Sri Lanka: Market for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors 2024

Market Size for Fork-Lift Trucks and Other Industrial Works Trucks and Tractors in Sri Lanka

After two years of growth, the Sri Lankan market for fork-lift trucks and other industrial works trucks and tractors decreased by X% to $X in 2022. Over the period under review, consumption, however, recorded a buoyant expansion. As a result, consumption reached the peak level of $X, and then dropped notably in the following year.

Exports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Exports from Sri Lanka

Exports of fork-lift trucks and other industrial works trucks and tractors from Sri Lanka surged to X units in 2022, increasing by X% compared with the year before. Over the period under review, exports showed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of fork-lift trucks and other industrial works trucks and tractors surged to $X in 2022. Overall, exports enjoyed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X units) was the main destination for exports of fork-lift trucks and other industrial works trucks and tractors from Sri Lanka, with a X% share of total exports. It was followed by Canada (X units), with a X% share of total exports. India (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and India (X% per year).

In value terms, Singapore ($X) emerged as the key foreign market for fork-lift trucks and other industrial works trucks and tractors exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by Maldives ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Singapore stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (X% per year) and Canada (X% per year).

Export Prices by Country

In 2022, the average export price for fork-lift trucks and other industrial works trucks and tractors amounted to $X per unit, reducing by X% against the previous year. In general, the export price continues to indicate a sharp downturn. The most prominent rate of growth was recorded in 2013 when the average export price increased by X%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to India ($X 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 India (X%), while the prices for the other major destinations experienced mixed trend patterns.

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Imports of Fork-Lift Trucks and Other Industrial Works Trucks and Tractors

Imports into Sri Lanka

In 2022, overseas purchases of fork-lift trucks and other industrial works trucks and tractors decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, posted a strong increase. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X units, and then fell remarkably in the following year.

In value terms, imports of fork-lift trucks and other industrial works trucks and tractors reduced markedly to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, imports of hit record highs at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest forklift truck and industrial works truck supplier to Sri Lanka, accounting for a X% share of total imports. Moreover, imports of fork-lift trucks and other industrial works trucks and tractors from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The third position in this ranking was taken by Germany (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Germany (X% per year).

In value terms, China ($X) constituted the largest supplier of fork-lift trucks and other industrial works trucks and tractors to Sri Lanka, comprising X% of total imports. The second position in the ranking was held by Australia ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the average import price for fork-lift trucks and other industrial works trucks and tractors amounted to $X per unit, with an increase of X% against the previous year. Overall, the import price, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. Over the period under review, average import prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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 Australia ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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