Dominican Republic: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in the Dominican Republic

In 2022, the Dominican refrigerator compressor market increased by 46% to $X, rising for the fifth year in a row after two years of decline. Overall, consumption continues to indicate a buoyant expansion. Refrigerator compressor consumption peaked in 2022 and is likely to continue growth in the near future.

Refrigerator Compressor Exports

Exports from the Dominican Republic

In 2022, shipments abroad of compressors for refrigeration equipment increased by 1,474% to X units for the first time since 2016, thus ending a five-year declining trend. Over the period under review, exports posted a significant increase. The growth pace was the most rapid in 2016 when exports increased by 10,684%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refrigerator compressor exports surged to $X in 2022. In general, exports showed strong growth. The pace of growth was the most pronounced in 2016 with an increase of 8,806% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X units) was the main destination for refrigerator compressor exports from the Dominican Republic, with a 86% share of total exports. Moreover, refrigerator compressor exports to India exceeded the volume sent to the second major destination, Cuba (X units), more than tenfold. Chile (X units) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume to India was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+71.9% per year) and Chile (+79,900.0% per year).

In value terms, the largest markets for refrigerator compressor exported from the Dominican Republic were the United States ($X), Cuba ($X) and Haiti ($X), with a combined 77% share of total exports. Chile and India lagged somewhat behind, together accounting for a further 8.6%.

In terms of the main countries of destination, Chile, with a CAGR of +1,599,900.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, dropping by -89.7% against the previous year. Overall, the export price saw a precipitous decline. The pace of growth was the most pronounced in 2020 when the average export price increased by 91% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a 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 the United States ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+1,900.0%), while the prices for the other major destinations experienced a decline.

Refrigerator Compressor Imports

Imports into the Dominican Republic

In 2022, supplies from abroad of compressors for refrigeration equipment increased by 28% to X units, rising for the fifth year in a row after two years of decline. Over the period under review, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 65%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, refrigerator compressor imports surged to $X in 2022. In general, imports enjoyed a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X units), China (X units) and South Korea (X units) were the main suppliers of refrigerator compressor imports to the Dominican Republic, with a combined 71% share of total imports. Brazil, Switzerland and Mexico lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Switzerland (with a CAGR of +104.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator compressor suppliers to the Dominican Republic were the United States ($X), South Korea ($X) and China ($X), with a combined 66% share of total imports. Switzerland, Brazil and Mexico lagged somewhat behind, together accounting for a further 17%.

Among the main suppliers, Switzerland, with a CAGR of +83.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refrigerator compressor import price amounted to $X per unit, increasing by 60% against the previous year. Over the period under review, the import price, however, showed a noticeable shrinkage. The import price peaked at $X per unit in 2016; however, from 2017 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 South Korea ($X per unit), while the price for Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+7.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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