wheels, chain sprockets and other transmission elements to Mali exceeded the volume sent to the second major destination, South Korea (X kg), sixfold. The third position in this ranking was held by the UK (X kg), with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Mali stood at +275.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+15.7% per year) and the UK (+9.1% per year).

In value terms, Mali ($X) remains the key foreign market for toothed wheels, chain sprockets and other transmission elements exports from Sri Lanka, comprising 75% of total exports. The second position in the ranking was taken by South Korea ($X), with a 2.6% share of total exports. It was followed by the UK, with a 2.1% share.

From 2012 to 2021, the average annual growth rate of value to Mali amounted to +492.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+2.1% per year) and the UK (-2.2% per year).

Export Prices by Country

In 2021, the average export price for toothed wheels, chain sprockets and other transmission elements amounted to $X per ton, picking up by 25% against the previous year. Overall, the export price recorded a notable expansion. The most prominent rate of growth was recorded in 2019 an increase of 115% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to South Korea ($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 Mali (+57.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Toothed wheels, chain sprockets and other transmission elements

Imports into Sri Lanka

In 2021, overseas purchases of toothed wheels, chain sprockets and other transmission elements were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports enjoyed a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of toothed wheels, chain sprockets and other transmission elements soared to $X in 2021. Overall, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 Germany (X tons) were the main suppliers of imports of toothed wheels, chain sprockets and other transmission elements to Sri Lanka, together accounting for 62% of total imports. Japan, Iran, Italy, Singapore, the Netherlands, Finland, the United States and Malaysia lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2021, the biggest increases were recorded for Iran (with a CAGR of +74.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest toothed wheels, chain sprockets and other transmission elements suppliers to Sri Lanka were China ($X), India ($X) and Germany ($X), with a combined 62% share of total imports. These countries were followed by Japan, Iran, Italy, Singapore, the Netherlands, Finland, the United States and Malaysia, which together accounted for a further 26%.

Iran, with a CAGR of +63.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for toothed wheels, chain sprockets and other transmission elements stood at $X per ton in 2021, with an increase of 12% against the previous year. Over the period under review, the import price, however, saw a abrupt setback. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the United States ($X per ton) and Malaysia ($X per ton), while the price for Singapore ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-5.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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