Puerto Rico: Hand Tools Market 2024

Hand Tools Market Size in Puerto Rico

In 2021, after five years of growth, there was decline in the Puerto Rican hand tools market, when its value decreased by -1.7% to $X. In general, consumption saw a remarkable increase. Over the period under review, the market reached the maximum level at $X in 2020, and then declined slightly in the following year.

Hand Tools Production in Puerto Rico

In value terms, hand tools production shrank slightly to $X in 2021 estimated in export price. In general, production recorded a resilient increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 45%. Over the period under review, production attained the maximum level at $X in 2020, and then fell slightly in the following year.

Hand Tools Exports

Exports from Puerto Rico

Hand tools exports from Puerto Rico stood at less than X kg in 2021, almost unchanged from 2020 figures. In general, exports continue to indicate a relatively flat trend pattern.

In value terms, hand tools exports amounted to less than $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern.

Exports by Country

China dominates exports structure, reaching X tons, which was approx. 62% of total exports in 2021. It was distantly followed by Taiwan (Chinese) (X tons), mixing up an 8.6% share of total exports. India (X tons), Germany (X tons), the Netherlands (X tons), Belgium (X tons), the United States (X tons) and Italy (X tons) took a little share of total exports.

Exports from China increased at an average annual rate of +4.9% from 2012 to 2021. At the same time, the Netherlands (+10.4%), Belgium (+9.1%), Taiwan (Chinese) (+5.0%) and Germany (+3.2%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.4% from 2012-2021. India experienced a relatively flat trend pattern. By contrast, Italy (-4.0%) and the United States (-11.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +5.5 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest hand tools supplier from Puerto Rico, comprising 39% of global exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with an 11% share of global exports. It was followed by Germany, with a 10% share.

In China, hand tools exports expanded at an average annual rate of +8.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+5.4% per year) and Germany (+4.0% per year).

Export Prices by Country

The export price in Puerto Rico stood at less than $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the export price recorded 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 the United States ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+11.1%), while the other leaders experienced more modest paces of growth.

Hand Tools Imports

Imports into Puerto Rico

In 2021, imports of hand tools into Puerto Rico stood at less than X kg, approximately mirroring 2020 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern.

In value terms, hand tools imports amounted to less than $X in 2021. In general, imports showed a relatively flat trend pattern.

Imports by Country

In 2021, the United States (X tons), distantly followed by Germany (X tons) represented the main importers of hand tools, together constituting 24% of total imports. Russia (X tons), the Netherlands (X tons), the UK (X tons), France (X tons), Poland (X tons), India (X tons), Belgium (X tons), Spain (X tons), Indonesia (X tons), China (X tons) and Brazil (X tons) took a little share of total imports.

The United States was also the fastest-growing in terms of the hand tools imports, with a CAGR of +12.1% from 2012 to 2021. At the same time, India (+12.0%), Poland (+9.0%), the Netherlands (+8.9%), Belgium (+7.0%), Spain (+6.8%), China (+6.0%), France (+4.5%), the UK (+3.8%), Germany (+3.2%), Russia (+2.2%), Indonesia (+2.1%) and Brazil (+1.9%) displayed positive paces of growth. From 2012 to 2021, the share of the United States increased by +9.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported hand tools into Puerto Rico, comprising 18% of global imports. The second position in the ranking was held by Germany ($X), with an 8.3% share of global imports. It was followed by the Netherlands, with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States totaled +4.5%. In the other countries, the average annual rates were as follows: Germany (+5.0% per year) and the Netherlands (+8.1% per year).

Import Prices by Country

The import price in Puerto Rico stood at less than $X per ton in 2021, approximately equating the previous year. Over the period under review, the import price saw 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 Germany ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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