Wood fuel market in Caribbean

Earlier Report Observations

From 2018 to 2023, the wood fuel market volume in the Caribbean region showed moderate fluctuations. After a slight decrease to 4,701 thousand m³ in 2019, the market expanded over the next two years, reaching a peak of 4,919 thousand m³ in 2021. This growth was followed by a contraction in 2022 and 2023, with the market volume settling at 4,793 thousand m³ by the end of the period.

The rise in market volume during 2020 and 2021 was accompanied by a significant surge in imports, which increased more than tenfold from 14 thousand m³ in 2019 to 159 thousand m³ in 2021. Concurrently, domestic production demonstrated steady growth, rising from 4,860 thousand m³ to 4,947 thousand m³ over the six-year span. However, the subsequent sharp decline in imports contributed to the overall market reduction after 2021.

Export volumes remained relatively stable throughout the period, fluctuating between 146 and 189 thousand m³ annually. The net effect of rising production and volatile trade flows resulted in a market that grew by approximately 4% from its 2018 level before receding closer to its starting volume by 2023.

Production wood fuel in Caribbean

In kind, 2017-2020, K m³

Top producers of wood fuel, 2017-2020

World map of production of wood fuel, 2017-2020

Wood fuel production in the Caribbean increased for the third consecutive year. In 2020, 4,881 thousand cubic meters of wood fuel were produced, showing a negligible variation compared to 2019.

Annual dynamics of production in Caribbean in kind, 2017-2020, K m³

In value, 2017-2020, M $ US

After a two-year uptick, wood fuel production in the Caribbean declined. In 2020, output was valued at 1,007 million US dollars, down by 10.3% from the previous year. The highest value was recorded in 2019 at 1,122 million US dollars, which also saw the largest increase of 7.2%.

Annual dynamics of production in Caribbean in value, 2017-2020, M $ US

Exports wood fuel from Caribbean

Exports in kind, K m³

Following a two-year improvement, wood fuel exports from the Caribbean declined. In 2020, the region exported 145.8 thousand cubic meters, marking a significant drop of 20.4% from the year before. Over the period from 2017 to 2020, exports decreased by 7.3%, with a compound annual growth rate of 2.5%. The peak was in 2019 at 183.1 thousand cubic meters, which also experienced the largest increase of 13.1%.

Annual dynamics of product's exports from Caribbean in kind, 2017-2020, K m³

From 2017 to 2020, Turkey, Greece, and Spain were the main destinations for wood fuel exports from the Caribbean, accounting for 65.0% of total exports in kind. Turkey led with 24.3%, followed by Greece at 21.5%, and Spain at 19.2%.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Caribbean in kind, 2017-2020

Exports in value, K $ US

After a two-year increase, wood fuel export volumes from the Caribbean declined. In 2020, exports reached 30,053 thousand US dollars, representing a loss of 28.8% compared to the previous year. Over the 2017-2020 period, exports decreased by 9.1%, with a compound annual growth rate of 3.1%. The maximum value was in 2019 at 42,200 thousand US dollars, which also saw the largest increase of 20.9%.

Annual dynamics of product's exports from Caribbean in value, 2017-2020, K $ US

From 2017 to 2020, Turkey, Greece, and Spain remained the leading destinations for wood fuel exports in value terms, collectively accounting for 64.6% of total flows. Turkey held 23.4%, Greece 21.9%, and Spain 19.4%.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Caribbean in value, 2017-2020

Imports wood fuel to Caribbean

Imports in kind, K m³

The market exhibited an unstable trend throughout the timeframe. Imports reached their lowest point in 2019 at 13.7 thousand cubic meters and peaked in 2020, with a six-fold difference between these years. In 2020, the Caribbean imported a total of wood fuel, corresponding to an abrupt increase of 503.8% compared to the previous year. The largest decline was recorded in 2018 at 43.7%.

Annual dynamics of product's imports to Caribbean in kind, 2017-2020, K m³

From 2017 to 2020, the United States was the key supplier of wood fuel to the Caribbean, accounting for 85.0% of total imports in kind, while a diversified group of other countries made up the remainder.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Caribbean in kind, 2017-2020

Imports in value, K $ US

The market showed signs of volatility over the observed period. Import volumes varied twofold, with the low in 2019 at 3,909 thousand US dollars and the high in 2020. In 2020, the Caribbean's wood fuel import volume came to 8,010 thousand US dollars, up by 104.9% year-over-year. The largest decline was recorded in 2018 at 19.9%.

Annual dynamics of product's imports to Caribbean in value, 2017-2020, K $ US

From 2017 to 2020, the United States, China, and the Netherlands were the principal destinations for imports in value terms, jointly accounting for 81.7% of total flows. The United States led with 58.1%, followed by China at 17.3%, and the Netherlands at 6.2%.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Caribbean in value, 2017-2020