Sri Lanka: Unvulcanised Rubber Market 2024

Unvulcanised Rubber Market Size in Sri Lanka

After two years of decline, the Sri Lankan unvulcanised rubber market increased by 33% to $X in 2021. In general, consumption, however, recorded a pronounced decrease. Unvulcanised rubber consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Unvulcanised Rubber Production in Sri Lanka

In value terms, unvulcanised rubber production surged to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 when the production volume increased by 28% against the previous year. Unvulcanised rubber production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Unvulcanised Rubber Exports

Exports from Sri Lanka

After two years of growth, overseas shipments of unvulcanised rubber decreased by -1.2% to X tons in 2021. In general, exports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 110%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, unvulcanised rubber exports shrank to $X in 2021. Over the period under review, exports showed a deep slump. The pace of growth was the most pronounced in 2015 when exports increased by 72%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Vietnam (X tons) was the main destination for unvulcanised rubber exports from Sri Lanka, with a 49% share of total exports. Moreover, unvulcanised rubber exports to Vietnam exceeded the volume sent to the second major destination, China (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Vietnam totaled +218.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-20.1% per year) and the United States (-51.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for unvulcanised rubber exports from Sri Lanka, comprising 46% of total exports. The second position in the ranking was taken by China ($X), with a 5.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam totaled +202.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-24.1% per year) and the United States (-50.5% per year).

Export Prices by Country

The average unvulcanised rubber export price stood at $X per ton in 2021, dropping by -4.6% against the previous year. Overall, the export price recorded a abrupt decrease. The pace of growth was the most pronounced in 2018 when the average export price increased by 20% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Vietnam ($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 the United States (+3.1%), while the prices for the other major destinations experienced mixed trend patterns.

Unvulcanised Rubber Imports

Imports into Sri Lanka

In 2021, purchases abroad of unvulcanised rubber increased by 221% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports showed a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, unvulcanised rubber imports soared to $X in 2021. In general, imports posted a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Sweden (X tons), Malaysia (X tons) and India (X tons) were the main suppliers of unvulcanised rubber imports to Sri Lanka, together accounting for 58% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +262.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X) constituted the largest supplier of unvulcanised rubber to Sri Lanka, comprising 38% of total imports. The second position in the ranking was taken by Malaysia ($X), with an 8.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Sweden totaled -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+192.8% per year) and India (+10.5% per year).

Import Prices by Country

The average unvulcanised rubber import price stood at $X per ton in 2021, waning by -5.9% against the previous year. Over the period under review, the import price saw a pronounced decline. The most prominent rate of growth was recorded in 2020 when the average import price increased by 7.4% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a 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 Sweden ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (-2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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