Dominican Republic: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in the Dominican Republic

The Dominican internal combustion engine equipment market contracted modestly to $X in 2022, falling by -4.9% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Equipment For Internal Combustion Engines in the Dominican Republic

In value terms, internal combustion engine equipment production dropped to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 23%. Internal combustion engine equipment production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Equipment For Internal Combustion Engines

Exports from the Dominican Republic

Internal combustion engine equipment exports from the Dominican Republic soared to X units in 2022, jumping by 346% against the previous year's figure. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 1,873%. The exports peaked at X units in 2020; afterwards, it flattened through to 2022.

In value terms, internal combustion engine equipment exports surged to $X in 2022. Over the period under review, exports saw a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 1,590% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Exports by Country

The United States (X units) was the main destination for internal combustion engine equipment exports from the Dominican Republic, with a 73% share of total exports. Moreover, internal combustion engine equipment exports to the United States exceeded the volume sent to the second major destination, Haiti (X units), fivefold. Cuba (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +73.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Haiti (+120.9% per year) and Cuba (+27.9% per year).

In value terms, the United States ($X) emerged as the key foreign market for equipment for internal combustion engines exports from the Dominican Republic, comprising 69% of total exports. The second position in the ranking was taken by Haiti ($X), with an 18% share of total exports. It was followed by Cuba, with an 8.9% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +73.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Haiti (+140.3% per year) and Cuba (+26.2% per year).

Export Prices by Country

The average internal combustion engine equipment export price stood at $X per unit in 2022, waning by -5.3% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 31%. As a result, the export price reached the peak level of $X per unit, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per unit), while the average price for exports to Cuba ($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 Panama (+42.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Equipment For Internal Combustion Engines

Imports into the Dominican Republic

Internal combustion engine equipment imports into the Dominican Republic declined dramatically to X units in 2022, falling by -38.9% against the previous year's figure. Over the period under review, imports, however, posted a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 112%. As a result, imports reached the peak of X units, and then shrank significantly in the following year.

In value terms, internal combustion engine equipment imports shrank markedly to $X in 2022. Overall, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2021 when imports increased by 103%. As a result, imports reached the peak of $X, and then contracted remarkably in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of internal combustion engine equipment to the Dominican Republic, with a 79% share of total imports. Moreover, internal combustion engine equipment imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. Colombia (X units) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +34.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.5% per year) and Colombia (+60.3% per year).

In value terms, China ($X) constituted the largest supplier of equipment for internal combustion engines to the Dominican Republic, comprising 71% of total imports. The second position in the ranking was held by the United States ($X), with a 13% share of total imports. It was followed by Japan, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.1% per year) and Japan (+8.0% per year).

Import Prices by Country

In 2022, the average internal combustion engine equipment import price amounted to $X per unit, jumping by 38% against the previous year. Overall, the import price, however, saw a abrupt contraction. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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