Dominican Republic: Candles And Tapers Market 2024

Candles And Tapers Market Size in the Dominican Republic

The Dominican candles and tapers market dropped rapidly to $X in 2021, reducing by -24.6% against the previous year. In general, consumption, however, posted a tangible increase. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Candles And Tapers Production in the Dominican Republic

In value terms, candles and tapers production declined to $X in 2021 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +10.4% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 69% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Candles And Tapers Exports

Exports from the Dominican Republic

In 2021, overseas shipments of candles and tapers increased by 26% to X tons, rising for the second year in a row after two years of decline. Overall, total exports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +54.9% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, candles and tapers exports surged to $X in 2021. In general, exports enjoyed prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for candles and tapers exports from the Dominican Republic, accounting for a 84% share of total exports. Moreover, candles and tapers exports to the United States exceeded the volume sent to the second major destination, France (X tons), more than tenfold. The third position in this ranking was taken by Trinidad and Tobago (X tons), with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+2.8% per year) and Trinidad and Tobago (+5.7% per year).

In value terms, the United States ($X) remains the key foreign market for candles and tapers exports from the Dominican Republic, comprising 87% of total exports. The second position in the ranking was taken by France ($X), with a 6.2% share of total exports. It was followed by Trinidad and Tobago, with a 2.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+2.7% per year) and Trinidad and Tobago (+7.6% per year).

Export Prices by Country

In 2021, the average candles and tapers export price amounted to $X per ton, picking up by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Haiti ($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 the United States (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.

Candles And Tapers Imports

Imports into the Dominican Republic

In 2021, candles and tapers imports into the Dominican Republic soared to X tons, with an increase of 24% compared with the year before. In general, imports, however, showed a slight reduction. The pace of growth appeared the most rapid in 2014 with an increase of 90% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, candles and tapers imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a noticeable decline. The most prominent rate of growth was recorded in 2014 with an increase of 86% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Poland (X tons), China (X tons) and Canada (X tons) were the main suppliers of candles and tapers imports to the Dominican Republic, with a combined 60% share of total imports. The United States, Spain and Thailand lagged somewhat behind, together comprising a further 14%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +21.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest candles and tapers suppliers to the Dominican Republic were Poland ($X), the United States ($X) and China ($X), together comprising 51% of total imports. Canada, Spain and Thailand lagged somewhat behind, together comprising a further 21%.

Spain, with a CAGR of +25.7%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average candles and tapers import price amounted to $X per ton, with a decrease of -3.1% against the previous year. Overall, the import price saw a slight descent. The growth pace was the most rapid in 2020 an increase of 19%. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, 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 ($X per ton), while the price for Poland ($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 (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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