Sri Lanka: Base Metal Hook Market 2023

Base Metal Hook Market Size in Sri Lanka

In 2021, the Sri Lankan base metal hook market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, the total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -27.0% against 2018 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Base Metal Hook Exports

Exports from Sri Lanka

In 2021, after two years of decline, there was significant growth in shipments abroad of base metal hooks, eyes and eyelets, when their volume increased by 120% to X tons. In general, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, base metal hook exports soared to $X in 2021. Overall, exports continue to indicate a mild increase. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

India (X tons), Bangladesh (X tons) and Thailand (X tons) were the main destinations of base metal hook exports from Sri Lanka, together comprising 61% of total exports. These countries were followed by Morocco, Indonesia, Italy, Vietnam, Hong Kong SAR, Myanmar and Germany, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were in Morocco (with a CAGR of +38.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Thailand ($X) and Bangladesh ($X) appeared to be the largest markets for base metal hook exported from Sri Lanka worldwide, with a combined 60% share of total exports. Morocco, Indonesia, Vietnam, Italy, Hong Kong SAR, Myanmar and Germany lagged somewhat behind, together accounting for a further 35%.

Morocco, with a CAGR of +31.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average base metal hook export price amounted to $X per ton, shrinking by -20.3% against the previous year. In general, the export price, however, posted a mild expansion. The most prominent rate of growth was recorded in 2019 an increase of 55%. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+14.6%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Hook Imports

Imports into Sri Lanka

In 2021, after two years of decline, there was significant growth in overseas purchases of base metal hooks, eyes and eyelets, when their volume increased by 24% to X tons. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -34.5% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 48%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, base metal hook imports surged to $X in 2021. Overall, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 38% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest base metal hook supplier to Sri Lanka, with a 81% share of total imports. Moreover, base metal hook imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), tenfold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 5.5% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+8.5% per year) and Hong Kong SAR (-13.7% per year).

In value terms, the largest base metal hook suppliers to Sri Lanka were China ($X), Hong Kong SAR ($X) and the UK ($X), with a combined 91% share of total imports.

Among the main suppliers, China, with a CAGR of +15.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average base metal hook import price stood at $X per ton in 2021, approximately equating the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 8.4% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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