Musical Instrument Strings Price in Sri Lanka - 2021

Musical Instrument Strings Price in Sri Lanka (CIF) - 2022

In 2022, the average musical instrument strings import price amounted to $0.3 per unit, shrinking by -28% against the previous year. In general, the import price showed a abrupt setback. The growth pace was the most rapid in 2018 an increase of 102% against the previous year. The import price peaked at $1 per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($2.5 per unit), while the price for China ($0.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.1%), while the prices for the other major suppliers experienced a decline.

Musical Instrument Strings Price in Sri Lanka (FOB) - 2022

The average musical instrument strings export price stood at $4 per unit in 2022, rising by 14% against the previous year. Overall, the export price showed a prominent expansion. The pace of growth appeared the most rapid in 2020 an increase of 67% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Maldives.

From 2012 to 2022, the rate of growth in terms of prices for Maldives amounted to +10.2% per year.

Musical Instrument Strings Imports in Sri Lanka

In 2022, the amount of musical instrument stringses imported into Sri Lanka contracted sharply to 108K units, dropping by -21% compared with 2021 figures. Over the period under review, imports continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 215%. As a result, imports reached the peak of 137K units, and then contracted remarkably in the following year.

In value terms, musical instrument strings imports reduced dramatically to $35K in 2022. Overall, imports saw a sharp reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 82% against the previous year. Over the period under review, imports reached the peak figure at $75K in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Import of Musical Instrument Strings in Sri Lanka (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	28.2	8.2	30.2	15.0	-19.0%
United States	12.9	14.0	14.6	11.3	-4.3%
South Korea	26.8	5.3	9.4	6.7	-37.0%
Thailand	0.5	0.3	0.4	N/A	-10.6%
United Kingdom	4.2	4.1	5.0	N/A	9.1%
Others	2.2	1.6	1.3	1.6	-10.1%
Total	74.8	33.5	61.0	34.7	-22.6%

Top Suppliers of Musical Instrument Strings to Sri Lanka in 2022:

China (83.6K units)
South Korea (18.8K units)
United States (4.5K units)

Musical Instrument Strings Exports in Sri Lanka

In 2022, after two years of decline, there was significant growth in shipments abroad of musical instrument stringses, when their volume increased by 150% to 10 units. In general, exports, however, showed a precipitous descent. Over the period under review, the exports hit record highs at 38 units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, musical instrument strings exports skyrocketed to $40 in 2022. Over the period under review, exports, however, saw a abrupt contraction. Over the period under review, the exports hit record highs at $65 in 2020; however, from 2021 to 2022, the exports remained at a lower figure.