Dominican Republic: Market for Articles Of Iron Or Steel 2025

Market Size for Articles Of Iron Or Steel in the Dominican Republic

The Dominican steel and iron articles market expanded notably to $X in 2022, surging by 10% 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 enjoyed buoyant growth. Steel and iron articles consumption peaked in 2022 and is expected to retain growth in the near future.

Exports of Articles Of Iron Or Steel

Exports from the Dominican Republic

In 2022, approx. X tons of articles of iron or steel were exported from the Dominican Republic; rising by 37% compared with the year before. Over the period under review, exports continue to indicate a remarkable increase. The growth pace was the most rapid in 2021 when exports increased by 120% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, steel and iron articles exports soared to $X in 2022. In general, exports showed a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 105%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Haiti (X tons), the United States (X tons) and Colombia (X tons) were the main destinations of steel and iron articles exports from the Dominican Republic, with a combined 72% share of total exports. China, Grenada, El Salvador and the UK lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Grenada (with a CAGR of +165.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for steel and iron articles exported from the Dominican Republic were the United States ($X), Haiti ($X) and Colombia ($X), with a combined 75% share of total exports. China, Grenada, El Salvador and the UK lagged somewhat behind, together comprising a further 5.4%.

Grenada, with a CAGR of +106.4%, recorded the highest rates of growth with regard to the value of exports, among 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

The average steel and iron articles export price stood at $X per ton in 2022, rising by 14% against the previous year. Over the period under review, the export price saw a tangible expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by 78% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the UK ($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 Vietnam (+1,503.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into the Dominican Republic

In 2022, the amount of articles of iron or steel imported into the Dominican Republic surged to X tons, with an increase of 35% on the previous year's figure. In general, imports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 90% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, steel and iron articles imports amounted to $X in 2022. Overall, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 65%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

The United States (X tons), China (X tons) and Spain (X tons) were the main suppliers of steel and iron articles imports to the Dominican Republic, together comprising 89% of total imports. These countries were followed by South Korea, which accounted for a further 1.5%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +28.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of articles of iron or steel to the Dominican Republic, comprising 62% of total imports. The second position in the ranking was held by China ($X), with a 22% share of total imports. It was followed by Spain, with a 2.4% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.5% per year) and Spain (-3.4% per year).

Import Prices by Country

The average steel and iron articles import price stood at $X per ton in 2022, declining by -22.8% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel and iron articles import price increased by +3.1% against 2019 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 36%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($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 States (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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