Sri Lanka: Sodium Nitrate Market 2023

Sodium Nitrate Market Size in Sri Lanka

For the third consecutive year, the Sri Lankan sodium nitrate market recorded decline in sales value, which decreased by -99.8% to $X in 2022. Overall, consumption continues to indicate a precipitous setback. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Sodium Nitrate Exports

Exports from Sri Lanka

Sodium nitrate exports from Sri Lanka rose markedly to X kg in 2019, surging by 5.3% against the previous year's figure. The total export volume increased at an average annual rate of +5.3% from 2018 to 2019; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, sodium nitrate exports expanded markedly to $X in 2019. The total export value increased at an average annual rate of +8.0% from 2018 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana (X kg) was the main destination for sodium nitrate exports from Sri Lanka, accounting for a approx. 100% share of total exports.

From 2018 to 2019, the average annual rate of growth in terms of volume to Ghana was relatively modest.

In value terms, Ghana ($X) emerged as the key foreign market for sodium nitrate exports from Sri Lanka.

From 2018 to 2019, the average annual growth rate of value to Ghana was relatively modest.

Export Prices by Country

The average sodium nitrate export price stood at $X per ton in 2019, with an increase of 2.6% against the previous year. Over the period from 2018 to 2019, it increased at an average annual rate of +2.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Ghana.

From 2018 to 2019, the rate of growth in terms of prices for Ghana amounted to 0.0% per year.

Sodium Nitrate Imports

Imports into Sri Lanka

For the third year in a row, Sri Lanka recorded decline in supplies from abroad of sodium nitrate, which decreased by -99.9% to X kg in 2022. Over the period under review, imports continue to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 14,711%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sodium nitrate imports declined markedly to $X in 2022. Overall, imports continue to indicate a dramatic setback. The pace of growth was the most pronounced in 2017 with an increase of 9,822%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, India (X kg) was the main supplier of sodium nitrate to Sri Lanka, with a 91% share of total imports. Moreover, sodium nitrate imports from India exceeded the figures recorded by the second-largest supplier, South Korea (X kg), tenfold.

From 2012 to 2022, the average annual growth rate of volume from India totaled -23.3%.

In value terms, the largest sodium nitrate suppliers to Sri Lanka were India ($X) and South Korea ($X).

Among the main suppliers, India, with a CAGR of -25.1%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the average sodium nitrate import price amounted to $X per ton, growing by 266% against the previous year. In general, the import price showed a strong 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 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for India amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+22.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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