Dominican Republic: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in the Dominican Republic

The Dominican market for tyres for agriculture, forestry, construction, industry and other off the road vehicles soared to $X in 2022, with an increase of 38% 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, however, saw a slight decline. Consumption of peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from the Dominican Republic

In 2022, after two years of growth, there was significant decline in overseas shipments of tyres for agriculture, forestry, construction, industry and other off the road vehicles, when their volume decreased by -43% to X units. Over the period under review, exports, however, enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2021 when exports increased by 90% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles declined sharply to $X in 2022. Overall, exports, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 461%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

Haiti (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from the Dominican Republic, accounting for a 94% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Haiti exceeded the volume sent to the second major destination, the United States (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Haiti stood at +7.8%.

In value terms, Haiti ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from the Dominican Republic, comprising 91% of total exports. The second position in the ranking was taken by the United States ($X), with an 8.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Haiti stood at +15.7%.

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, with a decrease of -33.8% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 297%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external 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 totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+23.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into the Dominican Republic

In 2022, the amount of tyres for agriculture, forestry, construction, industry and other off the road vehicles imported into the Dominican Republic surged to X units, increasing by 50% compared with the previous year's figure. In general, imports, however, saw a pronounced setback. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles skyrocketed to $X in 2022. Over the period under review, imports enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2016 with an increase of 39%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of agricultural, construction and industrial machinery tyre to the Dominican Republic, with a 47% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. India (X units) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.1% per year) and India (+7.0% per year).

In value terms, the largest agricultural, construction and industrial machinery tyre suppliers to the Dominican Republic were China ($X), the United States ($X) and Japan ($X), with a combined 77% share of total imports. India, Brazil, Sri Lanka, Turkey and Costa Rica lagged somewhat behind, together accounting for a further 17%.

Turkey, with a CAGR of +188.6%, 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 tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, falling by -13.6% against the previous year. Over the period under review, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -16.2% against 2020 indices. The growth pace was the most rapid in 2013 when the average import price increased by 59% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 Japan ($X per unit), while the price for Sri Lanka ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+54.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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