Dominican Republic: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in the Dominican Republic

For the third consecutive year, the Dominican steering wheels and columns market recorded growth in sales value, which increased by 88% to $X in 2022. Over the period under review, consumption enjoyed a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from the Dominican Republic

In 2022, approx. X tons of steering wheels, steering columns and steering boxes were exported from the Dominican Republic; which is down by -2.4% against 2021 figures. Over the period under review, exports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 446%. As a result, the exports reached the peak of X tons, and then reduced slightly in the following year.

In value terms, steering wheels and columns exports stood at $X in 2022. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 1,339% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

Haiti (X tons) was the main destination for steering wheels and columns exports from the Dominican Republic, accounting for a 95% share of total exports. It was followed by Venezuela (X tons), with a 2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Haiti amounted to +58.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-23.2% per year) and the United States (+12.3% per year).

In value terms, Haiti ($X) remains the key foreign market for steering wheels, steering columns and steering boxes exports from the Dominican Republic, comprising 93% of total exports. The second position in the ranking was taken by the United States ($X), with a 3.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Haiti totaled +56.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.2% per year) and Venezuela (-25.1% per year).

Export Prices by Country

In 2022, the average steering wheels and columns export price amounted to $X per ton, increasing by 7.3% against the previous year. Overall, the export price posted a buoyant increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 844%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Haiti (-1.3%), while the prices for the other major destinations experienced a decline.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports into the Dominican Republic

For the third year in a row, the Dominican Republic recorded growth in purchases abroad of steering wheels, steering columns and steering boxes, which increased by 81% to X tons in 2022. In general, imports posted a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, steering wheels and columns imports soared to $X in 2022. Overall, imports recorded resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X tons), China (X tons) and the United States (X tons) were the main suppliers of steering wheels and columns imports to the Dominican Republic, with a combined 85% share of total imports. South Korea and Thailand lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +27.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest steering wheels and columns suppliers to the Dominican Republic were China ($X), Japan ($X) and the United States ($X), together accounting for 79% of total imports. South Korea and Thailand lagged somewhat behind, together accounting for a further 9.3%.

Thailand, with a CAGR of +21.6%, recorded the highest rates of growth with regard to 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 2022, the average steering wheels and columns import price amounted to $X per ton, declining by -6.7% against the previous year. Over the period under review, the import price showed a pronounced slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 24% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :