Price for Safety Pins and Other Pins; of Iron or Steel in Sri Lanka - 2022

Contents:

1. Price for Safety Pins and Other Pins; of Iron or Steel in Sri Lanka (CIF) - 2022
2. Price for Safety Pins and Other Pins; of Iron or Steel in Sri Lanka (FOB) - 2022
3. Imports of Safety Pins and Other Pins; of Iron or Steel in Sri Lanka
4. Exports of Safety Pins and Other Pins; of Iron or Steel in Sri Lanka

Price for Safety Pins and Other Pins; of Iron or Steel in Sri Lanka (CIF) - 2022

The average import price for safety pins and other pins; of iron or steels stood at $5,594 per ton in 2022, with an increase of 2% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for safety pins and other pins; of iron or steels decreased by -0.0% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 38% against the previous year. Over the period under review, average import prices hit record highs at $5,594 per ton in 2020; afterwards, it flattened through to 2022.

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 ($7,032 per ton), while the price for India ($2,445 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 (+10.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Safety Pins and Other Pins; of Iron or Steel in Sri Lanka (FOB) - 2022

The average export price for safety pins and other pins; of iron or steels stood at $6,378 per ton in 2022, rising by 45% against the previous year. Over the period under review, the export price, however, recorded a noticeable decline. The growth pace was the most rapid in 2021 when the average export price increased by 153% against the previous year. The export price peaked at $8,875 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Jordan ($23,000 per ton), while the average price for exports to the United Arab Emirates ($667 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 Arab Emirates (+123.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Safety Pins and Other Pins; of Iron or Steel in Sri Lanka

In 2022, after two years of decline, there was significant growth in overseas purchases of safety pins and other pins; of iron or steels, when their volume increased by 38% to 132 tons. In general, imports, however, showed a noticeable contraction.

In value terms, imports of safety pins and other pins; of iron or steels skyrocketed to $738K in 2022. Overall, imports continue to indicate a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Safety Pins and Other Pins; of Iron or Steel to Sri Lanka in 2022:

1. China (89.2 tons)
2. Malaysia (19.0 tons)
3. India (9.0 tons)
4. United Arab Emirates (6.8 tons)

Exports of Safety Pins and Other Pins; of Iron or Steel in Sri Lanka

In 2022, overseas shipments of safety pins and other pins; of iron or steels decreased by -45.8% to 625 kg, falling for the second year in a row after two years of growth. Over the period under review, exports faced a dramatic setback. The most prominent rate of growth was recorded in 2020 when exports increased by 98% against the previous year. As a result, the exports attained the peak of 3.7 tons. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of safety pins and other pins; of iron or steels fell dramatically to $4K in 2022. Overall, exports showed a precipitous decrease. The smallest decline of -21.2% was in 2021.

Top Export Markets for Safety Pins and Other Pins; of Iron or Steel from Sri Lanka in 2022:

1. Indonesia (157.0 kg)
2. China (136.0 kg)
3. Ethiopia (104.0 kg)
4. Nigeria (99.0 kg)
5. Seychelles (27.0 kg)
6. Maldives (26.0 kg)
7. Jordan (10.0 kg)
8. Sweden (4.0 kg)
9. United Arab Emirates (3.0 kg)

Source: IndexBox Market Intelligence Platform