Sri Lanka: Plough Market 2024

Plough Market Size in Sri Lanka

The Sri Lankan plough market shrank dramatically to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption showed a abrupt curtailment. Plough consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Plough Production in Sri Lanka

In value terms, plough production stood at $X in 2022 estimated in export price. Overall, production showed a sharp decrease. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

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Plough Exports

Exports from Sri Lanka

In 2017, shipments abroad of ploughs for agricultural purposes decreased by X% to X units for the first time since 2013, thus ending a three-year declining trend. In general, exports recorded a sharp slump. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2017, the growth of the exports remained at a lower figure.

In value terms, plough exports totaled $X in 2017. Over the period under review, exports continue to indicate a significant contraction. The pace of growth appeared the most rapid in 2013 when exports increased by X%. As a result, the exports reached the peak of $X. From 2014 to 2017, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for plough exports from Sri Lanka, accounting for a X% share of total exports. Moreover, plough exports to Japan exceeded the volume sent to the second major destination, Maldives (X units), fourfold.

From 2012 to 2017, the average annual rate of growth in terms of volume to Japan totaled X%.

From 2012 to 2017, the average annual rate of growth in terms of value to Japan amounted to X%.

Export Prices by Country

The average plough export price stood at $X per unit in 2017, approximately mirroring the previous year. Overall, the export price posted a mild expansion. The pace of growth was the most pronounced in 2014 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2017, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Maldives totaled $X per unit.

From 2012 to 2017, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (X%), while the prices for the other major destinations experienced more modest paces of growth.

Plough Imports

Imports into Sri Lanka

Plough imports into Sri Lanka fell notably to X units in 2022, waning by X% against the previous year's figure. In general, imports, however, enjoyed measured growth. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Imports peaked at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, plough imports contracted sharply to $X in 2022. Over the period under review, imports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Pakistan (X units) constituted the largest plough supplier to Sri Lanka, accounting for a X% share of total imports. Moreover, plough imports from Pakistan exceeded the figures recorded by the second-largest supplier, India (X units), threefold. China (X units) ranked third in terms of total imports with a X% share.

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

In value terms, Pakistan ($X) constituted the largest supplier of ploughs for agricultural purposes to Sri Lanka, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports. It was followed by China, with a X% share.

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

Import Prices by Country

The average plough import price stood at $X per unit in 2022, with an increase of X% against the previous year. Overall, import price indicated prominent growth from 2012 to 2022: its price 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, plough import price increased by X% against 2017 indices. The growth pace was the most rapid in 2014 an increase of X% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

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 Vietnam ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, 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 more modest paces of growth.

Source: IndexBox Platform

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