Dominican Republic: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in the Dominican Republic

In 2021, the Dominican balancing mechanical parts machine market decreased by -50.1% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption showed a abrupt decline. Balancing mechanical parts machine consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Machines For Balancing Mechanical Parts

Exports from the Dominican Republic

In 2021, the amount of machines for balancing mechanical parts exported from the Dominican Republic soared to X units, with an increase of 87% against 2020. Overall, exports posted significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 1,241% against the previous year. As a result, the exports reached the peak of X units. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, balancing mechanical parts machine exports rose sharply to $X in 2021. Over the period under review, exports posted significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 1,281% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units), Cuba (X units) and Jamaica (X units) were the main destinations of balancing mechanical parts machine exports from the Dominican Republic, with a combined 98% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cuba (with a CAGR of +251.1%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for machines for balancing mechanical parts exports from the Dominican Republic, comprising 84% of total exports. The second position in the ranking was held by Cuba ($X), with a 12% share of total exports. It was followed by Jamaica, with a 0.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +43.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+111.8% per year) and Jamaica (-16.1% per year).

Export Prices by Country

The average balancing mechanical parts machine export price stood at $X per unit in 2021, shrinking by -38.6% against the previous year. In general, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2020 when the average export price increased by 125%. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United States ($X per unit), while the average price for exports to Jamaica ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machines For Balancing Mechanical Parts

Imports into the Dominican Republic

In 2021, purchases abroad of machines for balancing mechanical parts decreased by -47.3% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 364% against the previous year. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, balancing mechanical parts machine imports dropped sharply to $X in 2021. In general, imports saw a abrupt slump. The most prominent rate of growth was recorded in 2018 when imports increased by 339%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X units) constituted the largest balancing mechanical parts machine supplier to the Dominican Republic, accounting for a 66% share of total imports. Moreover, balancing mechanical parts machine imports from the United States exceeded the figures recorded by the second-largest supplier, China (X units), threefold. Colombia (X units) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume from the United States stood at +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.9% per year) and Colombia (+88.0% per year).

In value terms, the United States ($X) constituted the largest supplier of machines for balancing mechanical parts to the Dominican Republic, comprising 50% of total imports. The second position in the ranking was held by Germany ($X), with a 22% share of total imports. It was followed by Colombia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+12.7% per year) and Colombia (+159.8% per year).

Import Prices by Country

The average balancing mechanical parts machine import price stood at $X per unit in 2021, picking up by 30% against the previous year. In general, the import price showed a modest increase. Over the period under review, average import prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per unit), while the price for Belgium ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+30.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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