Sri Lanka: Steel Spring Market 2024

Steel Spring Market Size in Sri Lanka

The Sri Lankan steel spring market contracted markedly to $X in 2022, declining by X% 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). Overall, consumption, however, posted strong growth. As a result, consumption attained the peak level of $X, and then reduced dramatically in the following year.

Steel Spring Exports

Exports from Sri Lanka

For the third consecutive year, Sri Lanka recorded decline in overseas shipments of steel springs and leaves for springs, which decreased by X% to X tons in 2022. In general, exports showed a abrupt slump. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, steel spring exports reduced markedly to $X in 2022. Over the period under review, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for steel spring exports from Sri Lanka, with a X% share of total exports. Moreover, steel spring exports to Japan exceeded the volume sent to the second major destination, India (X tons), sixfold. Mali (X kg) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (X% per year) and Mali (X.0% per year).

In value terms, the largest markets for steel spring exported from Sri Lanka were Maldives ($X), Japan ($X) and Seychelles ($X), together accounting for X% of total exports. Bangladesh, Mali, India, Switzerland and the UK lagged somewhat behind, together comprising a further X%.

Mali, with a CAGR of X.6%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average steel spring export price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, export price indicated perceptible 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, steel spring export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average 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 Maldives ($X per ton), while the average price for exports to India ($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 Maldives (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Sri Lanka

In 2022, steel spring imports into Sri Lanka plummeted to X tons, which is down by X% compared with 2021. In general, imports, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of X tons, and then reduced sharply in the following year.

In value terms, steel spring imports shrank significantly to $X in 2022. Overall, imports, however, posted a resilient expansion. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports attained the peak of $X, and then fell sharply in the following year.

Imports by Country

China (X tons), India (X tons) and Japan (X tons) were the main suppliers of steel spring imports to Sri Lanka, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, India ($X), China ($X) and Japan ($X) were the largest steel spring suppliers to Sri Lanka, with a combined X% share of total imports.

In terms of the main suppliers, China, 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 mixed trend patterns.

Import Prices by Country

The average steel spring import price stood at $X per ton in 2022, dropping by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2014 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then declined in the following year.

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 the United Arab Emirates ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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