Sri Lanka: Agricultural Harvester Market 2024

Agricultural Harvester Market Size in Sri Lanka

After two years of decline, the Sri Lankan agricultural harvester market increased by X% to $X in 2023. In general, consumption continues to indicate noticeable growth. As a result, consumption attained the peak level of $X. From 2021 to 2023, the growth of the market failed to regain momentum.

Agricultural Harvester Production in Sri Lanka

In value terms, agricultural harvester production expanded rapidly to $X in 2023 estimated in export price. Overall, the total production indicated a noticeable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Agricultural Harvester Exports

Exports from Sri Lanka

In 2023, overseas shipments of agricultural harvesters decreased by X% to X units for the first time since 2016, thus ending a six-year rising trend. In general, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X units in 2022, and then dropped in the following year.

In value terms, agricultural harvester exports shrank slightly to $X in 2023. Overall, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The exports peaked at $X in 2022, and then reduced modestly in the following year.

Exports by Country

India (X units) was the main destination for agricultural harvester exports from Sri Lanka, accounting for a X% share of total exports. Moreover, agricultural harvester exports to India exceeded the volume sent to the second major destination, Maldives (X units), more than tenfold.

From 2012 to 2023, the average annual rate of growth in terms of volume to India amounted to X%.

In value terms, India ($X) remains the key foreign market for agricultural harvesters exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Maldives ($X), with less than X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value to India stood at X%.

Export Prices by Country

The average agricultural harvester export price stood at $X per unit in 2023, picking up by X% against the previous year. In general, the export price posted a resilient expansion. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, the export price attained the peak level of $X per unit. From 2022 to 2023, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Maldives amounted to $X per unit.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Agricultural Harvester Imports

Imports into Sri Lanka

In 2023, purchases abroad of agricultural harvesters was finally on the rise to reach X units for the first time since 2020, thus ending a two-year declining trend. Overall, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, agricultural harvester imports surged to $X in 2023. In general, imports, however, saw a pronounced reduction. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X units) constituted the largest supplier of agricultural harvester to Sri Lanka, accounting for a X% share of total imports. Moreover, agricultural harvester imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. Thailand (X units) ranked third in terms of total imports with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Thailand (X% per year).

In value terms, China ($X) constituted the largest supplier of agricultural harvesters to Sri Lanka, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Japan (X% per year).

Import Prices by Country

The average agricultural harvester import price stood at $X per unit in 2023, waning by X% against the previous year. Overall, the import price recorded a deep contraction. The pace of growth was the most pronounced in 2022 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the UK (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform