Dominican Republic: Benzoic Acid Market 2024

Benzoic Acid Market Size in the Dominican Republic

The Dominican benzoic acid market surged to $X in 2021, picking up by 78% 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). Over the period under review, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +80.9% against 2018 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Benzoic Acid Exports

Exports from the Dominican Republic

In 2021, overseas shipments of benzoic acid, its salts and esters increased by 199% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports recorded a significant increase. The growth pace was the most rapid in 2017 when exports increased by 519% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in years to come.

In value terms, benzoic acid exports surged to $X in 2021. Overall, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 675%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Haiti (X tons) was the main destination for benzoic acid exports from the Dominican Republic, with a 93% share of total exports. Moreover, benzoic acid exports to Haiti exceeded the volume sent to the second major destination, Guatemala (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Haiti amounted to +42.8%.

In value terms, Haiti ($X) remains the key foreign market for benzoic acid, its salts and esters exports from the Dominican Republic, comprising 81% of total exports. The second position in the ranking was held by Guatemala ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Haiti amounted to +50.3%.

Export Prices by Country

In 2021, the average benzoic acid export price amounted to $X per ton, surging by 19% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 25% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Haiti stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Haiti (+5.2%), while the prices for the other major destinations experienced a decline.

Benzoic Acid Imports

Imports into the Dominican Republic

In 2021, approx. X tons of benzoic acid, its salts and esters were imported into the Dominican Republic; with an increase of 66% compared with the previous year. In general, total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +69.4% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, benzoic acid imports soared to $X in 2021. Over the period under review, total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +86.0% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of benzoic acid to the Dominican Republic, accounting for a 81% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), ninefold. The Netherlands (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-6.5% per year) and the Netherlands (-0.1% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to the Dominican Republic, comprising 67% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports. It was followed by the Netherlands, with an 8.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.4% per year) and the Netherlands (+1.2% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, surging by 9.6% against the previous year. Over the period under review, the import price, however, saw a noticeable descent. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for China ($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 (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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