Sri Lanka: Vulcanised Rubber Thread Market 2024

Vulcanised Rubber Thread Market Size in Sri Lanka

After two years of decline, the Sri Lankan vulcanised rubber thread market increased by 29% to $X in 2021. Overall, consumption, however, saw a mild contraction. Vulcanised rubber thread consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Vulcanised Rubber Thread Production in Sri Lanka

In value terms, vulcanised rubber thread production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, faced a abrupt curtailment. The pace of growth was the most pronounced in 2016 with an increase of 428%. Vulcanised rubber thread production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Vulcanised Rubber Thread Exports

Exports from Sri Lanka

In 2021, shipments abroad of vulcanised rubber thread and cord increased by 381% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports recorded a remarkable increase. The pace of growth appeared the most rapid in 2016 when exports increased by 509% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, vulcanised rubber thread exports surged to $X in 2021. In general, exports enjoyed a strong increase. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons), Vietnam (X tons) and the United States (X tons) were the main destinations of vulcanised rubber thread exports from Sri Lanka, together accounting for 94% of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +29.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for vulcanised rubber thread and cord exports from Sri Lanka, comprising 41% of total exports. The second position in the ranking was held by India ($X), with a 19% share of total exports. It was followed by the United States, with a 19% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam amounted to +12.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+20.2% per year) and the United States (+30.3% per year).

Export Prices by Country

The average vulcanised rubber thread export price stood at $X per ton in 2021, surging by 61% against the previous year. In general, the export price showed a resilient increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to India ($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 (+25.8%), while the prices for the other major destinations experienced more modest paces of growth.

Vulcanised Rubber Thread Imports

Imports into Sri Lanka

In 2021, the amount of vulcanised rubber thread and cord imported into Sri Lanka expanded rapidly to X tons, with an increase of 14% on 2020. In general, imports posted a strong expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 188%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, vulcanised rubber thread imports skyrocketed to $X in 2021. Over the period under review, imports posted buoyant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 211% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Thailand (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of vulcanised rubber thread imports to Sri Lanka, with a combined 46% share of total imports. Pakistan, China and India lagged somewhat behind, together comprising a further 5.3%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +36.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vulcanised rubber thread suppliers to Sri Lanka were Thailand ($X), Malaysia ($X) and Indonesia ($X), together accounting for 48% of total imports. These countries were followed by Pakistan, China and India, which together accounted for a further 4.3%.

China, with a CAGR of +37.1%, 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 2021, the average vulcanised rubber thread import price amounted to $X per ton, increasing by 30% against the previous year. Overall, the import price, however, continues to indicate a perceptible decrease. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat 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 Thailand ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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