Puerto Rico: Composition Leather Market 2024

Composition Leather Market Size in Puerto Rico

In 2021, the Puerto Rican composition leather market increased by 12% to $X for the first time since 2016, thus ending a four-year declining trend. Over the period under review, consumption, however, continues to indicate a abrupt contraction. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Composition Leather Production in Puerto Rico

In value terms, composition leather production totaled $X in 2021 estimated in export price. Overall, production, however, showed a abrupt descent. The pace of growth was the most pronounced in 2013 with an increase of 45% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Composition Leather Exports

Exports from Puerto Rico

Composition leather exports from Puerto Rico stood at less than X square meters in 2021, standing approx. at 2020 figures. In general, exports showed a relatively flat trend pattern.

In value terms, composition leather exports stood at less than $X in 2021. Overall, exports continue to indicate a relatively flat trend pattern.

Exports by Country

The biggest shipments were from Germany (X square meters), Vietnam (X square meters), Italy (X square meters) and China (X square meters), together reaching 64% of total export. It was distantly followed by South Korea (X square meters), mixing up a 4.8% share of total exports. Hong Kong SAR (X square meters), Taiwan (Chinese) (X square meters), Turkey (X square meters), South Africa (X square meters), Spain (X square meters), the United States (X square meters) and Slovenia (X square meters) held a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Vietnam (with a CAGR of +18.6%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) emerged as the largest composition leather supplier from Puerto Rico, comprising 26% of global exports. The second position in the ranking was held by Germany ($X), with a 12% share of global exports. It was followed by South Korea, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Vietnam stood at +11.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (-3.6% per year) and South Korea (+7.7% per year).

Export Prices by Country

The export price in Puerto Rico stood at less than $X per thousand square meters in 2021, almost unchanged from the previous year. In general, the export price continues to indicate a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per thousand square meters), while Slovenia ($X per thousand square meters) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+29.0%), while the other leaders experienced more modest paces of growth.

Composition Leather Imports

Imports into Puerto Rico

In 2021, approx. less than X square meters of composition leather were imported into Puerto Rico; flattening at 2020. Overall, imports recorded a relatively flat trend pattern.

In value terms, composition leather imports totaled less than $X in 2021. In general, imports showed a relatively flat trend pattern.

Imports by Country

Cambodia was the key importer of composition leather in the world, with the volume of imports accounting for X square meters, which was approx. 41% of total imports in 2021. The Dominican Republic (X square meters) ranks second in terms of the total imports with an 11% share, followed by Nigeria (7%). India (X square meters), China (X square meters), Hong Kong SAR (X square meters), Vietnam (X square meters), Italy (X square meters), the Philippines (X square meters), Turkey (X square meters), Lesotho (X square meters), Russia (X square meters) and South Korea (X square meters) followed a long way behind the leaders.

Imports into Cambodia increased at an average annual rate of +20.0% from 2012 to 2021. At the same time, Lesotho (+28.1%), India (+15.8%), Nigeria (+7.4%), the Dominican Republic (+6.2%), the Philippines (+4.8%) and Russia (+2.2%) displayed positive paces of growth. Moreover, Lesotho emerged as the fastest-growing importer imported in the world, with a CAGR of +28.1% from 2012-2021. Turkey experienced a relatively flat trend pattern. By contrast, Vietnam (-6.9%), China (-8.6%), Hong Kong SAR (-12.8%), Italy (-14.2%) and South Korea (-14.9%) illustrated a downward trend over the same period. While the share of Cambodia (+32 p.p.), the Dominican Republic (+3.6 p.p.), Nigeria (+2.8 p.p.), India (+2.6 p.p.) and Lesotho (+1.5 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Vietnam (-2.4 p.p.), South Korea (-3 p.p.), China (-5 p.p.), Hong Kong SAR (-6.3 p.p.) and Italy (-7.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cambodia ($X) constitutes the largest market for imported composition leather into Puerto Rico, comprising 57% of global imports. The second position in the ranking was taken by the Dominican Republic ($X), with a 4.5% share of global imports. It was followed by China, with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Cambodia amounted to +21.3%. The remaining importing countries recorded the following average annual rates of imports growth: the Dominican Republic (+1.9% per year) and China (-1.1% per year).

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per thousand square meters, standing approx. at the previous year. Overall, the import price continues to indicate a relatively flat trend pattern.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Lesotho ($X per thousand square meters), while Nigeria ($X per thousand square meters) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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