Dominican Republic: Herbicide Market 2024

Herbicide Market Size in the Dominican Republic

In 2021, the Dominican herbicide market increased by 11% to $X, rising for the second consecutive year after two years of decline. Overall, consumption recorded a buoyant expansion. Herbicide consumption peaked in 2021 and is expected to retain growth in the immediate term.

Herbicide Exports

Exports from the Dominican Republic

In 2021, approx. X tons of herbicides were exported from the Dominican Republic; shrinking by -9.8% against 2020. Over the period under review, exports, however, saw a significant increase. The growth pace was the most rapid in 2015 when exports increased by 991%. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, herbicide exports expanded markedly to $X in 2021. In general, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 2,274%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Saint Lucia (X tons) was the main destination for herbicide exports from the Dominican Republic, accounting for a 41% share of total exports. Moreover, herbicide exports to Saint Lucia exceeded the volume sent to the second major destination, Guyana (X tons), threefold. Barbados (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Saint Lucia stood at +4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guyana (+161.6% per year) and Barbados (+7.5% per year).

In value terms, Saint Lucia ($X) emerged as the key foreign market for herbicides exports from the Dominican Republic, comprising 43% of total exports. The second position in the ranking was held by Barbados ($X), with a 17% share of total exports. It was followed by Guyana, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Saint Lucia amounted to +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Barbados (+17.6% per year) and Guyana (+154.4% per year).

Export Prices by Country

In 2021, the average herbicide export price amounted to $X per ton, with an increase of 17% against the previous year. In general, the export price saw a buoyant increase. The pace of growth appeared the most rapid in 2013 an increase of 702% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 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 Antigua and Barbuda ($X per ton), while the average price for exports to Haiti ($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 Guatemala (+98.1%), while the prices for the other major destinations experienced more modest paces of growth.

Herbicide Imports

Imports into the Dominican Republic

In 2021, overseas purchases of herbicides increased by 3.7% to X tons, rising for the second year in a row after two years of decline. In general, imports recorded a resilient increase. The growth pace was the most rapid in 2013 with an increase of 67% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, herbicide imports surged to $X in 2021. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +11.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +28.2% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 67% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of herbicide to the Dominican Republic, accounting for a 51% share of total imports. Moreover, herbicide imports from China exceeded the figures recorded by the second-largest supplier, Guatemala (X tons), threefold. Colombia (X tons) ranked third in terms of total imports with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Guatemala (+19.4% per year) and Colombia (+20.6% per year).

In value terms, China ($X) constituted the largest supplier of herbicides to the Dominican Republic, comprising 44% of total imports. The second position in the ranking was taken by Colombia ($X), with a 14% share of total imports. It was followed by Guatemala, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+24.9% per year) and Guatemala (+8.4% per year).

Import Prices by Country

In 2021, the average herbicide import price amounted to $X per ton, rising by 12% against the previous year. Over the period under review, the import price, however, saw a deep setback. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+3.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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