Puerto Rico: Sunglasses Market 2022

Sunglasses Market Size in Puerto Rico

The Puerto Rican sunglasses market expanded significantly to $X in 2021, picking up by 13% against the previous year. Over the period under review, consumption enjoyed strong growth. Puerto Rico consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Sunglasses Production in Puerto Rico

In value terms, sunglasses production rose notably to $X in 2021 estimated in export price. Overall, production saw resilient growth. The pace of growth was the most pronounced in 2013 with an increase of 61%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Sunglasses Exports

Exports by Country

In 2021, Italy (X units) represented the key exporter of sunglasses, creating 33% of total exports. Hong Kong SAR (X units) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by China (11%), the United States (8.9%) and Taiwan (Chinese) (7.9%). The following exporters - the Netherlands (X units), Spain (X units), Germany (X units), France (X units), Poland (X units) and Belgium (X units) - together made up 18% of total exports.

Exports from Italy increased at an average annual rate of +8.4% from 2012 to 2021. At the same time, Poland (+12.2%), Spain (+10.6%), Germany (+9.8%), France (+5.7%), the United States (+4.1%) and the Netherlands (+3.9%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +12.2% from 2012-2021. By contrast, Belgium (-4.3%), Hong Kong SAR (-4.5%), Taiwan (Chinese) (-6.5%) and China (-29.8%) illustrated a downward trend over the same period. While the share of Italy (+28 p.p.), the United States (+7 p.p.), Hong Kong SAR (+5.9 p.p.), Taiwan (Chinese) (+3.5 p.p.), the Netherlands (+3.4 p.p.), Spain (+3 p.p.), Germany (+2.9 p.p.), France (+2.3 p.p.) and Poland (+1.9 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of China (-67.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sunglasses supplying countries from Puerto Rico were Italy ($X), China ($X) and Hong Kong SAR ($X), together comprising 74% of total exports. These countries were followed by the United States, Germany, France, the Netherlands, Spain, Taiwan (Chinese), Poland and Belgium, which together accounted for a further 18%.

Poland, with a CAGR of +19.2%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per thousand units, standing approx. at the previous year. Overall, the export price saw a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was China ($X per thousand units), while Taiwan (Chinese) ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+49.6%), while the other leaders experienced more modest paces of growth.

Sunglasses Imports

Imports by Country

In 2021, the United States (X units) was the largest importer of sunglasses, creating 34% of total imports. It was distantly followed by India (X units), mixing up an 8% share of total imports. Hong Kong SAR (X units), Spain (X units), Mexico (X units), the UK (X units), Paraguay (X units), Italy (X units), Germany (X units), the Netherlands (X units), France (X units), Russia (X units) and Canada (X units) held a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to sunglasses imports into the United States stood at -1.3%. At the same time, Paraguay (+25.1%), India (+22.3%), Spain (+5.6%), the Netherlands (+5.1%) and Italy (+2.0%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing importer imported in the world, with a CAGR of +25.1% from 2012-2021. France, Germany, Hong Kong SAR and Mexico experienced a relatively flat trend pattern. By contrast, Canada (-1.7%), the UK (-2.5%) and Russia (-4.3%) illustrated a downward trend over the same period. While the share of India (+6.7 p.p.) and Paraguay (+2.7 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of the United States (-3.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported sunglasses into Puerto Rico, comprising 26% of global imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 9.3% share of global imports. It was followed by Italy, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value in the United States totaled +4.0%. In the other countries, the average annual rates were as follows: Hong Kong SAR (+11.1% per year) and Italy (+5.5% per year).

Import Prices by Country

The import price in Puerto Rico stood at less than $X per thousand units in 2021, approximately equating the previous year. Overall, the import price showed a relatively flat trend pattern.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per thousand units), while Paraguay ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :