Dominican Republic: Coconut Oil Market 2024

Coconut Oil Market Size in the Dominican Republic

The Dominican coconut oil market fell to $X in 2022, which is down by -7.2% against the previous year. In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +6.0% against 2020 indices. Coconut oil consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Coconut Oil Production in the Dominican Republic

In value terms, coconut oil production contracted to $X in 2022 estimated in export price. Over the period under review, production posted a remarkable increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 56%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports from the Dominican Republic

In 2022, the amount of coconut (copra) oil exported from the Dominican Republic soared to X tons, with an increase of 149% on the year before. In general, exports enjoyed a noticeable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, coconut oil exports skyrocketed to $X in 2022. Overall, exports continue to indicate a temperate increase. The growth pace was the most rapid in 2015 with an increase of 88% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X tons) was the main destination for coconut oil exports from the Dominican Republic, accounting for a 59% share of total exports. Moreover, coconut oil exports to Italy exceeded the volume sent to the second major destination, Dominica (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy amounted to +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Dominica (+283.7% per year) and the United States (+5.8% per year).

In value terms, the largest markets for coconut oil exported from the Dominican Republic were Italy ($X), the United States ($X) and Dominica ($X), with a combined 84% share of total exports.

In terms of the main countries of destination, Dominica, with a CAGR of +155.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average coconut oil export price stood at $X per ton in 2022, declining by -36.7% against the previous year. In general, the export price, however, posted a tangible expansion. The pace of growth appeared the most rapid in 2015 an increase of 56%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Trinidad and Tobago ($X per ton), while the average price for exports to Dominica ($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 Germany (+31.4%), while the prices for the other major destinations experienced more modest paces of growth.

Coconut Oil Imports

Imports into the Dominican Republic

In 2022, supplies from abroad of coconut (copra) oil decreased by -24.6% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, showed a strong increase. The pace of growth appeared the most rapid in 2016 when imports increased by 187% against the previous year. Imports peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, coconut oil imports fell remarkably to $X in 2022. Overall, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 210%. Imports peaked at $X in 2021, and then reduced rapidly in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of coconut oil to the Dominican Republic, with a 43% share of total imports. Moreover, coconut oil imports from India exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), twofold. The third position in this ranking was taken by the Philippines (X tons), with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +119.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+3.4% per year) and the Philippines (+38.4% per year).

In value terms, India ($X) constituted the largest supplier of coconut (copra) oil to the Dominican Republic, comprising 47% of total imports. The second position in the ranking was taken by the United States ($X), with a 23% share of total imports. It was followed by the Philippines, with an 18% share.

From 2012 to 2022, the average annual growth rate of value from India totaled +146.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+67.6% per year) and the Philippines (+58.7% per year).

Import Prices by Country

In 2022, the average coconut oil import price amounted to $X per ton, growing by 1.8% against the previous year. Overall, the import price enjoyed a prominent expansion. The pace of growth was the most pronounced in 2017 when the average import price increased by 57% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+14.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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