Sri Lanka: Wooden Office Furniture Market 2024

Wooden Office Furniture Market Size in Sri Lanka

The Sri Lankan wooden office furniture market rose rapidly to $X in 2021, picking up by 9.9% against the previous year. Overall, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -9.2% against 2019 indices. Wooden office furniture consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Wooden Office Furniture Production in Sri Lanka

In value terms, wooden office furniture production amounted to $X in 2021 estimated in export price. Overall, the total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -8.8% against 2019 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 36%. Wooden office furniture production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Wooden Office Furniture Exports

Exports from Sri Lanka

In 2021, approx. X units of wooden furniture of a kind used in offices were exported from Sri Lanka; growing by 37% compared with the year before. In general, exports, however, continue to indicate a slight curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 56%. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, wooden office furniture exports soared to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 42%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

India (X units) was the main destination for wooden office furniture exports from Sri Lanka, with a 94% share of total exports. It was followed by China (X units), with a 2.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to India stood at -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+115.3% per year) and the UK (-39.3% per year).

In value terms, India ($X) remains the key foreign market for wooden furniture of a kind used in offices exports from Sri Lanka, comprising 92% of total exports. The second position in the ranking was held by China ($X), with a 2.8% share of total exports.

From 2012 to 2021, the average annual growth rate of value to India was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+110.7% per year) and the UK (-37.0% per year).

Export Prices by Country

The average wooden office furniture export price stood at $X per unit in 2021, falling by -9.6% against the previous year. Overall, export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wooden office furniture export price decreased by -26.1% against 2017 indices. The pace of growth was the most pronounced in 2015 an increase of 55% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+4.1%), while the prices for the other major destinations experienced mixed trend patterns.

Wooden Office Furniture Imports

Imports into Sri Lanka

In 2021, approx. X units of wooden furniture of a kind used in offices were imported into Sri Lanka; waning by -76.9% compared with the year before. In general, imports saw a sharp contraction. The most prominent rate of growth was recorded in 2015 with an increase of 84%. Over the period under review, imports reached the peak figure at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, wooden office furniture imports shrank notably to $X in 2021. Overall, imports faced a abrupt slump. The most prominent rate of growth was recorded in 2015 with an increase of 76% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest wooden office furniture supplier to Sri Lanka, with a 52% share of total imports. Moreover, wooden office furniture imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), threefold. The Netherlands (X units) ranked third in terms of total imports with a 20% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -28.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.3% per year) and the Netherlands (+105.5% per year).

In value terms, China ($X), the Netherlands ($X) and Italy ($X) were the largest wooden office furniture suppliers to Sri Lanka, together comprising 92% of total imports.

The Netherlands, with a CAGR of +110.0%, 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 a decline.

Import Prices by Country

The average wooden office furniture import price stood at $X per unit in 2021, surging by 13% against the previous year. Overall, the import price showed resilient growth. The pace of growth was the most pronounced in 2018 when the average import price increased by 46%. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+16.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :