Dominican Republic: Market for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified 2024

Market Size for Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in the Dominican Republic

In 2021, after three years of growth, there was significant decline in the Dominican market for sunflower-seed or safflower oil, refined, but not chemically modified, when its value decreased by -16.2% to $X. In general, consumption, however, enjoyed a strong expansion. As a result, consumption attained the peak level of $X, and then dropped markedly in the following year.

Production of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified in the Dominican Republic

In value terms, production of sunflower-seed or safflower oil, refined, but not chemically modified dropped notably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate buoyant growth. The growth pace was the most rapid in 2020 when the production volume increased by 50% against the previous year. As a result, production reached the peak level of $X, and then reduced rapidly in the following year.

Exports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Exports from the Dominican Republic

In 2021, shipments abroad of sunflower-seed or safflower oil, refined, but not chemically modified increased by 0.2% to X tons, rising for the third consecutive year after four years of decline. In general, exports continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 199% against the previous year. Over the period under review, the exports of reached the peak figure at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of sunflower-seed or safflower oil, refined, but not chemically modified stood at $X in 2021. Overall, exports showed a moderate expansion. The growth pace was the most rapid in 2020 with an increase of 243%. Over the period under review, the exports of attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Jamaica (X tons) was the main destination for exports of sunflower-seed or safflower oil, refined, but not chemically modified from the Dominican Republic, with a 89% share of total exports. Moreover, exports of sunflower-seed or safflower oil, refined, but not chemically modified to Jamaica exceeded the volume sent to the second major destination, the United States (X kg), tenfold.

From 2012 to 2021, the average annual growth rate of volume to Jamaica amounted to +105.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-21.4% per year) and Turks and Caicos Islands (-18.2% per year).

In value terms, Jamaica ($X) remains the key foreign market for sunflower-seed or safflower oil, refined, but not chemically modified exports from the Dominican Republic, comprising 78% of total exports. The second position in the ranking was held by the United States ($X), with an 8.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Jamaica amounted to +75.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-19.4% per year) and Turks and Caicos Islands (+1.3% per year).

Export Prices by Country

In 2021, the average export price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, stabilizing at the previous year. Over the period under review, export price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for sunflower-seed or safflower oil, refined, but not chemically modified increased by +24.6% against 2018 indices. The growth pace was the most rapid in 2017 when the average export price increased by 55%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Turks and Caicos Islands ($X per ton), while the average price for exports to Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turks and Caicos Islands (+23.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Sunflower-Seed Or Safflower Oil, Refined, But Not Chemically Modified

Imports into the Dominican Republic

In 2021, overseas purchases of sunflower-seed or safflower oil, refined, but not chemically modified decreased by -46.2% to X tons for the first time since 2016, thus ending a four-year rising trend. Overall, imports, however, enjoyed a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 241%. Imports peaked at X tons in 2020, and then contracted markedly in the following year.

In value terms, imports of sunflower-seed or safflower oil, refined, but not chemically modified shrank rapidly to $X in 2021. Over the period under review, imports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 195% against the previous year. Over the period under review, imports of attained the maximum at $X in 2020, and then contracted rapidly in the following year.

Imports by Country

Turkey (X tons), Spain (X tons) and the United States (X tons) were the main suppliers of imports of sunflower-seed or safflower oil, refined, but not chemically modified to the Dominican Republic, with a combined 89% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +42.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Spain ($X) and Italy ($X) constituted the largest sunflower-seed or safflower oil, refined, but not chemically modified suppliers to the Dominican Republic, with a combined 89% share of total imports. These countries were followed by the United States, which accounted for a further 8.7%.

Among the main suppliers, the United States, with a CAGR of +42.0%, 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 2021, the average import price for sunflower-seed or safflower oil, refined, but not chemically modified amounted to $X per ton, surging by 39% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Spain (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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