Dominican Republic: Tyre Market 2024

Tyre Market Size in the Dominican Republic

The Dominican tyre market expanded remarkably to $X in 2022, rising by X% against the previous year. In general, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the immediate term.

Tyre Production in the Dominican Republic

In value terms, tyre production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Tyre Exports

Exports from the Dominican Republic

In 2022, tyre exports from the Dominican Republic shrank significantly to X units, reducing by X% compared with the year before. Over the period under review, exports showed a noticeable decrease. The most prominent rate of growth was recorded in 2016 when exports increased by X%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, tyre exports reduced sharply to $X in 2022. Overall, exports showed a deep reduction. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Haiti (X units) was the main destination for tyre exports from the Dominican Republic, accounting for a X% share of total exports. Moreover, tyre exports to Haiti exceeded the volume sent to the second major destination, Cuba (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Haiti amounted to X%.

In value terms, Haiti ($X) remains the key foreign market for tyres exports from the Dominican Republic, comprising X% of total exports. The second position in the ranking was held by Cuba ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Haiti totaled X%.

Export Prices by Country

In 2022, the average tyre export price amounted to $X per unit, rising by X% against the previous year. Overall, the export price, however, showed a deep setback. The pace of growth was the most pronounced in 2014 an increase of X%. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cuba ($X per unit), while the average price for exports to Haiti stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cuba (X%).

Tyre Imports

Imports into the Dominican Republic

In 2022, approx. X units of tyres were imported into the Dominican Republic; falling by X% against 2021 figures. In general, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports attained the peak of X units, and then dropped in the following year.

In value terms, tyre imports soared to $X in 2022. Over the period under review, total imports indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest tyre supplier to the Dominican Republic, accounting for a X% share of total imports. Moreover, tyre imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), threefold. Indonesia (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Indonesia (X% per year).

In value terms, China ($X) constituted the largest supplier of tyres to the Dominican Republic, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average tyre import price amounted to $X per unit, increasing by X% against the previous year. Over the period under review, the import price, however, recorded a pronounced shrinkage. Over the period under review, average import prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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