Dominican Republic: Non-Electric Motor Handtools Market 2024

Non-Electric Motor Handtools Market Size in the Dominican Republic

The Dominican non-electric motor handtools market shrank to $X in 2022, declining by -10.7% 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, however, recorded a remarkable increase. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Non-Electric Motor Handtools Exports

Exports from the Dominican Republic

In 2022, shipments abroad of handtools, hydraulic or with a self-contained non-electric motor increased by 290% to X units, rising for the second consecutive year after two years of decline. In general, exports, however, saw a deep downturn. The pace of growth was the most pronounced in 2016 when exports increased by 2,192% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-electric motor handtools exports soared to $X in 2022. Over the period under review, exports, however, showed a abrupt decline. The growth pace was the most rapid in 2016 when exports increased by 2,199% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Nicaragua (X units) was the main destination for non-electric motor handtools exports from the Dominican Republic, with a 74% share of total exports. Moreover, non-electric motor handtools exports to Nicaragua exceeded the volume sent to the second major destination, the United States (X units), fourfold. The third position in this ranking was held by Haiti (X units), with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume to Nicaragua amounted to +41.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-18.9% per year) and Haiti (-15.9% per year).

In value terms, Nicaragua ($X), the United States ($X) and Haiti ($X) appeared to be the largest markets for non-electric motor handtools exported from the Dominican Republic worldwide, with a combined 99% share of total exports. Curacao and Cuba lagged somewhat behind, together comprising a further 1.1%.

Curacao, with a CAGR of +38.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average non-electric motor handtools export price amounted to $X per unit, shrinking by -33.4% against the previous year. In general, the export price showed a deep setback. The pace of growth was the most pronounced in 2014 when the average export price increased by 23% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 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 ($X per unit), while the average price for exports to Cuba ($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 Curacao (+29.2%), while the prices for the other major destinations experienced a decline.

Non-Electric Motor Handtools Imports

Imports into the Dominican Republic

In 2022, approx. X units of handtools, hydraulic or with a self-contained non-electric motor were imported into the Dominican Republic; dropping by -23.9% on the year before. Over the period under review, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 70%. Over the period under review, imports attained the maximum at X units in 2021, and then dropped sharply in the following year.

In value terms, non-electric motor handtools imports fell slightly to $X in 2022. In general, imports, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 92% against the previous year. As a result, imports attained the peak of $X, and then reduced slightly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest non-electric motor handtools supplier to the Dominican Republic, accounting for a 68% share of total imports. Moreover, non-electric motor handtools imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold. Mexico (X units) ranked third in terms of total imports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +24.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+14.7% per year) and Mexico (+14.5% per year).

In value terms, China ($X) constituted the largest supplier of handtools, hydraulic or with a self-contained non-electric motor to the Dominican Republic, comprising 50% of total imports. The second position in the ranking was held by the United States ($X), with an 18% share of total imports. It was followed by Mexico, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+9.7% per year) and Mexico (+6.9% per year).

Import Prices by Country

In 2022, the average non-electric motor handtools import price amounted to $X per unit, picking up by 26% against the previous year. Over the period under review, the import price, however, saw a abrupt setback. The import price peaked 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 Spain ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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