Dominican Republic: Tufted Carpet Market 2024

Tufted Carpet Market Size in the Dominican Republic

The Dominican tufted carpet market reduced to $X in 2022, with a decrease of -9% 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). Overall, consumption, however, showed strong growth. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Tufted Carpet Exports

Exports from the Dominican Republic

In 2022, tufted carpet exports from the Dominican Republic surged to X square meters, growing by 18% against the previous year. Overall, exports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2020 when exports increased by 328%. The exports peaked at X square meters in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, tufted carpet exports fell slightly to $X in 2022. Over the period under review, exports, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of 293%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Jamaica (X square meters) was the main destination for tufted carpet exports from the Dominican Republic, with a 64% share of total exports. Moreover, tufted carpet exports to Jamaica exceeded the volume sent to the second major destination, the United States (X square meters), fourfold. Mexico (X square meters) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Jamaica amounted to +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-5.7% per year) and Mexico (+44.2% per year).

In value terms, Jamaica ($X), the United States ($X) and Mexico ($X) were the largest markets for tufted carpet exported from the Dominican Republic worldwide, together accounting for 88% of total exports.

Mexico, with a CAGR of +59.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average tufted carpet export price amounted to $X per square meter, with a decrease of -18.1% against the previous year. In general, export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tufted carpet export price increased by +26.5% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the average export price increased by 64%. Over the period under review, the average export prices reached the peak figure at $X per square meter in 2021, and then dropped remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per square meter), while the average price for exports to Jamaica ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Tufted Carpet Imports

Imports into the Dominican Republic

In 2022, approx. X square meters of tufted carpets and other tufted textile floor coverings were imported into the Dominican Republic; waning by -3.9% on 2021. Overall, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of 125%. As a result, imports attained the peak of X square meters, and then dropped slightly in the following year.

In value terms, tufted carpet imports dropped to $X in 2022. In general, imports, however, showed a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 174%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

China (X square meters), India (X square meters) and the United States (X square meters) were the main suppliers of tufted carpet imports to the Dominican Republic, with a combined 86% share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +19.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and India ($X) appeared to be the largest tufted carpet suppliers to the Dominican Republic, together comprising 72% of total imports.

Among the main suppliers, India, with a CAGR of +17.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average tufted carpet import price stood at $X per square meter in 2022, reducing by -7.1% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 21%. Over the period under review, average import prices reached the maximum at $X per square meter in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per square meter), while the price for Panama ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+13.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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