Dominican Republic: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in the Dominican Republic

The Dominican conveyor or transmission belt market surged to $X in 2021, increasing by 19% against the previous year. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Conveyor or transmission belt consumption peaked in 2021 and is likely to continue growth in the near future.

Production of Conveyor Or Transmission Belts Or Belting in the Dominican Republic

In value terms, conveyor or transmission belt production skyrocketed to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 25%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from the Dominican Republic

For the third year in a row, the Dominican Republic recorded growth in shipments abroad of conveyor or transmission belts or belting, which increased by 810% to X tons in 2021. Over the period under review, exports, however, showed a mild decline. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, conveyor or transmission belt exports surged to $X in 2021. Overall, exports saw a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Colombia (X tons) was the main destination for conveyor or transmission belt exports from the Dominican Republic, accounting for a 79% share of total exports. Moreover, conveyor or transmission belt exports to Colombia exceeded the volume sent to the second major destination, the United States (X tons), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Colombia totaled +17,689.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+47.4% per year) and Canada (+186.0% per year).

In value terms, the United States ($X) remains the key foreign market for conveyor or transmission belts or belting exports from the Dominican Republic, comprising 64% of total exports. The second position in the ranking was held by Colombia ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +54.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+9,037.2% per year) and Canada (+131.2% per year).

Export Prices by Country

The average conveyor or transmission belt export price stood at $X per ton in 2021, with a decrease of -38.3% against the previous year. Overall, the export price, however, showed a temperate increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by 153%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Colombia ($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 Nicaragua (+44.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into the Dominican Republic

For the fourth year in a row, the Dominican Republic recorded growth in overseas purchases of conveyor or transmission belts or belting, which increased by 18% to X tons in 2021. In general, imports showed a strong increase. The most prominent rate of growth was recorded in 2016 when imports increased by 137%. As a result, imports attained the peak of X tons; afterwards, it flattened through to 2021.

In value terms, conveyor or transmission belt imports soared to $X in 2021. Over the period under review, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 153%. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest conveyor or transmission belt supplier to the Dominican Republic, with a 48% share of total imports. Moreover, conveyor or transmission belt imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+83.0% per year) and the United States (-0.8% per year).

In value terms, China ($X), the United States ($X) and Mexico ($X) appeared to be the largest conveyor or transmission belt suppliers to the Dominican Republic, together comprising 69% of total imports. Colombia, Spain, Vietnam and South Africa lagged somewhat behind, together comprising a further 4.7%.

South Africa, with a CAGR of +95.8%, recorded the highest growth rate of the value of imports, among 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 conveyor or transmission belt import price amounted to $X per ton, with an increase of 3.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2019 an increase of 14%. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for South Africa ($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 (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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