Sri Lanka: Twine And Cordage Market 2024

Twine And Cordage Market Size in Sri Lanka

The Sri Lankan twine and cordage market fell sharply to $X in 2022, dropping by X% against the previous year. Overall, consumption recorded a deep setback. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Twine And Cordage Production in Sri Lanka

In value terms, twine and cordage production reduced to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Twine And Cordage Exports

Exports from Sri Lanka

In 2022, overseas shipments of twine, cordage, rope and cables increased by X% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, twine and cordage exports declined to $X in 2022. In general, exports showed prominent growth. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then declined in the following year.

Exports by Country

The United States (X tons) was the main destination for twine and cordage exports from Sri Lanka, accounting for a X% share of total exports. Moreover, twine and cordage exports to the United States exceeded the volume sent to the second major destination, Pakistan (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (X% per year) and South Korea (X% per year).

In value terms, the United States ($X) remains the key foreign market for twine, cordage, rope and cables exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Pakistan ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (X% per year) and Australia (X% per year).

Export Prices by Country

The average twine and cordage export price stood at $X per ton in 2022, reducing by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average export price increased by X%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 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 Pakistan ($X per ton), while the average price for exports to the United States ($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 Pakistan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Twine And Cordage Imports

Imports into Sri Lanka

In 2022, twine and cordage imports into Sri Lanka declined significantly to X tons, which is down by X% compared with the previous year's figure. Overall, imports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by X%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, twine and cordage imports declined to $X in 2022. Over the period under review, imports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of twine and cordage to Sri Lanka, accounting for a X% share of total imports. Moreover, twine and cordage imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Thailand (X tons) 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 India was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Thailand (X% per year).

In value terms, the largest twine and cordage suppliers to Sri Lanka were Germany ($X), China ($X) and Hong Kong SAR ($X), with a combined X% share of total imports. India, Taiwan (Chinese), Thailand, South Korea, Canada, Vietnam, Bangladesh, Pakistan, Malaysia and the Philippines lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Canada, 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

The average twine and cordage import price stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the import price posted strong growth. The growth pace was the most rapid in 2019 an increase of X%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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