Dominican Republic: Lift And Hoist Market 2024

Lift And Hoist Market Size in the Dominican Republic

The Dominican lift and hoist market soared to $X in 2022, growing by 42% 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 enjoyed a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Lift And Hoist Exports

Exports from the Dominican Republic

In 2022, lift and hoist exports from the Dominican Republic contracted rapidly to X units, reducing by -26.1% on the previous year's figure. In general, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of 275%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, lift and hoist exports contracted sharply to $X in 2022. Over the period under review, exports recorded a deep setback. The pace of growth appeared the most rapid in 2021 when exports increased by 372% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Germany (X units), the United States (X units) and Ecuador (X units) were the main destinations of lift and hoist exports from the Dominican Republic, with a combined 76% share of total exports. Nicaragua, Jamaica and Haiti lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jamaica (with a CAGR of 0.0%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and Nicaragua ($X) constituted the largest markets for lift and hoist exported from the Dominican Republic worldwide, together comprising 79% of total exports. Jamaica, Haiti and Ecuador lagged somewhat behind, together accounting for a further 21%.

Among the main countries of destination, Jamaica, with a CAGR of +364.3%, saw 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

The average lift and hoist export price stood at $X per unit in 2022, which is down by -34.5% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 73% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then shrank rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jamaica ($X per unit), while the average price for exports to Ecuador ($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 Jamaica (+364.3%), while the prices for the other major destinations experienced more modest paces of growth.

Lift And Hoist Imports

Imports into the Dominican Republic

In 2022, overseas purchases of lifts and hoists increased by 29% to X units, rising for the fourth year in a row after two years of decline. Over the period under review, imports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 32%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, lift and hoist imports soared to $X in 2022. Overall, imports recorded strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of lift and hoist to the Dominican Republic, with a 67% share of total imports. Moreover, lift and hoist imports from China exceeded the figures recorded by the second-largest supplier, Spain (X units), eightfold. The third position in this ranking was taken by Mexico (X units), with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +20.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+13.1% per year) and Mexico (+56.5% per year).

In value terms, China ($X) constituted the largest supplier of lifts and hoists to the Dominican Republic, comprising 48% of total imports. The second position in the ranking was taken by the United States ($X), with an 18% share of total imports. It was followed by Mexico, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +14.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.2% per year) and Mexico (+56.6% per year).

Import Prices by Country

The average lift and hoist import price stood at $X per unit in 2022, picking up by 16% against the previous year. Over the period under review, the import price, however, continues to indicate a mild slump. Over the period under review, average import prices attained the peak figure at $X per unit in 2018; however, from 2019 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 Japan ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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