Dominican Republic: Market for Tube Or Pipe Fittings (Of Iron Or Steel) 2024

Market Size for Tube Or Pipe Fittings (Of Iron Or Steel) in the Dominican Republic

In 2022, the Dominican market for tube or pipe fittings (of iron or steel) increased by 102% to $X, rising for the second consecutive year after two years of decline. Overall, consumption showed a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Tube Or Pipe Fittings (Of Iron Or Steel)

Exports from the Dominican Republic

For the third year in a row, the Dominican Republic recorded decline in overseas shipments of tube or pipe fittings (of iron or steel), which decreased by -77.2% to X tons in 2022. Overall, exports saw a dramatic descent. The most prominent rate of growth was recorded in 2016 with an increase of 178%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, iron or steel tube fitting exports dropped markedly to $X in 2022. In general, exports faced a sharp downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 139%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Haiti (X tons) was the main destination for iron or steel tube fitting exports from the Dominican Republic, with a 51% share of total exports. Moreover, iron or steel tube fitting exports to Haiti exceeded the volume sent to the second major destination, Saint Vincent and the Grenadines (X tons), threefold. Turks and Caicos Islands (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Haiti totaled -21.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saint Vincent and the Grenadines (0.0% per year) and Turks and Caicos Islands (+37.1% per year).

In value terms, Haiti ($X) remains the key foreign market for tube or pipe fittings (of iron or steel) exports from the Dominican Republic, comprising 45% of total exports. The second position in the ranking was held by Cuba ($X), with a 20% share of total exports. It was followed by Saint Vincent and the Grenadines, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Haiti amounted to -21.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+15.7% per year) and Saint Vincent and the Grenadines (0.0% per year).

Export Prices by Country

The average export price for tube or pipe fittings (of iron or steel) stood at $X per ton in 2022, increasing by 41% against the previous year. Overall, export price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel tube fitting export price increased by +71.9% against 2018 indices. The growth pace was the most rapid in 2014 an increase of 46% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cuba ($X per ton), while the average price for exports to Turks and Caicos Islands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cuba (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tube Or Pipe Fittings (Of Iron Or Steel)

Imports into the Dominican Republic

In 2022, approx. X tons of tube or pipe fittings (of iron or steel) were imported into the Dominican Republic; growing by 63% on the previous year. Over the period under review, imports showed a buoyant expansion. The growth pace was the most rapid in 2015 with an increase of 83%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, iron or steel tube fitting imports skyrocketed to $X in 2022. In general, imports showed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest iron or steel tube fitting supplier to the Dominican Republic, accounting for a 53% share of total imports. Moreover, iron or steel tube fitting imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. Canada (X tons) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +21.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.0% per year) and Canada (+51.0% per year).

In value terms, the largest iron or steel tube fitting suppliers to the Dominican Republic were the United States ($X), China ($X) and Canada ($X), with a combined 90% share of total imports. South Korea, Spain, Mexico and Brazil lagged somewhat behind, together comprising a further 6.2%.

South Korea, with a CAGR of +71.3%, 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

In 2022, the average import price for tube or pipe fittings (of iron or steel) amounted to $X per ton, jumping by 29% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 34%. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat 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 Canada ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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