Dominican Republic: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in the Dominican Republic

The Dominican crude coconut oil market declined to $X in 2022, reducing by -3% against the previous year. In general, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Crude Coconut Oil Production in the Dominican Republic

In value terms, crude coconut oil production dropped to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2015 when the production volume increased by 492% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Crude Coconut Oil Exports

Exports from the Dominican Republic

In 2022, the amount of crude coconut (copra) oil exported from the Dominican Republic surged to X tons, jumping by 180% compared with 2021 figures. Over the period under review, exports continue to indicate significant growth. The growth pace was the most rapid in 2017 with an increase of 1,840% against the previous year. The exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, crude coconut oil exports skyrocketed to $X in 2022. Overall, exports posted significant growth. The growth pace was the most rapid in 2017 with an increase of 1,854%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Italy (X tons) was the main destination for crude coconut oil exports from the Dominican Republic, with a 59% share of total exports. Moreover, crude coconut oil exports to Italy exceeded the volume sent to the second major destination, Dominica (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Dominica (0.0% per year) and the United States (+84.0% per year).

In value terms, Italy ($X), the United States ($X) and Dominica ($X) constituted the largest markets for crude coconut oil exported from the Dominican Republic worldwide, together comprising 92% of total exports.

The United States, with a CAGR of +79.4%, saw the highest growth rate of the value of exports, among 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 crude coconut oil export price amounted to $X per ton, declining by -39.6% against the previous year. Overall, the export price recorded a abrupt decline. The growth pace was the most rapid in 2013 an increase of 62% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Dominica ($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 the United States (-2.5%).

Crude Coconut Oil Imports

Imports into the Dominican Republic

In 2022, supplies from abroad of crude coconut (copra) oil decreased by -2.6% to X tons, falling for the second year in a row after six years of growth. Over the period under review, imports, however, posted a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 146% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude coconut oil imports declined to $X in 2022. Overall, imports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 190%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of crude coconut oil to the Dominican Republic, with a 74% share of total imports. Moreover, crude coconut oil imports from India exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), threefold.

From 2013 to 2022, the average annual growth rate of volume from India stood at +44.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (-10.7% per year) and Germany (+86.0% per year).

In value terms, India ($X) constituted the largest supplier of crude coconut (copra) oil to the Dominican Republic, comprising 70% of total imports. The second position in the ranking was held by the Philippines ($X), with a 27% share of total imports.

From 2013 to 2022, the average annual rate of growth in terms of value from India amounted to +44.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Philippines (+1.3% per year) and Germany (+59.1% per year).

Import Prices by Country

In 2022, the average crude coconut oil import price amounted to $X per ton, shrinking by -5.8% against the previous year. Overall, the import price, however, saw a prominent expansion. The growth pace was the most rapid in 2016 when the average import price increased by 33%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then declined in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+63.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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