Dominican Republic: Metal Vehicle Lock Market 2024

Metal Vehicle Lock Market Size in the Dominican Republic

The Dominican metal vehicle lock market reduced to $X in 2021, waning by -6.7% 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). Over the period under review, consumption enjoyed a remarkable increase. As a result, consumption attained the peak level of $X, and then fell in the following year.

Metal Vehicle Lock Exports

Exports from the Dominican Republic

In 2021, exports of base metal motor vehicle locks from the Dominican Republic fell markedly to X tons, reducing by -36.8% compared with 2020 figures. In general, exports, however, recorded significant growth. The growth pace was the most rapid in 2019 when exports increased by 284% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, metal vehicle lock exports plummeted to $X in 2021. Over the period under review, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 627%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Panama (X kg), Jamaica (X kg) and the United States (X kg) were the main destinations of metal vehicle lock exports from the Dominican Republic, together comprising 97% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +188.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for metal vehicle lock exported from the Dominican Republic were Panama ($X), the United States ($X) and Jamaica ($X), with a combined 95% share of total exports.

Among the main countries of destination, Panama, with a CAGR of +229.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average metal vehicle lock export price stood at $X per ton in 2021, waning by -7.3% against the previous year. Overall, the export price saw a slight reduction. The pace of growth was the most pronounced in 2019 an increase of 89%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Haiti ($X per ton), while the average price for exports to Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+0.4%), while the prices for the other major destinations experienced a decline.

Metal Vehicle Lock Imports

Imports into the Dominican Republic

In 2021, supplies from abroad of base metal motor vehicle locks increased by 0.8% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 62% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, metal vehicle lock imports shrank to $X in 2021. Overall, imports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 85%. As a result, imports reached the peak of $X, and then shrank in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of metal vehicle lock to the Dominican Republic, with a 61% share of total imports. Moreover, metal vehicle lock imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fourfold. The third position in this ranking was held by the United States (X tons), with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+37.0% per year) and the United States (+0.9% per year).

In value terms, China ($X) constituted the largest supplier of base metal motor vehicle locks to the Dominican Republic, comprising 44% of total imports. The second position in the ranking was held by the United States ($X), with a 13% share of total imports. It was followed by Japan, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+9.2% per year) and Japan (-1.3% per year).

Import Prices by Country

The average metal vehicle lock import price stood at $X per ton in 2021, which is down by -12.8% against the previous year. Overall, the import price saw a perceptible decrease. The pace of growth appeared the most rapid in 2020 when the average import price increased by 16% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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