Dominican Republic: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in the Dominican Republic

The Dominican market for processed petroleum oils and distillates surged to $X in 2022, with an increase of 37% against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +92.4% against 2020 indices. Processed petroleum oils and distillates consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Processed Petroleum Oils and Distillates in the Dominican Republic

In value terms, processed petroleum oils and distillates production dropped modestly to $X in 2022 estimated in export price. Overall, production showed a deep setback. The most prominent rate of growth was recorded in 2021 with an increase of 6.8%. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from the Dominican Republic

In 2022, the amount of processed petroleum oils and distillates exported from the Dominican Republic fell sharply to X tons, dropping by -58.9% on the previous year. In general, exports faced a precipitous curtailment. The smallest decline of -47.6% was in 2013. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports fell sharply to $X in 2022. Overall, exports showed a significant curtailment. The smallest decline of -4.6% was in 2013. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

France (X tons) was the main destination for processed petroleum oils and distillates exports from the Dominican Republic, accounting for a 46% share of total exports. Moreover, processed petroleum oils and distillates exports to France exceeded the volume sent to the second major destination, the United States (X tons), sevenfold. The third position in this ranking was taken by Nicaragua (X tons), with a 1.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to France stood at +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-1.3% per year) and Nicaragua (+7.8% per year).

In value terms, France ($X) remains the key foreign market for processed petroleum oils and distillates exports from the Dominican Republic, comprising 45% of total exports. The second position in the ranking was held by the United States ($X), with a 6.7% share of total exports. It was followed by Nicaragua, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to France amounted to +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+22.2% per year) and Nicaragua (+17.8% per year).

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the export price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by 82%. The export price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Paraguay (+108.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Processed Petroleum Oils and Distillates

Imports into the Dominican Republic

In 2022, processed petroleum oils and distillates imports into the Dominican Republic dropped to X tons, waning by -4.9% against 2021 figures. In general, imports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2016 when imports increased by 78%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports soared to $X in 2022. Overall, imports, however, continue to indicate a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X tons) was the main processed petroleum oils and distillates supplier to the Dominican Republic, accounting for a 94% share of total imports. Moreover, processed petroleum oils and distillates imports from the United States exceeded the figures recorded by the second-largest supplier, the UK (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +12.3%.

In value terms, the United States ($X) constituted the largest supplier of processed petroleum oils and distillates to the Dominican Republic, comprising 92% of total imports. The second position in the ranking was held by the UK ($X), with a 5.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +10.2%.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, jumping by 111% against the previous year. Over the period under review, the import price, however, showed a slight decline. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :