Sri Lanka: Wooden Bedroom Furniture Market 2024

Wooden Bedroom Furniture Market Size in Sri Lanka

The Sri Lankan wooden bedroom furniture market amounted to $X in 2022, rising by 2.1% against the previous year. Over the period under review, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.0% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Wooden Bedroom Furniture Production in Sri Lanka

In value terms, wooden bedroom furniture production expanded slightly to $X in 2022 estimated in export price. Overall, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.4% against 2020 indices. The growth pace was the most rapid in 2018 when the production volume increased by 19% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Wooden Bedroom Furniture Exports

Exports from Sri Lanka

In 2022, wooden bedroom furniture exports from Sri Lanka surged to X units, increasing by 25% on 2021 figures. Overall, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 61% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, wooden bedroom furniture exports skyrocketed to $X in 2022. Over the period under review, exports showed strong growth. The growth pace was the most rapid in 2014 with an increase of 54%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

India (X units) was the main destination for wooden bedroom furniture exports from Sri Lanka, accounting for a 96% share of total exports. Moreover, wooden bedroom furniture exports to India exceeded the volume sent to the second major destination, Maldives (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to India totaled +7.0%.

In value terms, India ($X) remains the key foreign market for wooden furniture of a kind used in the bedroom exports from Sri Lanka, comprising 99% of total exports. The second position in the ranking was held by Maldives ($X), with a 0.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to India amounted to +8.7%.

Export Prices by Country

In 2022, the average wooden bedroom furniture export price amounted to $X per unit, dropping by -2.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2016 an increase of 13%. Over the period under review, the average export prices reached the maximum at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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 India ($X per unit), while the average price for exports to Maldives amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+1.7%).

Wooden Bedroom Furniture Imports

Imports into Sri Lanka

In 2022, wooden bedroom furniture imports into Sri Lanka dropped significantly to X units, shrinking by -37.4% compared with the previous year. In general, imports, however, posted perceptible growth. The pace of growth appeared the most rapid in 2021 with an increase of 132%. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, wooden bedroom furniture imports fell markedly to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 109% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Oman (X units) constituted the largest wooden bedroom furniture supplier to Sri Lanka, accounting for a 64% share of total imports. Moreover, wooden bedroom furniture imports from Oman exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), fourfold. The third position in this ranking was held by Thailand (X units), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Oman stood at +112.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+25.0% per year) and Thailand (+4.1% per year).

In value terms, Oman ($X) constituted the largest supplier of wooden furniture of a kind used in the bedroom to Sri Lanka, comprising 58% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 16% share of total imports. It was followed by Germany, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from Oman amounted to +111.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+22.9% per year) and Germany (+33.7% per year).

Import Prices by Country

The average wooden bedroom furniture import price stood at $X per unit in 2022, shrinking by -21.2% against the previous year. Overall, the import price saw a noticeable decrease. The pace of growth appeared the most rapid in 2020 an increase of 86% against the previous year. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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