Sri Lanka: Cotton Bag Market 2024

Cotton Bag Market Size in Sri Lanka

The Sri Lankan cotton bag market rose sharply to $X in 2022, picking up by X% against the previous year. In general, consumption recorded strong growth. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Cotton Bag Production in Sri Lanka

In value terms, cotton bag production reduced to $X in 2022 estimated in export price. Over the period under review, production enjoyed prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Cotton Bag Exports

Exports from Sri Lanka

In 2022, shipments abroad of sacks and bags of cotton decreased by X% to X tons, falling for the second consecutive year after three years of growth. Overall, exports, however, showed a notable increase. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, cotton bag exports dropped markedly to $X in 2022. Over the period under review, exports, however, showed a measured increase. The growth pace was the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for cotton bag exports from Sri Lanka, with a X% share of total exports. Moreover, cotton bag exports to the United States exceeded the volume sent to the second major destination, the UK (X tons), tenfold. South Korea (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 the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and South Korea (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for sacks and bags of cotton exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by South Korea ($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 States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and the UK (X% per year).

Export Prices by Country

The average cotton bag export price stood at $X per ton in 2022, declining by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of X%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a 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 South Korea ($X per ton), while the average price for exports to Ireland ($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 the United States (X%), while the prices for the other major destinations experienced mixed trend patterns.

Cotton Bag Imports

Imports into Sri Lanka

In 2022, supplies from abroad of sacks and bags of cotton was finally on the rise to reach X tons after two years of decline. Overall, imports continue to indicate a strong expansion. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, cotton bag imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

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

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

In value terms, India ($X), China ($X) and Singapore ($X) constituted the largest cotton bag suppliers to Sri Lanka, with a combined X% share of total imports.

Among the main suppliers, Singapore, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average cotton bag import price amounted to $X per ton, increasing by X% against the previous year. Overall, the import price enjoyed buoyant growth. The growth pace was the most rapid in 2014 an increase of X% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 Singapore ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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