Dominican Republic: Festive Articles Market 2024

Festive Articles Market Size in the Dominican Republic

The Dominican festive articles market surged to $X in 2022, jumping by 17% 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). In general, consumption saw a prominent expansion. Festive articles consumption peaked in 2022 and is expected to retain growth in the immediate term.

Festive Articles Exports

Exports from the Dominican Republic

In 2022, shipments abroad of festive or carnival articles increased by 874% to X tons, rising for the second consecutive year after two years of decline. Overall, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, festive articles exports surged to $X in 2022. Over the period under review, exports saw a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 1,035%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Haiti (X tons) was the main destination for festive articles exports from the Dominican Republic, accounting for a 33% share of total exports. Moreover, festive articles exports to Haiti exceeded the volume sent to the second major destination, the United States (X tons), threefold. Turks and Caicos Islands (X tons) ranked third in terms of total exports with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Haiti totaled +95.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+38.5% per year) and Turks and Caicos Islands (+525.1% per year).

In value terms, the largest markets for festive articles exported from the Dominican Republic were Haiti ($X), the United States ($X) and Turks and Caicos Islands ($X), together comprising 65% of total exports.

In terms of the main countries of destination, Turks and Caicos Islands, with a CAGR of +505.7%, recorded the highest rates of growth with regard to 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

In 2022, the average festive articles export price amounted to $X per ton, shrinking by -63.6% against the previous year. Over the period under review, the export price continues to indicate a abrupt setback. The pace of growth appeared the most rapid in 2021 when the average export price increased by 54%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+18.0%), while the prices for the other major destinations experienced more modest paces of growth.

Festive Articles Imports

Imports into the Dominican Republic

In 2022, the amount of festive or carnival articles imported into the Dominican Republic skyrocketed to X tons, growing by 35% compared with the previous year. Over the period under review, imports showed a resilient increase. The growth pace was the most rapid in 2017 when imports increased by 106% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, festive articles imports skyrocketed to $X in 2022. Overall, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 105%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of festive articles to the Dominican Republic, accounting for a 86% share of total imports. Moreover, festive articles imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Indonesia (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.9% per year) and Indonesia (+84.7% per year).

In value terms, China ($X) constituted the largest supplier of festive or carnival articles to the Dominican Republic, comprising 86% of total imports. The second position in the ranking was held by the United States ($X), with a 7.1% share of total imports. It was followed by Panama, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.3% per year) and Panama (+18.6% per year).

Import Prices by Country

In 2022, the average festive articles import price amounted to $X per ton, picking up by 4.5% against the previous year. In general, the import price, however, showed a perceptible downturn. The pace of growth appeared the most rapid in 2021 an increase of 27% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 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 Panama ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (-4.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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