Dominican Republic: Groundnut Oil Market 2024

Groundnut Oil Market Size in the Dominican Republic

The Dominican groundnut oil market reached $X in 2021, picking up by 3.4% against the previous year. In general, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.0% 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 decreased by -3.1% against 2019 indices. Groundnut oil consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Groundnut Oil Production in the Dominican Republic

In value terms, groundnut oil production rose remarkably to $X in 2021 estimated in export price. Overall, production showed a resilient increase. The pace of growth appeared the most rapid in 2015 when the production volume increased by 175% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Groundnut Oil Exports

Exports from the Dominican Republic

For the third consecutive year, the Dominican Republic recorded decline in overseas shipments of groundnut oil, which decreased by -29.4% to X kg in 2021. Overall, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 28,036%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, groundnut oil exports shrank remarkably to $X in 2021. In general, exports showed a precipitous curtailment. The growth pace was the most rapid in 2018 with an increase of 33,221% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Haiti (X kg) was the main destination for groundnut oil exports from the Dominican Republic, with a 89% share of total exports. Moreover, groundnut oil exports to Haiti exceeded the volume sent to the second major destination, the United States (X kg), eightfold.

From 2012 to 2021, the average annual growth rate of volume to Haiti amounted to -19.8%.

In value terms, Haiti ($X) remains the key foreign market for groundnut oil exports from the Dominican Republic, comprising 95% of total exports. The second position in the ranking was taken by the United States ($X), with a 5.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Haiti totaled -23.8%.

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, increasing by 13% against the previous year. Overall, the export price, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 when the average export price increased by 245% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Haiti ($X per ton), while the average price for exports to the United States amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-4.3%).

Groundnut Oil Imports

Imports into the Dominican Republic

Groundnut oil imports into the Dominican Republic surged to X kg in 2021, picking up by 266% against 2020 figures. Overall, imports posted pronounced growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, groundnut oil imports skyrocketed to $X in 2021. In general, imports showed measured growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, France (X kg) constituted the largest groundnut oil supplier to the Dominican Republic, with a 39% share of total imports. Moreover, groundnut oil imports from France exceeded the figures recorded by the second-largest supplier, China (X kg), threefold. The United States (X kg) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume from France totaled +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+36.1% per year) and the United States (-13.2% per year).

In value terms, France ($X), the United States ($X) and China ($X) appeared to be the largest groundnut oil suppliers to the Dominican Republic, together accounting for 71% of total imports.

Among the main suppliers, China, with a CAGR of +45.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, picking up by 8.4% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, groundnut oil import price increased by +22.7% against 2019 indices. The growth pace was the most rapid in 2016 when the average import price increased by 90%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Spain ($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 (+15.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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