Sri Lanka: Flax Fabric Market 2024

Flax Fabric Market Size in Sri Lanka

In 2022, the Sri Lankan flax fabric market decreased by -97.6% to $X for the first time since 2011, thus ending a ten-year rising trend. Over the period under review, consumption, however, recorded a sharp downturn. As a result, consumption reached the peak level of $X, and then contracted remarkably in the following year.

Flax Fabric Production in Sri Lanka

In value terms, flax fabric production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production recorded a abrupt shrinkage. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Flax Fabric Exports

Exports from Sri Lanka

In 2022, the amount of woven fabrics of flax exported from Sri Lanka soared to X tons, increasing by 381% on the year before. In general, exports, however, continue to indicate a abrupt slump. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, flax fabric exports dropped remarkably to $X in 2022. Over the period under review, exports, however, saw a dramatic decline. The most prominent rate of growth was recorded in 2018 with an increase of 616% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for flax fabric exports from Sri Lanka, accounting for a 57% share of total exports. Moreover, flax fabric exports to the United Arab Emirates exceeded the volume sent to the second major destination, the United States (X kg), threefold. The third position in this ranking was taken by China (X kg), with a 13% share.

From 2020 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +267.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+217.7% per year) and China (-58.3% per year).

In value terms, China ($X) emerged as the key foreign market for woven fabrics of flax exports from Sri Lanka, comprising 47% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 17% share of total exports. It was followed by the United Arab Emirates, with a 14% share.

From 2020 to 2022, the average annual rate of growth in terms of value to China totaled -69.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+18.8% per year) and the United Arab Emirates (+26.9% per year).

Export Prices by Country

The average flax fabric export price stood at $X per ton in 2022, reducing by -98% against the previous year. Over the period under review, the export price recorded a dramatic decrease. The pace of growth was the most pronounced in 2021 an increase of 364% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped notably in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+1,295.9%), while the prices for the other major destinations experienced a decline.

Flax Fabric Imports

Imports into Sri Lanka

In 2022, the amount of woven fabrics of flax imported into Sri Lanka soared to X tons, jumping by 75% against the previous year's figure. Overall, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, flax fabric imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.9% against 2020 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 42%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest flax fabric supplier to Sri Lanka, accounting for a 74% share of total imports. Moreover, flax fabric imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. The third position in this ranking was taken by Hong Kong SAR (X tons), with a 3.4% share.

From 2020 to 2022, the average annual growth rate of volume from China stood at +43.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+43.1% per year) and Hong Kong SAR (+17.6% per year).

In value terms, China ($X) constituted the largest supplier of woven fabrics of flax to Sri Lanka, comprising 75% of total imports. The second position in the ranking was taken by India ($X), with a 16% share of total imports. It was followed by Hong Kong SAR, with a 3% share.

From 2020 to 2022, the average annual growth rate of value from China stood at +36.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+5.4% per year) and Hong Kong SAR (-1.2% per year).

Import Prices by Country

The average flax fabric import price stood at $X per ton in 2022, reducing by -23.6% against the previous year. In general, the import price showed a abrupt slump. The most prominent rate of growth was recorded in 2021 an increase of 4.3%. As a result, import price reached the peak level of $X per ton, and then fell dramatically in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by China (-4.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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