Dominican Republic: Electric Soldering Iron Market 2024

Electric Soldering Iron Market Size in the Dominican Republic

The Dominican electric soldering iron market fell significantly to $X in 2023, reducing by X% 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). In general, consumption, however, showed significant growth. Electric soldering iron consumption peaked at $X in 2017; however, from 2018 to 2023, consumption failed to regain momentum.

Electric Soldering Iron Exports

Exports from the Dominican Republic

Electric soldering iron exports from the Dominican Republic contracted notably to X units in 2023, waning by X% compared with 2022 figures. Over the period under review, exports showed a sharp decline. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, electric soldering iron exports shrank rapidly to $X in 2023. In general, exports recorded a dramatic shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for electric soldering iron exports from the Dominican Republic, with a X% share of total exports. It was followed by Haiti (X units), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Haiti (X% per year) and Cuba (X% per year).

In value terms, the United States ($X) remains the key foreign market for electric soldering irons and guns exports from the Dominican Republic, comprising X% of total exports. The second position in the ranking was taken by Haiti ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Haiti (X% per year) and Cuba (X% per year).

Export Prices by Country

In 2023, the average electric soldering iron export price amounted to $X per unit, increasing by X% against the previous year. Over the period under review, the export price recorded a strong increase. The growth pace was the most rapid in 2021 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2022 to 2023, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Cuba ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Soldering Iron Imports

Imports into the Dominican Republic

In 2023, the amount of electric soldering irons and guns imported into the Dominican Republic declined remarkably to X units, with a decrease of X% against 2022. Overall, imports continue to indicate a mild contraction. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

In value terms, electric soldering iron imports contracted dramatically to $X in 2023. In general, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at $X in 2022, and then declined rapidly in the following year.

Imports by Country

In 2023, China (X units) constituted the largest supplier of electric soldering iron to the Dominican Republic, accounting for a X% share of total imports. Moreover, electric soldering iron imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X units), fivefold.

From 2012 to 2023, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (X% per year) and the United States (X% per year).

In value terms, the largest electric soldering iron suppliers to the Dominican Republic were China ($X), the United States ($X) and Mexico ($X), with a combined X% share of total imports.

China, with a CAGR of X%, recorded 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 2023, the average electric soldering iron import price amounted to $X per unit, rising by X% against the previous year. In general, the import price saw a resilient expansion. The growth pace was the most rapid in 2019 an increase of X% against the previous year. The import price peaked at $X per unit in 2020; however, from 2021 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mexico (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform