Dominican Republic: Oil Dispensing Pump Market 2024

Oil Dispensing Pump Market Size in the Dominican Republic

The Dominican oil dispensing pump market reached $X in 2021, growing by 11% 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). Overall, consumption showed a tangible expansion. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Oil Dispensing Pump Exports

Exports from the Dominican Republic

In 2021, shipments abroad of petrol and oil dispensing pumps decreased by -15.5% to X units for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 325% against the previous year. The exports peaked at X units in 2020, and then declined significantly in the following year.

In value terms, oil dispensing pump exports declined to $X in 2021. Overall, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2015 with an increase of 332% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then dropped in the following year.

Exports by Country

Jamaica (X units) was the main destination for oil dispensing pump exports from the Dominican Republic, accounting for a 54% share of total exports. Moreover, oil dispensing pump exports to Jamaica exceeded the volume sent to the second major destination, Haiti (X units), twofold. The third position in this ranking was held by Chile (X units), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Jamaica amounted to +49.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Haiti (+78.3% per year) and Chile (+182.8% per year).

In value terms, Haiti ($X) emerged as the key foreign market for petrol and oil dispensing pumps exports from the Dominican Republic, comprising 76% of total exports. The second position in the ranking was held by Jamaica ($X), with a 13% share of total exports. It was followed by Chile, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value to Haiti stood at +47.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (+69.4% per year) and Chile (+110.8% per year).

Export Prices by Country

The average oil dispensing pump export price stood at $X per unit in 2021, with an increase of 3.7% against the previous year. In general, the export price, however, faced a deep slump. The most prominent rate of growth was recorded in 2017 an increase of 68% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2018 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Haiti ($X per unit), while the average price for exports to Turks and Caicos Islands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Jamaica (+7.6%), while the prices for the other major destinations experienced a decline.

Oil Dispensing Pump Imports

Imports into the Dominican Republic

In 2021, supplies from abroad of petrol and oil dispensing pumps increased by 54% to X units, rising for the second consecutive year after four years of decline. In general, imports, however, recorded a mild decline. The growth pace was the most rapid in 2013 when imports increased by 129%. Imports peaked at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, oil dispensing pump imports reduced to $X in 2021. Over the period under review, imports enjoyed prominent growth. The growth pace was the most rapid in 2013 when imports increased by 143% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of oil dispensing pump to the Dominican Republic, accounting for a 48% share of total imports. Moreover, oil dispensing pump imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. The third position in this ranking was taken by Argentina (X units), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +29.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.6% per year) and Argentina (-1.9% per year).

In value terms, the United States ($X) constituted the largest supplier of petrol and oil dispensing pumps to the Dominican Republic, comprising 58% of total imports. The second position in the ranking was taken by Italy ($X), with a 13% share of total imports. It was followed by China, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+9.4% per year) and China (+16.4% per year).

Import Prices by Country

In 2021, the average oil dispensing pump import price amounted to $X per unit, declining by -36.1% against the previous year. Over the period under review, the import price, however, saw prominent growth. The pace of growth was the most pronounced in 2017 when the average import price increased by 44% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+22.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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