Sri Lanka: Twine And Cordage Market 2025

Twine And Cordage Market Size in Sri Lanka

The Sri Lankan twine and cordage market fell dramatically to $X in 2022, which is down by -18.2% against the previous year. In general, consumption recorded a abrupt setback. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Twine And Cordage Production in Sri Lanka

In value terms, twine and cordage production dropped slightly to $X in 2022 estimated in export price. In general, production, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by 5.7%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Twine And Cordage Exports

Exports from Sri Lanka

In 2022, approx. X tons of twine, cordage, rope and cables were exported from Sri Lanka; with an increase of 9.1% on the year before. Overall, exports continue to indicate a measured expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 67% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, twine and cordage exports dropped to $X in 2022. Over the period under review, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 107%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

The United States (X tons) was the main destination for twine and cordage exports from Sri Lanka, with a 87% share of total exports. Moreover, twine and cordage exports to the United States exceeded the volume sent to the second major destination, Pakistan (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+62.6% per year) and South Korea (+1.1% per year).

In value terms, the United States ($X) remains the key foreign market for twine, cordage, rope and cables exports from Sri Lanka, comprising 57% of total exports. The second position in the ranking was taken by Pakistan ($X), with a 25% share of total exports. It was followed by Australia, with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+95.3% per year) and Australia (+65.7% per year).

Export Prices by Country

The average twine and cordage export price stood at $X per ton in 2022, reducing by -15.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +5.2%. The growth pace was the most rapid in 2013 an increase of 75%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2021, and then fell rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while the average price for exports to the United States ($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 Pakistan (+20.1%), while the prices for the other major destinations experienced more modest paces of growth.

Twine And Cordage Imports

Imports into Sri Lanka

In 2022, twine and cordage imports into Sri Lanka contracted remarkably to X tons, with a decrease of -30.9% against the previous year's figure. Over the period under review, imports recorded a noticeable shrinkage. The growth pace was the most rapid in 2018 when imports increased by 248% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, twine and cordage imports reduced to $X in 2022. Overall, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 43% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of twine and cordage to Sri Lanka, accounting for a 42% share of total imports. Moreover, twine and cordage imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was taken by Thailand (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.4% per year) and Thailand (-7.0% per year).

In value terms, Germany ($X), China ($X) and Hong Kong SAR ($X) were the largest twine and cordage suppliers to Sri Lanka, together comprising 62% of total imports. India, Taiwan (Chinese), Thailand, South Korea, Canada, Vietnam, Bangladesh, Pakistan, Malaysia and the Philippines lagged somewhat behind, together accounting for a further 20%.

Canada, with a CAGR of +107.9%, saw the highest rates of growth with regard to 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 2022, the average twine and cordage import price amounted to $X per ton, picking up by 37% against the previous year. In general, the import price posted a remarkable increase. The pace of growth appeared the most rapid in 2019 an increase of 293%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

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 Germany ($X per ton), while the price for Bangladesh ($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 (+20.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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