Dominican Republic: Vegetable Oils Market 2024

Vegetable Oils Market Size in the Dominican Republic

In 2022, the Dominican vegetable oils market increased by X% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption showed a noticeable decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Vegetable Oils Production in the Dominican Republic

In value terms, vegetable oils production shrank slightly to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible contraction. The growth pace was the most rapid in 2019 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Vegetable Oils Exports

Exports from the Dominican Republic

In 2022, the amount of vegetable fats and oils exported from the Dominican Republic reduced to X tons, which is down by X% compared with the previous year's figure. In general, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2018 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, vegetable oils exports surged to $X in 2022. Overall, exports, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Haiti (X tons) was the main destination for vegetable oils exports from the Dominican Republic, accounting for a approx. X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Haiti amounted to X%.

In value terms, Haiti ($X) also remains the key foreign market for vegetable fats and oils exports from the Dominican Republic.

From 2012 to 2022, the average annual growth rate of value to Haiti amounted to X%.

Export Prices by Country

In 2022, the average vegetable oils export price amounted to $X per ton, jumping by X% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils export price increased by X% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Haiti.

From 2012 to 2022, the rate of growth in terms of prices for Haiti amounted to X% per year.

Vegetable Oils Imports

Imports into the Dominican Republic

In 2022, overseas purchases of vegetable fats and oils increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, showed a abrupt contraction. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, vegetable oils imports soared to $X in 2022. Overall, imports, however, recorded a perceptible contraction. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Colombia (X tons), Indonesia (X tons) and the United States (X tons) were the main suppliers of vegetable oils imports to the Dominican Republic, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vegetable oils suppliers to the Dominican Republic were Colombia ($X), Indonesia ($X) and the United States ($X), with a combined X% share of total imports.

Indonesia, with a CAGR of X%, 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 more modest paces of growth.

Import Prices by Country

In 2022, the average vegetable oils import price amounted to $X per ton, increasing by X% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vegetable oils import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in years to come.

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 Sweden ($X per ton), while the price for Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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