Sri Lanka: Market for Agricultural And Forestry Tractors 2023

Market Size for Agricultural And Forestry Tractors in Sri Lanka

The Sri Lankan agricultural and forestry tractor market surged to $X in 2021, growing by 102% 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). Over the period under review, consumption saw a remarkable increase. Agricultural and forestry tractor consumption peaked in 2021 and is expected to retain growth in the immediate term.

Exports of Agricultural And Forestry Tractors

Exports from Sri Lanka

In 2021, overseas shipments of agricultural and forestry tractors decreased by -70% to X units, falling for the second year in a row after three years of decline. In general, exports continue to indicate a sharp downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 225% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, agricultural and forestry tractor exports fell significantly to $X in 2021. Over the period under review, exports faced a abrupt contraction. The pace of growth was the most pronounced in 2016 when exports increased by 279%. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Maldives (X units) was the main destination for agricultural and forestry tractor exports from Sri Lanka, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Maldives was relatively modest.

In value terms, Maldives ($X) emerged as the key foreign market for agricultural and forestry tractors exports from Sri Lanka.

From 2012 to 2021, the average annual growth rate of value to Maldives was relatively modest.

Export Prices by Country

In 2021, the average agricultural and forestry tractor export price amounted to $X per unit, reducing by -30.4% against the previous year. Overall, the export price, however, recorded a resilient increase. The pace of growth was the most pronounced in 2020 an increase of 33%. As a result, the export price reached the peak level of $X per unit, and then dropped dramatically in the following year.

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

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +8.7% per year.

Imports of Agricultural And Forestry Tractors

Imports into Sri Lanka

In 2021, approx. X units of agricultural and forestry tractors were imported into Sri Lanka; jumping by 105% compared with 2020 figures. In general, imports saw tangible growth. The pace of growth was the most pronounced in 2018 when imports increased by 599% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, agricultural and forestry tractor imports soared to $X in 2021. Overall, imports saw a remarkable increase. The growth pace was the most rapid in 2018 when imports increased by 500% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, India (X units) constituted the largest agricultural and forestry tractor supplier to Sri Lanka, accounting for a 84% share of total imports. Moreover, agricultural and forestry tractor imports from India exceeded the figures recorded by the second-largest supplier, Japan (X units), sevenfold.

From 2012 to 2021, the average annual growth rate of volume from India amounted to +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+32.6% per year) and Thailand (+30.4% per year).

In value terms, India ($X) constituted the largest supplier of agricultural and forestry tractors to Sri Lanka, comprising 81% of total imports. The second position in the ranking was held by Japan ($X), with a 13% share of total imports.

From 2012 to 2021, the average annual growth rate of value from India totaled +4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+36.5% per year) and Thailand (+31.9% per year).

Import Prices by Country

In 2021, the average agricultural and forestry tractor import price amounted to $X per unit, declining by -2.5% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2013 an increase of 41% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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