Sri Lanka: Peat Market 2024

Peat Market Size in Sri Lanka

After two years of growth, the Sri Lankan peat market decreased by X% to $X in 2022. In general, consumption saw a relatively flat trend pattern. Peat consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Peat Production in Sri Lanka

In value terms, peat production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Peat Exports

Exports from Sri Lanka

After two years of decline, overseas shipments of peat increased by X% to X tons in 2022. In general, total exports indicated a tangible increase from 2012 to 2022: its volume 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, exports decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, peat exports rose significantly to $X in 2022. Over the period under review, total exports indicated prominent 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, exports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Morocco (X tons) was the main destination for peat exports from Sri Lanka, with a X% share of total exports. Moreover, peat exports to Morocco exceeded the volume sent to the second major destination, Australia (X tons), twofold. Iran (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Morocco amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Iran (X% per year).

In value terms, Morocco ($X) remains the key foreign market for peat exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was held by Australia ($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 Morocco amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Canada (X% per year).

Export Prices by Country

The average peat export price stood at $X per ton in 2022, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2020 an increase of 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Iran ($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 Ecuador (X%), while the prices for the other major destinations experienced more modest paces of growth.

Peat Imports

Imports into Sri Lanka

In 2022, purchases abroad of peat increased by X% to X tons, rising for the fourth consecutive year after two years of decline. Overall, imports enjoyed strong growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, peat imports soared to $X in 2022. Over the period under review, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest peat supplier to Sri Lanka, accounting for a X% share of total imports. Moreover, peat imports from China exceeded the figures recorded by the second-largest supplier, Ireland (X tons), threefold. The third position in this ranking was held by Estonia (X tons), with an X% share.

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

In value terms, China ($X) constituted the largest supplier of peat to Sri Lanka, comprising X% of total imports. The second position in the ranking was taken by Ireland ($X), with a X% share of total imports. It was followed by Estonia, with an 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: Ireland (X% per year) and Estonia (X% per year).

Import Prices by Country

The average peat import price stood at $X per ton in 2022, dropping by X% against the previous year. In general, the import price saw a mild downturn. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton, and then reduced markedly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Estonia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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