Sri Lanka: Festive Articles Market 2024

Festive Articles Market Size in Sri Lanka

In 2022, the Sri Lankan festive articles market decreased by X% to $X, falling for the second year in a row after two years of growth. In general, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Festive Articles Production in Sri Lanka

In value terms, festive articles production expanded notably to $X in 2022 estimated in export price. Overall, the total production indicated mild growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

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Festive Articles Exports

Exports from Sri Lanka

In 2022, approx. X tons of festive or carnival articles were exported from Sri Lanka; with an increase of X% on 2021 figures. Over the period under review, exports, however, showed a pronounced setback. The growth pace was the most rapid in 2017 when exports increased by X%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, festive articles exports surged to $X in 2022. In general, exports showed notable growth. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X tons), the United States (X tons) and the United Arab Emirates (X tons) were the main destinations of festive articles exports from Sri Lanka, with a combined X% share of total exports. France, Australia, Maldives and India lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the UK ($X) and the United Arab Emirates ($X) appeared to be the largest markets for festive articles exported from Sri Lanka worldwide, with a combined X% share of total exports. Australia, France, Maldives and India lagged somewhat behind, together accounting for a further X%.

France, with a CAGR of X%, 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

The average festive articles export price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, festive articles export price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (X%), while the prices for the other major destinations experienced more modest paces of growth.

Festive Articles Imports

Imports into Sri Lanka

After two years of growth, supplies from abroad of festive or carnival articles decreased by X% to X tons in 2022. Over the period under review, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2021, and then dropped sharply in the following year.

In value terms, festive articles imports fell remarkably to $X in 2022. In general, imports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2015 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2021, and then shrank sharply in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest festive articles supplier to Sri Lanka, accounting for a X% share of total imports. Moreover, festive articles imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%.

In value terms, China ($X) constituted the largest supplier of festive or carnival articles to Sri Lanka, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at X%.

Import Prices by Country

The average festive articles import price stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. The import price peaked at $X per ton in 2021, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for India amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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