Sri Lanka: Market for Spirits, Liqueurs And Other Spirituous Beverages 2024

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports from Sri Lanka

In 2022, overseas shipments of spirits, liqueurs and other spirituous beverages increased by 161% to X litres, rising for the second year in a row after three years of decline. Over the period under review, exports saw resilient growth. The pace of growth was the most pronounced in 2015 when exports increased by 757%. The exports peaked at X litres in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, exports of spirits, liqueurs and other spirituous beverages skyrocketed to $X in 2022. In general, exports showed a prominent increase. The pace of growth appeared the most rapid in 2015 when exports increased by 494%. Over the period under review, the exports of attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X litres) was the main destination for exports of spirits, liqueurs and other spirituous beverages from Sri Lanka, accounting for a 69% share of total exports. Moreover, exports of spirits, liqueurs and other spirituous beverages to the United Arab Emirates exceeded the volume sent to the second major destination, Maldives (X litres), ninefold. The third position in this ranking was held by South Korea (X litres), with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates stood at +32.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-2.1% per year) and South Korea (-5.9% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for spirits, liqueurs and other spirituous beverages exports from Sri Lanka, comprising 48% of total exports. The second position in the ranking was taken by Maldives ($X), with a 12% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates totaled +30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-5.9% per year) and South Korea (+10.0% per year).

Export Prices by Country

In 2022, the average export price for spirits, liqueurs and other spirituous beverages amounted to $X per litre, falling by -37.5% against the previous year. Over the period under review, the export price showed a perceptible setback. The growth pace was the most rapid in 2016 an increase of 41% against the previous year. The export price peaked at $X per litre in 2021, and then contracted significantly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($X per litre), while the average price for exports to the United Arab Emirates ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+17.0%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports into Sri Lanka

In 2022, overseas purchases of spirits, liqueurs and other spirituous beverages decreased by -13.5% to X litres, falling for the third year in a row after four years of growth. Over the period under review, imports showed a slight decrease. The pace of growth was the most pronounced in 2018 with an increase of 22% against the previous year. Imports peaked at X litres in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of spirits, liqueurs and other spirituous beverages surged to $X in 2022. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports of hit record highs at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

France (X litres), Sweden (X litres) and Italy (X litres) were the main suppliers of imports of spirits, liqueurs and other spirituous beverages to Sri Lanka, together accounting for 62% of total imports. The UK, Mexico, Russia, Latvia, the Netherlands and the United Arab Emirates lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Latvia (with a CAGR of +161.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Italy ($X) and France ($X) constituted the largest spirits, liqueurs and other spirituous beverages suppliers to Sri Lanka, with a combined 56% share of total imports. The UK, Mexico, Russia, the Netherlands, the United Arab Emirates and Latvia lagged somewhat behind, together accounting for a further 30%.

Latvia, with a CAGR of +151.5%, 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

In 2022, the average import price for spirits, liqueurs and other spirituous beverages amounted to $X per litre, rising by 37% against the previous year. Over the period under review, the import price showed a slight expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Russia ($X per litre), while the price for Latvia ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+11.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform