Dominican Republic: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in the Dominican Republic

The Dominican grinding and sharpening machine market skyrocketed to $X in 2022, growing by 164% 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). Over the period under review, consumption enjoyed significant growth. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from the Dominican Republic

In 2022, shipments abroad of grinding and sharpening metal finishing machines was finally on the rise to reach X units after two years of decline. Over the period under review, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 200%. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, grinding and sharpening machine exports surged to $X in 2022. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 675%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for grinding and sharpening machine exports from the Dominican Republic, accounting for a 85% share of total exports. Moreover, grinding and sharpening machine exports to the United States exceeded the volume sent to the second major destination, Spain (X units), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +35.0%.

In value terms, the United States ($X) remains the key foreign market for grinding and sharpening metal finishing machines exports from the Dominican Republic, comprising 99% of total exports. The second position in the ranking was held by Spain ($X), with a 0.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +18.4%.

Export Prices by Country

In 2022, the average grinding and sharpening machine export price amounted to $X per unit, picking up by 87% against the previous year. In general, the export price, however, faced a dramatic shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 172%. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Spain stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-22.8%).

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into the Dominican Republic

In 2022, approx. X units of grinding and sharpening metal finishing machines were imported into the Dominican Republic; jumping by 194% against the year before. Over the period under review, imports showed a significant increase. The pace of growth was the most pronounced in 2019 when imports increased by 811%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, grinding and sharpening machine imports soared to $X in 2022. Overall, imports recorded prominent growth. The pace of growth appeared the most rapid in 2013 with an increase of 222%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Spain (X units) constituted the largest supplier of grinding and sharpening machine to the Dominican Republic, with a 61% share of total imports. Moreover, grinding and sharpening machine imports from Spain exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by Italy (X units), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain amounted to +51.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+27.5% per year) and Italy (+19.9% per year).

In value terms, Italy ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to the Dominican Republic, comprising 29% of total imports. The second position in the ranking was taken by Spain ($X), with a 9.4% share of total imports. It was followed by Sweden, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to +21.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+39.3% per year) and Sweden (-3.0% per year).

Import Prices by Country

In 2022, the average grinding and sharpening machine import price amounted to $X per unit, dropping by -51.3% against the previous year. In general, the import price showed a deep contraction. The most prominent rate of growth was recorded in 2020 when the average import price increased by 176% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 Italy ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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