Dominican Republic: O-Xylene Market 2024

O-Xylene Market Size in the Dominican Republic

The Dominican o-xylene market soared to $X in 2022, surging by 26% 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). Over the period under review, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +92.0% against 2020 indices. O-xylene consumption peaked in 2022 and is likely to see steady growth in the near future.

O-Xylene Exports

Exports from the Dominican Republic

For the third consecutive year, the Dominican Republic recorded growth in shipments abroad of o-xylene, which increased by 29% to X tons in 2022. Over the period under review, exports recorded a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 147%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, o-xylene exports surged to $X in 2022. In general, exports saw significant growth. The pace of growth was the most pronounced in 2020 with an increase of 140%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Trinidad and Tobago (X tons) was the main destination for o-xylene exports from the Dominican Republic, with a 71% share of total exports. Moreover, o-xylene exports to Trinidad and Tobago exceeded the volume sent to the second major destination, Guyana (X tons), fivefold. The third position in this ranking was held by Jamaica (X tons), with an 8.7% share.

From 2014 to 2022, the average annual rate of growth in terms of volume to Trinidad and Tobago totaled +27.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guyana (+22.5% per year) and Jamaica (+46.7% per year).

In value terms, Trinidad and Tobago ($X) remains the key foreign market for o-xylene exports from the Dominican Republic, comprising 72% of total exports. The second position in the ranking was taken by Guyana ($X), with a 13% share of total exports. It was followed by Jamaica, with an 8.7% share.

From 2014 to 2022, the average annual growth rate of value to Trinidad and Tobago totaled +39.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guyana (+44.3% per year) and Jamaica (+56.7% per year).

Export Prices by Country

In 2022, the average o-xylene export price amounted to $X per ton, increasing by 25% against the previous year. In general, the export price saw temperate growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Barbados ($X per ton), while the average price for exports to Guyana ($X per ton) was amongst the lowest.

From 2014 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guyana (+17.8%), while the prices for the other major destinations experienced more modest paces of growth.

O-Xylene Imports

Imports into the Dominican Republic

In 2022, o-xylene imports into the Dominican Republic rose significantly to X tons, increasing by 12% on the previous year. Over the period under review, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by 101% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, o-xylene imports surged to $X in 2022. In general, imports showed a tangible expansion. The most prominent rate of growth was recorded in 2021 with an increase of 84% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

The United States (X tons), Spain (X tons) and Colombia (X tons) were the main suppliers of o-xylene imports to the Dominican Republic, together accounting for 98% of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +22.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), the United States ($X) and Colombia ($X) constituted the largest o-xylene suppliers to the Dominican Republic, with a combined 97% share of total imports.

Among the main suppliers, Spain, with a CAGR of +23.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average o-xylene import price amounted to $X per ton, with an increase of 23% against the previous year. In general, the import price, however, saw a noticeable setback. The pace of growth was the most pronounced in 2021 when the average import price increased by 45% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+19.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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