Sri Lanka: Winding Wire Market 2024

Winding Wire Market Size in Sri Lanka

In 2022, the Sri Lankan winding wire market increased by 1.4% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, showed a perceptible descent. The pace of growth appeared the most rapid in 2018 when the market value increased by 2.6% against the previous year. Winding wire consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Winding Wire Production in Sri Lanka

In value terms, winding wire production totaled $X in 2022 estimated in export price. Overall, production, however, showed a abrupt slump. The pace of growth appeared the most rapid in 2018 with an increase of 3.6% against the previous year. Winding wire production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Winding Wire Exports

Exports from Sri Lanka

After five years of growth, shipments abroad of winding wire for electrical purposes decreased by -23.9% to X tons in 2022. Overall, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 47%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, winding wire exports expanded rapidly to $X in 2022. In general, exports recorded a abrupt slump. The growth pace was the most rapid in 2021 with an increase of 75% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons), Pakistan (X tons) and Spain (X tons) were the main destinations of winding wire exports from Sri Lanka, with a combined 76% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Pakistan (with a CAGR of +50.0%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) emerged as the key foreign market for winding wire for electrical purposes exports from Sri Lanka, comprising 38% of total exports. The second position in the ranking was held by Spain ($X), with a 16% share of total exports. It was followed by Pakistan, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to India stood at -20.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+44.6% per year) and Pakistan (+64.3% per year).

Export Prices by Country

The average winding wire export price stood at $X per ton in 2022, picking up by 42% against the previous year. In general, the export price continues to indicate a perceptible increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to the United States ($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 Tanzania (+14.6%), while the prices for the other major destinations experienced more modest paces of growth.

Winding Wire Imports

Imports into Sri Lanka

In 2022, approx. X tons of winding wire for electrical purposes were imported into Sri Lanka; reducing by -8.3% compared with 2021 figures. Overall, imports showed a mild shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by 50% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, winding wire imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw temperate growth. The most prominent rate of growth was recorded in 2021 when imports increased by 103% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Sweden (X tons) and Malaysia (X tons) were the main suppliers of winding wire imports to Sri Lanka, with a combined 77% share of total imports. India, Slovakia and Singapore lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +405.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Sweden ($X) and Malaysia ($X) constituted the largest winding wire suppliers to Sri Lanka, together accounting for 71% of total imports. India, Slovakia and Singapore lagged somewhat behind, together comprising a further 18%.

Slovakia, with a CAGR of +412.6%, recorded 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

The average winding wire import price stood at $X per ton in 2022, picking up by 27% against the previous year. Overall, import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, winding wire import price increased by +74.0% against 2018 indices. The most prominent rate of growth was recorded in 2021 an increase of 35%. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per ton) and Malaysia ($X per ton), while the price for Sweden ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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