Price for Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka - 2022

Contents:

1. Price for Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka (CIF) - 2022
2. Price for Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka (FOB) - 2022
3. Imports of Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka
4. Exports of Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka

Price for Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka (CIF) - 2022

The average import price for tractors; (other than tractors of heading no 8709)s stood at $10,137 per unit in 2022, increasing by 10% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +9.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for tractors; (other than tractors of heading no 8709)s increased by +16.2% against 2018 indices. The pace of growth appeared the most rapid in 2013 when the average import price increased by 49%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to see gradual growth in the near future.

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 India ($11,447 per unit), while the price for China ($1,697 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka (FOB) - 2022

The average export price for tractors; (other than tractors of heading no 8709)s stood at $20,606 per unit in 2022, picking up by 11% against the previous year. Overall, the export price saw a resilient expansion. The pace of growth was the most pronounced in 2015 an increase of 173% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was India ($24,601 per unit), while the average price for exports to Seychelles ($1,895 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Uganda (+9.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka

After three years of growth, supplies from abroad of tractors; (other than tractors of heading no 8709)s decreased by -80.5% to 2.4K units in 2022. In general, imports faced a deep slump. The most prominent rate of growth was recorded in 2021 when imports increased by 154% against the previous year. As a result, imports attained the peak of 12K units, and then dropped dramatically in the following year.

In value terms, imports of tractors; (other than tractors of heading no 8709)s declined dramatically to $24M in 2022. Over the period under review, imports saw a deep contraction. The growth pace was the most rapid in 2021 with an increase of 143%. As a result, imports attained the peak of $114M, and then dropped markedly in the following year.

Top Suppliers of Tractors; (Other than Tractors of Heading No 8709) to Sri Lanka in 2022:

1. India (1070.0 units)
2. Japan (471.0 units)
3. Vietnam (351.0 units)
4. China (348.0 units)

Exports of Tractors; (Other than Tractors of Heading No 8709) in Sri Lanka

In 2022, after three years of growth, there was significant decline in overseas shipments of tractors; (other than tractors of heading no 8709)s, when their volume decreased by -33.3% to 18 units. Over the period under review, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 80%. As a result, the exports reached the peak of 27 units, and then dropped significantly in the following year.

In value terms, exports of tractors; (other than tractors of heading no 8709)s contracted markedly to $371K in 2022. In general, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 352% against the previous year. The exports peaked at $500K in 2021, and then plummeted in the following year.

Top Export Markets for Tractors; (Other than Tractors of Heading No 8709) from Sri Lanka in 2022:

1. India (13.0 units)
2. Maldives (3.0 units)
3. Uganda (1.0 units)
4. Seychelles (1.0 units)

Source: IndexBox Market Intelligence Platform