Sri Lanka: Tufted Carpet Market 2024

Tufted Carpet Market Size in Sri Lanka

The Sri Lankan tufted carpet market fell to $X in 2022, with a decrease of -5.9% against the previous year. Over the period under review, consumption saw a noticeable shrinkage. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Tufted Carpet Production in Sri Lanka

In value terms, tufted carpet production fell modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a noticeable slump. The growth pace was the most rapid in 2016 when the production volume increased by 21% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Tufted Carpet Exports

Exports from Sri Lanka

In 2022, approx. X square meters of tufted carpets and other tufted textile floor coverings were exported from Sri Lanka; increasing by 498% against the previous year. In general, exports showed a significant expansion. The growth pace was the most rapid in 2020 with an increase of 578% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, tufted carpet exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The UK (X square meters) was the main destination for tufted carpet exports from Sri Lanka, accounting for a 84% share of total exports. Moreover, tufted carpet exports to the UK exceeded the volume sent to the second major destination, the United States (X square meters), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK amounted to +118.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+26.5% per year) and Germany (+32.1% per year).

In value terms, the UK ($X) emerged as the key foreign market for tufted carpets and other tufted textile floor coverings exports from Sri Lanka, comprising 82% of total exports. The second position in the ranking was held by the United States ($X), with a 6% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the UK totaled +94.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+32.1% per year) and Germany (+25.9% per year).

Export Prices by Country

The average tufted carpet export price stood at $X per square meter in 2022, jumping by 22% against the previous year. Overall, the export price, however, continues to indicate a deep slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 69%. Over the period under review, the average export prices attained the peak figure at $X per square meter in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per square meter), while the average price for exports to the UK ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (+166.5%), while the prices for the other major destinations experienced mixed trend patterns.

Tufted Carpet Imports

Imports into Sri Lanka

Tufted carpet imports into Sri Lanka declined notably to X square meters in 2022, which is down by -39.6% against 2021. Over the period under review, imports, however, recorded a noticeable expansion. The pace of growth appeared the most rapid in 2021 with an increase of 316%. As a result, imports attained the peak of X square meters, and then shrank markedly in the following year.

In value terms, tufted carpet imports reduced notably to $X in 2022. In general, imports, however, enjoyed a noticeable increase. The pace of growth was the most pronounced in 2021 with an increase of 253%. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

India (X square meters), China (X square meters) and Indonesia (X square meters) were the main suppliers of tufted carpet imports to Sri Lanka, with a combined 96% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +23.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of tufted carpets and other tufted textile floor coverings to Sri Lanka, comprising 57% of total imports. The second position in the ranking was held by China ($X), with a 24% share of total imports. It was followed by Indonesia, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from India totaled +25.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.1% per year) and Indonesia (+2.0% per year).

Import Prices by Country

In 2022, the average tufted carpet import price amounted to $X per square meter, approximately reflecting the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 30%. The import price peaked at $X per square meter in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per square meter), while the price for China ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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