Dominican Republic: Sunglasses Market 2024

Sunglasses Market Size in the Dominican Republic

In 2022, the Dominican sunglasses market increased by 62% to $X, rising for the second consecutive year after two years of decline. Overall, consumption showed a resilient increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Sunglasses Exports

Exports from the Dominican Republic

In 2022, after two years of decline, there was significant growth in overseas shipments of sunglasses, when their volume increased by 159% to X units. Over the period under review, exports posted significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 735% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, sunglasses exports fell markedly to $X in 2022. In general, exports enjoyed a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 733% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for sunglasses exports from the Dominican Republic, with a 17% share of total exports. Moreover, sunglasses exports to the United States exceeded the volume sent to the second major destination, Turks and Caicos Islands (X units), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turks and Caicos Islands (+347.2% per year) and Haiti (-55.7% per year).

In value terms, the United States ($X) remains the key foreign market for sunglasses exports from the Dominican Republic, comprising 37% of total exports. The second position in the ranking was held by Turks and Caicos Islands ($X), with a 0.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Turks and Caicos Islands (+205.4% per year) and Haiti (-56.0% per year).

Export Prices by Country

The average sunglasses export price stood at $X per unit in 2022, declining by -76.8% against the previous year. Over the period under review, the export price recorded a deep contraction. The pace of growth appeared the most rapid in 2021 when the average export price increased by 263% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

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 ($X per unit), while the average price for exports to Turks and Caicos Islands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Haiti (-0.7%), while the prices for the other major destinations experienced a decline.

Sunglasses Imports

Imports into the Dominican Republic

In 2022, purchases abroad of sunglasses increased by 53% to X units, rising for the second consecutive year after two years of decline. Over the period under review, imports showed prominent growth. The growth pace was the most rapid in 2018 with an increase of 105% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, sunglasses imports skyrocketed to $X in 2022. Overall, imports posted a prominent increase. The most prominent rate of growth was recorded in 2021 when imports increased by 79% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest sunglasses supplier to the Dominican Republic, accounting for a 83% share of total imports. Moreover, sunglasses imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. Italy (X units) ranked third in terms of total imports with a 3.7% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +25.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.3% per year) and Italy (-10.4% per year).

In value terms, China ($X), Italy ($X) and the United States ($X) appeared to be the largest sunglasses suppliers to the Dominican Republic, with a combined 88% share of total imports. Mexico and Panama lagged somewhat behind, together accounting for a further 9.6%.

Mexico, with a CAGR of +52.4%, saw the highest growth rate of 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 sunglasses import price stood at $X per unit in 2022, increasing by 13% against the previous year. In general, the import price, however, showed a abrupt decline. The pace of growth appeared the most rapid in 2021 an increase of 60%. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a 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 Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+16.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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