Dominican Republic: Synthetic Latex Rubber Market 2024

Synthetic Latex Rubber Market Size in the Dominican Republic

The Dominican synthetic latex rubber market dropped markedly to $X in 2021, shrinking by -30.5% 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). Over the period under review, consumption showed a abrupt shrinkage. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Synthetic Latex Rubber Exports

Exports from the Dominican Republic

In 2021, shipments abroad of synthetic latex rubber was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports posted a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, synthetic latex rubber exports skyrocketed to $X in 2021. Overall, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

El Salvador (X tons), Vietnam (X tons) and Haiti (X tons) were the main destinations of synthetic latex rubber exports from the Dominican Republic, with a combined 99% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Haiti (with a CAGR of +45.5%), while the other leaders experienced more modest paces of growth.

In value terms, El Salvador ($X) remains the key foreign market for synthetic latex rubber exports from the Dominican Republic, comprising 76% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to El Salvador amounted to +26.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (0.0% per year) and Haiti (+39.3% per year).

Export Prices by Country

In 2021, the average synthetic latex rubber export price amounted to $X per ton, with an increase of 7.4% against the previous year. Over the period under review, the export price recorded strong growth. The most prominent rate of growth was recorded in 2020 an increase of 70%. The export price peaked in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while the average price for exports to Vietnam ($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 El Salvador (+9.7%).

Synthetic Latex Rubber Imports

Imports into the Dominican Republic

Synthetic latex rubber imports into the Dominican Republic declined to X tons in 2021, reducing by -11% against the previous year. In general, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 124%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, synthetic latex rubber imports reduced remarkably to $X in 2021. Over the period under review, imports saw a perceptible curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 96%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Mexico (X tons) constituted the largest supplier of synthetic latex rubber to the Dominican Republic, with a 52% share of total imports. Moreover, synthetic latex rubber imports from Mexico exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fourfold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Mexico amounted to -5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-10.8% per year) and Taiwan (Chinese) (-6.0% per year).

In value terms, Mexico ($X) constituted the largest supplier of synthetic latex rubber to the Dominican Republic, comprising 51% of total imports. The second position in the ranking was taken by the United States ($X), with a 12% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Mexico amounted to -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.6% per year) and Taiwan (Chinese) (-2.1% per year).

Import Prices by Country

In 2021, the average synthetic latex rubber import price amounted to $X per ton, dropping by -9% against the previous year. Overall, import price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, synthetic latex rubber import price decreased by -22.5% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 19% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat 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 the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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