Dominican Republic: Olive Oil Market 2024

Olive Oil Market Size in the Dominican Republic

In 2022, the Dominican olive oil market decreased by -2.5% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Olive oil consumption peaked at $X in 2021, and then contracted in the following year.

Olive Oil Exports

Exports from the Dominican Republic

In 2022, overseas shipments of olive oil and its fractions were finally on the rise to reach X tons after two years of decline. Over the period under review, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 326% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, olive oil exports soared to $X in 2022. Overall, exports posted a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 236%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for olive oil exports from the Dominican Republic, accounting for a 85% share of total exports. Moreover, olive oil exports to the United States exceeded the volume sent to the second major destination, Haiti (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +41.3%.

In value terms, the United States ($X) remains the key foreign market for olive oil and its fractions exports from the Dominican Republic, comprising 81% of total exports. The second position in the ranking was taken by Haiti ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +48.9%.

Export Prices by Country

In 2022, the average olive oil export price amounted to $X per ton, rising by 51% against the previous year. Overall, the export price, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2017 an increase of 60% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, 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 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.

Olive Oil Imports

Imports into the Dominican Republic

In 2022, after two years of decline, there was growth in supplies from abroad of olive oil and its fractions, when their volume increased by 2.2% to X tons. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when imports increased by 39%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, olive oil imports declined slightly to $X in 2022. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +3.1% against 2017 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 21%. Over the period under review, imports reached the maximum at $X in 2021, and then declined slightly in the following year.

Imports by Country

In 2022, Spain (X tons) constituted the largest olive oil supplier to the Dominican Republic, with a 88% share of total imports. Moreover, olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Spain stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+1.6% per year) and the United States (+14.1% per year).

In value terms, Spain ($X) constituted the largest supplier of olive oil and its fractions to the Dominican Republic, comprising 90% of total imports. The second position in the ranking was held by Italy ($X), with a 7.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+5.2% per year) and the United States (+7.0% per year).

Import Prices by Country

The average olive oil import price stood at $X per ton in 2022, declining by -5.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The pace of growth appeared the most rapid in 2016 an increase of 24%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform