Dominican Republic: Lock And Key Market 2024

Lock And Key Market Size in the Dominican Republic

In 2021, the Dominican lock and key market increased by 39% to $X, rising for the second consecutive year after two years of decline. Overall, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +52.4% against 2019 indices. Lock and key consumption peaked in 2021 and is expected to retain growth in the near future.

Lock And Key Exports

Exports from the Dominican Republic

In 2021, the amount of padlocks, locks and keys of base metal exported from the Dominican Republic amounted to X tons, with an increase of 12% compared with the year before. In general, exports posted a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 933% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, lock and key exports rose significantly to $X in 2021. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 1,272%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for lock and key exports from the Dominican Republic, accounting for a 94% share of total exports. It was followed by Canada (X tons), with a 2.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +57.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+10.5% per year) and Jamaica (-11.0% per year).

In value terms, the United States ($X) remains the key foreign market for padlocks, locks and keys of base metal exports from the Dominican Republic, comprising 98% of total exports. The second position in the ranking was held by Canada ($X), with a 0.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +69.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+12.8% per year) and Jamaica (-6.6% per year).

Export Prices by Country

In 2021, the average lock and key export price amounted to $X per ton, leveling off at the previous year. Overall, the export price, however, saw prominent growth. The most prominent rate of growth was recorded in 2019 when the average export price increased by 76% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Jamaica ($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 the United States (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into the Dominican Republic

In 2021, lock and key imports into the Dominican Republic skyrocketed to X tons, jumping by 41% on the previous year. In general, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +9.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +48.4% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lock and key imports skyrocketed to $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +44.5% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest lock and key supplier to the Dominican Republic, accounting for a 78% share of total imports. Moreover, lock and key imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Spain (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.8% per year) and Spain (-1.5% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to the Dominican Republic, comprising 65% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.8% share of total imports. It was followed by Spain, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.5% per year) and Spain (+0.6% per year).

Import Prices by Country

The average lock and key import price stood at $X per ton in 2021, shrinking by -5.7% against the previous year. In general, the import price saw a slight downturn. The growth pace was the most rapid in 2016 an increase of 18% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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 Spain ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :