Dominican Republic: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in the Dominican Republic

In 2021, the Dominican tapered roller bearing market increased by 23% to $X, rising for the third consecutive year after two years of decline. In general, consumption enjoyed resilient growth. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in years to come.

Tapered Roller Bearing Exports

Exports from the Dominican Republic

Tapered roller bearing exports from the Dominican Republic surged to X kg in 2021, picking up by 1,205% against the previous year's figure. Overall, exports saw a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 3,970%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, tapered roller bearing exports surged to $X in 2021. Over the period under review, exports continue to indicate resilient growth. The growth pace was the most rapid in 2019 with an increase of 3,418%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for tapered roller bearing exports from the Dominican Republic, accounting for a 50% share of total exports. Moreover, tapered roller bearing exports to the United States exceeded the volume sent to the second major destination, Spain (X kg), twofold. Colombia (X kg) ranked third in terms of total exports with an 18% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+6,500.0% per year) and Colombia (+30.1% per year).

In value terms, the largest markets for tapered roller bearing exported from the Dominican Republic were Spain ($X), the United States ($X) and Colombia ($X), with a combined 89% share of total exports.

In terms of the main countries of destination, Spain, with a CAGR of +60,100.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tapered roller bearing export price stood at $X per ton in 2021, with an increase of 64% against the previous year. In general, the export price, however, continues to indicate a noticeable downturn. The growth pace was the most rapid in 2014 when the average export price increased by 244% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Peru ($X per ton), while the average price for exports to Argentina ($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 Spain (+605.9%), while the prices for the other major destinations experienced more modest paces of growth.

Tapered Roller Bearing Imports

Imports into the Dominican Republic

In 2021, supplies from abroad of tapered roller bearings increased by 13% to X tons, rising for the third consecutive year after two years of decline. Overall, imports recorded a prominent increase. The pace of growth appeared the most rapid in 2016 when imports increased by 66%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, tapered roller bearing imports surged to $X in 2021. Over the period under review, imports saw a remarkable increase. The pace of growth was the most pronounced in 2016 when imports increased by 112%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The United States (X tons), China (X tons) and India (X tons) were the main suppliers of tapered roller bearing imports to the Dominican Republic, with a combined 85% share of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +68.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of tapered roller bearings to the Dominican Republic, comprising 54% of total imports. The second position in the ranking was held by China ($X), with a 14% share of total imports. It was followed by India, with an 8.7% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.9% per year) and India (+62.0% per year).

Import Prices by Country

In 2021, the average tapered roller bearing import price amounted to $X per ton, growing by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a slight descent. The most prominent rate of growth was recorded in 2016 when the average import price increased by 27%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Spain ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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