Dominican Republic: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in the Dominican Republic

The Dominican refined groundnut oil market expanded to $X in 2021, increasing by 1.7% against the previous year. Over the period under review, consumption posted strong growth. Refined groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in the Dominican Republic

In value terms, refined groundnut oil production totaled $X in 2021 estimated in export price. Over the period under review, production saw a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 82% against the previous year. Refined groundnut oil production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Refined Groundnut Oil Exports

Exports from the Dominican Republic

For the third consecutive year, the Dominican Republic recorded decline in shipments abroad of refined groundnut oil, which decreased by -30.2% to X kg in 2021. In general, exports recorded a dramatic downturn. The pace of growth was the most pronounced in 2018 with an increase of 32,733% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined groundnut oil exports dropped dramatically to $X in 2021. Overall, exports continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2018 with an increase of 33,221% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Haiti (X kg) was the main destination for refined groundnut oil exports from the Dominican Republic, accounting for a 90% share of total exports. Moreover, refined groundnut oil exports to Haiti exceeded the volume sent to the second major destination, the United States (X kg), ninefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Haiti amounted to -21.8%.

In value terms, Haiti ($X) remains the key foreign market for refined groundnut oil exports from the Dominican Republic, comprising 95% of total exports. The second position in the ranking was taken by the United States ($X), with a 5.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Haiti amounted to -23.8%.

Export Prices by Country

In 2021, the average refined groundnut oil export price amounted to $X per ton, picking up by 14% against the previous year. Over the period under review, the export price, however, recorded a noticeable setback. The growth pace was the most rapid in 2015 an increase of 202% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, 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 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-1.2%).

Refined Groundnut Oil Imports

Imports into the Dominican Republic

Refined groundnut oil imports into the Dominican Republic skyrocketed to X kg in 2021, growing by 64% compared with the previous year's figure. Overall, imports, however, saw a abrupt decrease. The growth pace was the most rapid in 2018 with an increase of 103% against the previous year. Over the period under review, imports attained the peak figure at X kg in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, refined groundnut oil imports skyrocketed to $X in 2021. In general, imports, however, recorded a perceptible contraction. The pace of growth was the most pronounced in 2018 when imports increased by 115%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, France (X kg) constituted the largest supplier of refined groundnut oil to the Dominican Republic, with a 66% share of total imports. Moreover, refined groundnut oil imports from France exceeded the figures recorded by the second-largest supplier, China (X kg), threefold. The third position in this ranking was held by the United States (X kg), with a 7.7% share.

From 2012 to 2021, the average annual growth rate of volume from France totaled +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+31.8% per year) and the United States (-18.3% per year).

In value terms, the largest refined groundnut oil suppliers to the Dominican Republic were France ($X), China ($X) and the United States ($X), with a combined 97% share of total imports.

China, with a CAGR of +40.5%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average refined groundnut oil import price amounted to $X per ton, rising by 21% against the previous year. Over the period under review, import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined groundnut oil import price increased by +27.9% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 75%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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