Dominican Republic: Ball Bearing Parts Market 2024

Ball Bearing Parts Market Size in the Dominican Republic

The Dominican ball bearing parts market skyrocketed to $X in 2021, with an increase of 39% 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 saw a strong expansion. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Ball Bearing Parts Exports

Exports from the Dominican Republic

In 2021, ball bearing parts exports from the Dominican Republic skyrocketed to X tons, picking up by 51% compared with 2020 figures. In general, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 5,632%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, ball bearing parts exports shrank remarkably to $X in 2021. Over the period under review, exports, however, showed a abrupt setback. The growth pace was the most rapid in 2016 with an increase of 4,000% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Cuba (X tons) was the main destination for ball bearing parts exports from the Dominican Republic, accounting for a 82% share of total exports. Moreover, ball bearing parts exports to Cuba exceeded the volume sent to the second major destination, Haiti (X kg), sixfold.

From 2012 to 2021, the average annual growth rate of volume to Cuba totaled +17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Haiti (+36.4% per year) and the United States (-26.8% per year).

In value terms, Cuba ($X), Haiti ($X) and the United States ($X) appeared to be the largest markets for ball bearing parts exported from the Dominican Republic worldwide.

Haiti, with a CAGR of +37.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average ball bearing parts export price amounted to $X per ton, dropping by -76.4% against the previous year. Over the period under review, the export price recorded a abrupt decline. The pace of growth was the most pronounced in 2018 an increase of 120%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Cuba ($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 Haiti (+1.4%), while the prices for the other major destinations experienced a decline.

Ball Bearing Parts Imports

Imports into the Dominican Republic

In 2021, approx. X tons of parts of ball or roller bearings were imported into the Dominican Republic; growing by 23% on the previous year. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 79%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, ball bearing parts imports skyrocketed to $X in 2021. Over the period under review, imports posted a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of 64%. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in the near future.

Imports by Country

China (X tons), the United States (X tons) and Italy (X tons) were the main suppliers of ball bearing parts imports to the Dominican Republic, together accounting for 73% of total imports. Sweden, South Korea, Spain, Germany, Japan and Panama lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the biggest increases were recorded for Panama (with a CAGR of +71.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of parts of ball or roller bearings to the Dominican Republic, comprising 36% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Germany, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.3% per year) and Germany (+10.3% per year).

Import Prices by Country

The average ball bearing parts import price stood at $X per ton in 2021, with an increase of 18% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. The growth pace was the most rapid in 2016 an increase of 38% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

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 Germany ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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