Dominican Republic: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in the Dominican Republic

For the fifth year in a row, the Dominican refined soybean oil market recorded decline in sales value, which decreased by X% to $X in 2022. Over the period under review, consumption continues to indicate a deep downturn. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Refined Soybean Oil Production in the Dominican Republic

In value terms, refined soybean oil production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when the production volume increased by X%. Refined soybean oil production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports from the Dominican Republic

In 2022, overseas shipments of refined soybean oil and its fractions increased by X% to X tons, rising for the fourth consecutive year after two years of decline. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, refined soybean oil exports skyrocketed to $X in 2022. Over the period under review, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Haiti (X tons) was the main destination for refined soybean oil exports from the Dominican Republic, accounting for a X% share of total exports. Moreover, refined soybean oil exports to Haiti exceeded the volume sent to the second major destination, Cuba (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Haiti amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (X% per year) and the United States (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to Haiti stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (X% per year) and the United States (X% per year).

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, growing by X% against the previous year. In general, the export price saw a remarkable increase. The growth pace was the most rapid in 2015 when the average export price increased by X%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Cuba ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Haiti (X%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Soybean Oil Imports

Imports into the Dominican Republic

Refined soybean oil imports into the Dominican Republic rose slightly to X tons in 2022, increasing by X% against the year before. Overall, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, refined soybean oil imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate resilient growth. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

The United States (X tons), Guatemala (X tons) and Argentina (X tons) were the main suppliers of refined soybean oil imports to the Dominican Republic, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

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

Guatemala, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, import price indicated a temperate 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, refined soybean oil import price increased by X% against 2020 indices. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :