Dominican Republic: Market for Iron or Steel Hot-Worked Helical Springs 2024

Market Size for Iron or Steel Hot-Worked Helical Springs in the Dominican Republic

For the fourth consecutive year, the Dominican metal hot-worked helical spring market recorded growth in sales value, which increased by 49% to $X in 2021. Over the period under review, consumption continues to indicate a significant increase. Metal hot-worked helical spring consumption peaked in 2021 and is likely to continue growth in the immediate term.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from the Dominican Republic

In 2021, shipments abroad of iron or steel hot-worked helical springs decreased by -38.1% to X kg, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2015 when exports increased by 369%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, metal hot-worked helical spring exports shrank notably to $X in 2021. Overall, exports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2015 when exports increased by 770% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Panama (X kg) was the main destination for metal hot-worked helical spring exports from the Dominican Republic, accounting for a 69% share of total exports. Moreover, metal hot-worked helical spring exports to Panama exceeded the volume sent to the second major destination, Nicaragua (X kg), fourfold. Barbados (X kg) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Panama totaled +11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+21.0% per year) and Barbados (+32.1% per year).

In value terms, Panama ($X) remains the key foreign market for iron or steel hot-worked helical springs exports from the Dominican Republic, comprising 66% of total exports. The second position in the ranking was held by Barbados ($X), with a 16% share of total exports. It was followed by Nicaragua, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value to Panama totaled +14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Barbados (+38.3% per year) and Nicaragua (+25.0% per year).

Export Prices by Country

The average metal hot-worked helical spring export price stood at $X per ton in 2021, rising by 22% against the previous year. Over the period under review, the export price enjoyed moderate growth. The pace of growth was the most pronounced in 2015 an increase of 86% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Barbados ($X per ton), while the average price for exports to Nicaragua ($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 Honduras (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into the Dominican Republic

Metal hot-worked helical spring imports into the Dominican Republic soared to X tons in 2021, jumping by 18% compared with the previous year. Over the period under review, imports showed a significant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 206%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in years to come.

In value terms, metal hot-worked helical spring imports surged to $X in 2021. Overall, imports saw a significant increase. The pace of growth was the most pronounced in 2016 with an increase of 203% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of metal hot-worked helical spring to the Dominican Republic, accounting for a 55% share of total imports. Moreover, metal hot-worked helical spring imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Colombia (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +48.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+13.8% per year) and Colombia (+73.7% per year).

In value terms, the largest metal hot-worked helical spring suppliers to the Dominican Republic were the United States ($X), China ($X) and Germany ($X), with a combined 78% share of total imports. These countries were followed by Colombia, El Salvador and Guatemala, which together accounted for a further 7.4%.

Guatemala, with a CAGR of +210.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average metal hot-worked helical spring import price stood at $X per ton in 2021, picking up by 55% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 70%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

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 Germany ($X per ton), while the price for Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+14.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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