Dominican Republic: Market for Formic Acid, Its Salts And Esters 2024

Market Size for Formic Acid, Its Salts And Esters in the Dominican Republic

The Dominican market for formic acid, its salts and esters dropped to $X in 2021, declining by -10.4% 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, enjoyed notable growth. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Formic Acid, Its Salts And Esters

Exports from the Dominican Republic

In 2021, overseas shipments of formic acid, its salts and esters increased by 113% to X tons, rising for the second consecutive year after seven years of decline. Overall, exports enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 269%. The exports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, exports of formic acid, its salts and esters surged to $X in 2021. Over the period under review, exports posted a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 349% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Haiti (X kg) and Panama (X kg) were the main destinations of exports of formic acid, its salts and esters from the Dominican Republic.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Haiti (with a CAGR of +7.4%).

In value terms, Haiti ($X) and Panama ($X) constituted the largest markets for formic acid, its salts and esters exported from the Dominican Republic worldwide.

In terms of the main countries of destination, Haiti, with a CAGR of +7.1%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average export price for formic acid, its salts and esters stood at $X per ton in 2021, falling by -25% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 22%. As a result, the export price attained the peak level of $X per ton, and then contracted significantly in the following year.

Average prices varied noticeably for the major foreign markets. In 2021, the country with the highest price was Panama ($X per ton), while the average price for exports to Haiti totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Haiti (-0.3%).

Imports of Formic Acid, Its Salts And Esters

Imports into the Dominican Republic

For the third year in a row, the Dominican Republic recorded decline in supplies from abroad of formic acid, its salts and esters, which decreased by -14.9% to X tons in 2021. Over the period under review, imports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 92% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports of remained at a lower figure.

In value terms, imports of formic acid, its salts and esters declined to $X in 2021. Overall, imports, however, showed a moderate increase. The most prominent rate of growth was recorded in 2018 with an increase of 78%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports of remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of formic acid, its salts and esters to the Dominican Republic, with a 53% share of total imports. Moreover, imports of formic acid, its salts and esters from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Spain (X tons), with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.2% per year) and Spain (+28.6% per year).

In value terms, China ($X) constituted the largest supplier of formic acid, its salts and esters to the Dominican Republic, comprising 45% of total imports. The second position in the ranking was held by Germany ($X), with a 22% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+3.5% per year) and the United States (+0.4% per year).

Import Prices by Country

In 2021, the average import price for formic acid, its salts and esters amounted to $X per ton, increasing by 8.6% against the previous year. Over the period under review, the import price, however, showed a perceptible slump. The growth pace was the most rapid in 2017 an increase of 50% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for China ($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 (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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