Sri Lanka: Mounted Lens Market 2022

Mounted Lens Market Size in Sri Lanka

The Sri Lankan mounted lens market contracted sharply to $X in 2021, with a decrease of -58% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a abrupt slump. Mounted lens consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Mounted Lens Exports

Exports from Sri Lanka

In 2021, shipments abroad of mounted lenses, prisms and mirrors decreased by -80.8% to X kg for the first time since 2016, thus ending a four-year rising trend. In general, exports recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 167% against the previous year. The exports peaked at X kg in 2020, and then reduced remarkably in the following year.

In value terms, mounted lens exports declined markedly to $X in 2021. Over the period under review, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 463% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for mounted lens exports from Sri Lanka, accounting for a 60% share of total exports. Moreover, mounted lens exports to the United States exceeded the volume sent to the second major destination, Oman (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (0.0% per year) and the Czech Republic (-11.5% per year).

In value terms, the United States ($X) emerged as the key foreign market for mounted lens exports from Sri Lanka, comprising 59% of total exports. The second position in the ranking was taken by Oman ($X), with a 1.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States was relatively modest.

Export Prices by Country

In 2021, the average mounted lens export price amounted to $X per ton, reducing by -52.9% against the previous year. Over the period under review, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 an increase of 111%. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to the Czech Republic ($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 Uganda (+237.5%), while the prices for the other major destinations experienced a decline.

Mounted Lens Imports

Imports into Sri Lanka

In 2021, imports of mounted lenses, prisms and mirrors into Sri Lanka fell significantly to X kg, reducing by -72.7% against the previous year. Overall, imports continue to indicate a deep slump. The growth pace was the most rapid in 2016 when imports increased by 208% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, mounted lens imports declined remarkably to $X in 2021. Over the period under review, imports saw a noticeable downturn. The most prominent rate of growth was recorded in 2014 with an increase of 402% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X kg) constituted the largest supplier of mounted lens to Sri Lanka, accounting for a 82% share of total imports. Moreover, mounted lens imports from China exceeded the figures recorded by the second-largest supplier, Canada (X kg), more than tenfold. The third position in this ranking was held by India (X kg), with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+30.5% per year) and India (-33.9% per year).

In value terms, China ($X) constituted the largest supplier of mounted lens to Sri Lanka, comprising 25% of total imports. The second position in the ranking was held by Canada ($X), with a 12% share of total imports. It was followed by Singapore, with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +12.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+96.8% per year) and Singapore (-10.1% per year).

Import Prices by Country

In 2021, the average mounted lens import price amounted to $X per ton, with an increase of 139% against the previous year. Over the period under review, the import price posted a resilient increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+117.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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