Sri Lanka: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Sri Lanka

In 2022, the Sri Lankan mechanical shovel and excavator market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption showed a abrupt setback. As a result, consumption attained the peak level of $X, and then reduced dramatically in the following year.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from Sri Lanka

In 2022, shipments abroad of mechanical shovels, excavators and shovel loaders increased by X% to X units, rising for the third year in a row after three years of decline. Overall, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, mechanical shovel and excavator exports soared to $X in 2022. In general, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates (X units) was the main destination for mechanical shovel and excavator exports from Sri Lanka, with a X% share of total exports. Moreover, mechanical shovel and excavator exports to the United Arab Emirates exceeded the volume sent to the second major destination, the Netherlands (X units), twofold. The third position in this ranking was held by Pakistan (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Pakistan (X% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for mechanical shovels, excavators and shovel loaders exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and the UK (X% per year).

Export Prices by Country

In 2022, the average mechanical shovel and excavator export price amounted to $X per unit, increasing by X% against the previous year. Overall, the export price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the near future.

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 Singapore ($X per unit), while the average price for exports to Japan ($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 the UK (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into Sri Lanka

In 2022, purchases abroad of mechanical shovels, excavators and shovel loaders decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports attained the peak of X units, and then shrank significantly in the following year.

In value terms, mechanical shovel and excavator imports fell remarkably to $X in 2022. Overall, imports faced a deep slump. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then contracted significantly in the following year.

Imports by Country

In 2022, Japan (X units) constituted the largest mechanical shovel and excavator supplier to Sri Lanka, accounting for a X% share of total imports. Moreover, mechanical shovel and excavator imports from Japan exceeded the figures recorded by the second-largest supplier, India (X units), sixfold. The UK (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Japan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and the UK (X% per year).

In value terms, Japan ($X), India ($X) and China ($X) were the largest mechanical shovel and excavator suppliers to Sri Lanka, together accounting for X% of total imports.

Among the main suppliers, India, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average mechanical shovel and excavator import price stood at $X per unit in 2022, declining by X% against the previous year. Over the period under review, the import price showed a abrupt decline. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

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 a decline.

Source: IndexBox Platform

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