Sri Lanka: Silk Fabric Market 2024

Silk Fabric Market Size in Sri Lanka

In 2021, the Sri Lankan silk fabric market increased by 39% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption showed a strong increase. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Silk Fabric Exports

Exports from Sri Lanka

In 2021, overseas shipments of woven fabrics of silk or of silk waste decreased by -5.1% to X square meters, falling for the third consecutive year after two years of growth. Over the period under review, exports recorded a drastic downturn. The pace of growth was the most pronounced in 2014 when exports increased by 268%. The exports peaked at X square meters in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, silk fabric exports skyrocketed to $X in 2021. Overall, exports saw a abrupt contraction. The growth pace was the most rapid in 2018 when exports increased by 296% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Maldives (X square meters), the United Arab Emirates (X square meters) and China (X square meters) were the main destinations of silk fabric exports from Sri Lanka, with a combined 96% share of total exports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +128.2%), while shipments for the other leaders experienced a decline.

In value terms, Maldives ($X) emerged as the key foreign market for woven fabrics of silk or of silk waste exports from Sri Lanka, comprising 74% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 11% share of total exports. It was followed by China, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Maldives amounted to -8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-4.7% per year) and China (+241.4% per year).

Export Prices by Country

The average silk fabric export price stood at $X per square meter in 2021, surging by 27% against the previous year. Over the period under review, the export price showed a resilient expansion. The pace of growth appeared the most rapid in 2013 an increase of 117%. As a result, the export price attained the peak level of $X per square meter. From 2014 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per square meter), while the average price for exports to the United Arab Emirates ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+118.4%), while the prices for the other major destinations experienced more modest paces of growth.

Silk Fabric Imports

Imports into Sri Lanka

In 2021, purchases abroad of woven fabrics of silk or of silk waste increased by 34% to X square meters for the first time since 2018, thus ending a two-year declining trend. In general, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 470%. As a result, imports reached the peak of X square meters. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, silk fabric imports surged to $X in 2021. Over the period under review, imports saw a resilient increase. The growth pace was the most rapid in 2016 when imports increased by 161% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X square meters) was the main silk fabric supplier to Sri Lanka, accounting for a 96% share of total imports. It was followed by Italy (X square meters), with a 3.1% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +22.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+15.6% per year) and the United Arab Emirates (-56.1% per year).

In value terms, China ($X) constituted the largest supplier of woven fabrics of silk or of silk waste to Sri Lanka, comprising 97% of total imports. The second position in the ranking was taken by Italy ($X), with a 2.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +18.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-0.8% per year) and the United Arab Emirates (-59.9% per year).

Import Prices by Country

The average silk fabric import price stood at $X per square meter in 2021, increasing by 16% against the previous year. Overall, the import price enjoyed tangible growth. The growth pace was the most rapid in 2019 an increase of 450% against the previous year. The import price peaked at $X per square meter in 2017; however, from 2018 to 2021, import prices remained at a 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 China ($X per square meter), while the price for the United Arab Emirates ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-3.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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