Dominican Republic: Nails And Tacks Market 2024

Nails And Tacks Market Size in the Dominican Republic

For the third year in a row, the Dominican nails and tacks market recorded growth in sales value, which increased by 1.8% to $X in 2022. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in the immediate term.

Nails And Tacks Production in the Dominican Republic

In value terms, nails and tacks production reached $X in 2022 estimated in export price. In general, production, however, continues to indicate a noticeable setback. The pace of growth appeared the most rapid in 2018 when the production volume increased by 57%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Nails And Tacks Exports

Exports from the Dominican Republic

In 2022, approx. X tons of nails, tacks, drawing pins, corrugated nails, staples were exported from the Dominican Republic; rising by 61% against the previous year's figure. Overall, exports, however, showed a sharp decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 90%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, nails and tacks exports skyrocketed to $X in 2022. In general, exports, however, recorded a sharp curtailment. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Bolivia (X tons), El Salvador (X tons) and the United States (X tons) were the main destinations of nails and tacks exports from the Dominican Republic, together comprising 70% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by El Salvador (with a CAGR of +235.7%), while the other leaders experienced more modest paces of growth.

In value terms, Bolivia ($X), El Salvador ($X) and Turks and Caicos Islands ($X) appeared to be the largest markets for nails and tacks exported from the Dominican Republic worldwide, with a combined 59% share of total exports.

El Salvador, with a CAGR of +213.8%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average nails and tacks export price stood at $X per ton in 2022, picking up by 26% against the previous year. In general, the export price continues to indicate pronounced growth. The most prominent rate of growth was recorded in 2018 an increase of 166% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Haiti ($X per ton), while the average price for exports to El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Jamaica (+29.2%), while the prices for the other major destinations experienced more modest paces of growth.

Nails And Tacks Imports

Imports into the Dominican Republic

In 2022, supplies from abroad of nails, tacks, drawing pins, corrugated nails, staples increased by 15% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports showed a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of 163% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, nails and tacks imports rose markedly to $X in 2022. Overall, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2018 when imports increased by 101% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest nails and tacks supplier to the Dominican Republic, accounting for a 80% share of total imports. Moreover, nails and tacks imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), sixfold. Mexico (X tons) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.9% per year) and Mexico (-2.6% per year).

In value terms, China ($X) constituted the largest supplier of nails, tacks, drawing pins, corrugated nails, staples to the Dominican Republic, comprising 63% of total imports. The second position in the ranking was held by the United States ($X), with a 29% share of total imports. It was followed by Mexico, with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.0% per year) and Mexico (-1.7% per year).

Import Prices by Country

In 2022, the average nails and tacks import price amounted to $X per ton, declining by -8.4% against the previous year. Over the period under review, the import price, however, enjoyed a mild increase. The growth pace was the most rapid in 2019 when the average import price increased by 57%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 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 the United States ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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