Dominican Republic: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in the Dominican Republic

The Dominican needle roller bearing market skyrocketed to $X in 2021, jumping by 70% 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 recorded a strong expansion. Needle roller bearing consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Needle Roller Bearing Exports

Exports from the Dominican Republic

In 2021, shipments abroad of needle roller bearings increased by 60% to X kg, rising for the fourth consecutive year after three years of decline. In general, exports recorded a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 892%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, needle roller bearing exports rose to $X in 2021. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 550% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Sweden (X kg), Finland (X kg) and the United States (X kg) were the main destinations of needle roller bearing exports from the Dominican Republic, together comprising 92% of total exports. These countries were followed by China, Canada and Argentina, which together accounted for a further 8.4%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Canada (with a CAGR of +25.1%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for needle roller bearing exported from the Dominican Republic were Finland ($X), Sweden ($X) and the United States ($X), with a combined 89% share of total exports.

Sweden, with a CAGR of +3,017.7%, recorded the highest growth rate of 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 needle roller bearing export price stood at $X per ton in 2021, which is down by -34.3% against the previous year. In general, the export price recorded a abrupt slump. The growth pace was the most rapid in 2016 when the average export price increased by 88%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to China ($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 Sweden (+104.3%), while the prices for the other major destinations experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports into the Dominican Republic

In 2021, imports of needle roller bearings into the Dominican Republic skyrocketed to X tons, increasing by 81% against the previous year. In general, imports posted a prominent increase. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, needle roller bearing imports soared to $X in 2021. Overall, imports saw a prominent expansion. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest needle roller bearing supplier to the Dominican Republic, with a 59% share of total imports. Moreover, needle roller bearing imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, the United States (X kg), sixfold. The third position in this ranking was held by China (X kg), with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Taiwan (Chinese) totaled +22.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.5% per year) and China (+20.5% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of needle roller bearing to the Dominican Republic, comprising 36% of total imports. The second position in the ranking was taken by Germany ($X), with a 15% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Taiwan (Chinese) totaled +43.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.0% per year) and the United States (+0.7% per year).

Import Prices by Country

In 2021, the average needle roller bearing import price amounted to $X per ton, which is down by -7.9% against the previous year. In general, the import price continues to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2020 an increase of 29% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+26.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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