Sri Lanka: Cotton Fabric Market 2024

Cotton Fabric Market Size in Sri Lanka

The Sri Lankan cotton fabric market soared to $X in 2021, rising by 25% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.8% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Cotton Fabric Exports

Exports from Sri Lanka

In 2021, overseas shipments of woven fabrics of cotton increased by 5.7% to X tons, rising for the third consecutive year after three years of decline. In general, exports saw a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 1,006%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, cotton fabric exports dropped significantly to $X in 2021. Over the period under review, exports posted a buoyant increase. The growth pace was the most rapid in 2015 when exports increased by 924%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Singapore (X tons) was the main destination for cotton fabric exports from Sri Lanka, with a 51% share of total exports. Moreover, cotton fabric exports to Singapore exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by Bangladesh (X tons), with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore amounted to +116.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+22.6% per year) and Bangladesh (+5.4% per year).

In value terms, India ($X), Singapore ($X) and Bangladesh ($X) constituted the largest markets for cotton fabric exported from Sri Lanka worldwide, with a combined 69% share of total exports.

Singapore, with a CAGR of +80.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cotton fabric export price stood at $X per ton in 2021, declining by -49.5% against the previous year. In general, the export price showed a abrupt setback. The pace of growth appeared the most rapid in 2017 when the average export price increased by 10% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

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 India ($X per ton), while the average price for exports to the United Arab Emirates ($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 Mauritius (+5.0%), while the prices for the other major destinations experienced mixed trend patterns.

Cotton Fabric Imports

Imports into Sri Lanka

In 2021, the amount of woven fabrics of cotton imported into Sri Lanka skyrocketed to X tons, picking up by 26% on the previous year's figure. Overall, total imports indicated a moderate increase from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -4.7% against 2017 indices. The growth pace was the most rapid in 2015 when imports increased by 61%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, cotton fabric imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -8.3% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 43%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), India (X tons) and Pakistan (X tons) were the main suppliers of cotton fabric imports to Sri Lanka, together accounting for 90% of total imports. Brazil and Hong Kong SAR lagged somewhat behind, together accounting for a further 3.3%.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +31.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Pakistan ($X) were the largest cotton fabric suppliers to Sri Lanka, together comprising 87% of total imports. Hong Kong SAR and Brazil lagged somewhat behind, together comprising a further 3%.

In terms of the main suppliers, Brazil, with a CAGR of +24.4%, saw the highest rates of growth with regard to the value of imports, 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 cotton fabric import price amounted to $X per ton, dropping by -2.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2013 an increase of 27% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 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 Hong Kong SAR ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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