Dominican Republic: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in the Dominican Republic

The Dominican percussion musical instrument market surged to $X in 2022, picking up by 101% against the previous year. In general, consumption, however, continues to indicate a deep downturn. Percussion musical instrument consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Percussion Musical Instrument Production in the Dominican Republic

In value terms, percussion musical instrument production soared to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2020 when the production volume increased by 440% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Percussion Musical Instrument Exports

Exports from the Dominican Republic

In 2022, exports of percussion musical instruments from the Dominican Republic skyrocketed to X units, growing by 262% compared with 2021. In general, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, percussion musical instrument exports surged to $X in 2022. Overall, exports showed a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Haiti (X units) was the main destination for percussion musical instrument exports from the Dominican Republic, accounting for a 52% share of total exports. Moreover, percussion musical instrument exports to Haiti exceeded the volume sent to the second major destination, the United States (X units), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Haiti stood at +76.1%.

In value terms, Haiti ($X) emerged as the key foreign market for percussion musical instruments exports from the Dominican Republic, comprising 71% of total exports. The second position in the ranking was taken by the United States ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Haiti amounted to +60.8%.

Export Prices by Country

In 2022, the average percussion musical instrument export price amounted to $X per unit, jumping by 46% against the previous year. Over the period under review, the export price, however, saw a noticeable descent. The growth pace was the most rapid in 2013 an increase of 51%. Over the period under review, the average export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Haiti stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+37.5%), while the prices for the other major destinations experienced a decline.

Percussion Musical Instrument Imports

Imports into the Dominican Republic

In 2022, approx. X units of percussion musical instruments were imported into the Dominican Republic; picking up by 414% compared with the previous year's figure. Overall, imports posted a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, percussion musical instrument imports skyrocketed to $X in 2022. In general, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +66.4% against 2020 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 50% against the previous year. Imports peaked at $X in 2018; afterwards, it flattened through to 2022.

Imports by Country

In 2022, Nicaragua (X units) constituted the largest supplier of percussion musical instrument to the Dominican Republic, with a 74% share of total imports. Moreover, percussion musical instrument imports from Nicaragua exceeded the figures recorded by the second-largest supplier, the United States (X units), sevenfold. China (X units) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Nicaragua totaled +30.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.3% per year) and China (-3.7% per year).

In value terms, China ($X), the United States ($X) and Thailand ($X) constituted the largest percussion musical instrument suppliers to the Dominican Republic, together comprising 84% of total imports. Germany and Nicaragua lagged somewhat behind, together accounting for a further 11%.

Germany, with a CAGR of +97.2%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average percussion musical instrument import price stood at $X per unit in 2022, shrinking by -73.6% against the previous year. In general, the import price recorded a deep setback. The pace of growth was the most pronounced in 2021 an increase of 299%. Over the period under review, average import prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Nicaragua ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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