Dominican Republic: Frozen Whole Fish Market 2024

Frozen Whole Fish Market Size in the Dominican Republic

In 2021, the Dominican frozen whole fish market decreased by -3.6% to $X, falling for the fourth year in a row after two years of growth. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.1% 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 decreased by -33.7% against 2017 indices. Frozen whole fish consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Frozen Whole Fish Exports

Exports from the Dominican Republic

In 2021, exports of frozen whole fish from the Dominican Republic declined dramatically to X tons, with a decrease of -79.7% against the year before. Overall, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of 413%. As a result, the exports attained the peak of X tons, and then reduced sharply in the following year.

In value terms, frozen whole fish exports contracted rapidly to $X in 2021. In general, exports saw a abrupt decrease. The growth pace was the most rapid in 2020 when exports increased by 697% against the previous year. As a result, the exports attained the peak of $X, and then declined sharply in the following year.

Exports by Country

Costa Rica (X tons) was the main destination for frozen whole fish exports from the Dominican Republic, accounting for a 77% share of total exports. Moreover, frozen whole fish exports to Costa Rica exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Costa Rica amounted to -12.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+0.0% per year) and the United States (+15.2% per year).

In value terms, Costa Rica ($X) remains the key foreign market for frozen whole fish exports from the Dominican Republic, comprising 95% of total exports. The second position in the ranking was held by the United States ($X), with a 3.3% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Costa Rica totaled -6.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+6.2% per year) and Hong Kong SAR (-18.6% per year).

Export Prices by Country

In 2021, the average frozen whole fish export price amounted to $X per ton, with an increase of 21% against the previous year. Overall, the export price enjoyed a tangible increase. The pace of growth was the most pronounced in 2020 an increase of 55%. The export price peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+6.5%), while the prices for the other major destinations experienced a decline.

Frozen Whole Fish Imports

Imports into the Dominican Republic

For the fifth consecutive year, the Dominican Republic recorded decline in purchases abroad of frozen whole fish, which decreased by -15.9% to X tons in 2021. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when imports increased by 64%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, frozen whole fish imports contracted to $X in 2021. Over the period under review, total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -31.8% against 2017 indices. The pace of growth appeared the most rapid in 2016 with an increase of 66%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest frozen whole fish supplier to the Dominican Republic, accounting for a 37% share of total imports. Moreover, frozen whole fish imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X tons), fourfold. Vietnam (X tons) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+48.8% per year) and Vietnam (+13.7% per year).

In value terms, China ($X) constituted the largest supplier of frozen whole fish to the Dominican Republic, comprising 25% of total imports. The second position in the ranking was held by Vietnam ($X), with a 7.5% share of total imports. It was followed by Mexico, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +9.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+5.6% per year) and Mexico (+40.0% per year).

Import Prices by Country

In 2021, the average frozen whole fish import price amounted to $X per ton, jumping by 15% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.7%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Argentina ($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 (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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