Sri Lanka’s aluminium stranded wire import during 2019-20 mislays demand; 97% growth estimated for 2021

The island nation, Sri Lanka declared a state of economic emergency on 31st August 2021, as the country dry out of foreign exchange reserves for essential imports like food. The Central Bank of Sri Lanka is the foremost Asian central bank to increase policy rates after the Covid-19 pandemic in regards to rising inflation in August 2021 spawned by currency depreciation.

Sri Lanka imported 5107 tonnes of aluminium stranded wire during 2019-20 and the expenditure occurred for the import was $9.13 million. The metal aluminium delivers a better conductivity to weight ratio than copper. Hence it is also utilized for wiring power grids, including overhead power transmission lines and local power distribution lines.

In 2019, Lanka’s import of aluminium stranded wire was counted at 3634 tonnes and the expenditure accounted was $7.52 million, whereas, in 2020, the import demonstrated a 59.46% downfall, as the import volume sunk to 1473 tonnes and the expenditure also plunged to $1.61 million.

The import for 2021 is analysed with growth by 96.87%, as the import volume is envisioned to rise at 2900 tonnes and the expenditure to climb $4.30 million.

The major trading destinations for Sri Lanka’s import of aluminium stranded wire are China, India, Japan, etc.