Trade Profile

flag Dominican Republic Dominican Republic: Trade Profile

Foreign Trade in Figures

The Dominican Republic is open to foreign trade and applies a liberal and open policy, with trade representing 53% of the country's GDP. The Free Trade Zone Industrial Association (ADOZONA), which accounts for more than two-thirds of exports, is an important pillar of the country’s economy. The Dominican Republic is the 87th largest export economy in the world and the 81st largest importer. The country mainly exports gold (15.6%), medical instruments and appliances (9.5%), cigars and cigarettes (9%), ferro-alloys (3.8%), and pharmaceutical preparations and products (3.2%). Its main imports include petroleum oils (11.4%), motor vehicles (4.9%), petroleum gas (4.4%), medicaments (2.8%), and plastic articles (2.6%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 12.4% in 2022 and is expected to increase by 8.6% in 2023, while the volume of imports of goods and services increased by an estimated 14.3% in 2022 and is expected to increase by 0.7% in 2023.

The Dominican Republic's main trade partners are the United States, China, Switzerland, Haiti, India, Mexico, Brazil, the Neatherlands, and Spain. The Dominican Republic is a member of the WTO, CARICOM, and CARIFORUM. In 2018, China inaugurated a new embassy in the Dominican Republic, after the country cut ties with Taiwan. According to the American Government, China offered the Dominican Republic economic incentives in a bid for domination. Taiwan says China offered the Dominican Republic a USD 3.1 billion package of investments and loans, which China denies. The Dominican Government has stated that both countries are preparing several bilateral agreements for mutual benefits.

Like most of the Caribbean islands, the Dominican Republic has a structural trade deficit. In 2021, the country's exports of goods reached USD 12.4 billion, while imports amounted to USD 24.1 billion, resulting in a deficit of USD 11.6 billion. As for services, exports totalled USD 8 billion, while imports reached USD 4.3 billion over the same period. Tourism has been growing rapidly, particularly from the United States, as well as exports of manufactured goods - both of which should continue to grow.

 
Foreign Trade Indicators 20182019202020212022
Imports of Goods (million USD) 20,19720,26817,10524,28230,743
Exports of Goods (million USD) 10,63811,19310,30212,48713,777
Imports of Services (million USD) 3,9174,2583,1974,4085,617
Exports of Services (million USD) 9,4149,3174,5888,11411,326
Imports of Goods and Services (Annual % Change) 96-152515
Exports of Goods and Services (Annual % Change) 62-303614
Trade Balance (million USD) -9,559-9,075-6,803-11,796-16,966
Foreign Trade (in % of GDP) 5251445356
Imports of Goods and Services (in % of GDP) 2928263134
Exports of Goods and Services (in % of GDP) 2423182222

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

Return to top

Main Partner Countries

Main Customers
(% of Exports)
2022
United States 51.8%
Switzerland 10.5%
Haiti 10.4%
India 3.4%
China 2.8%
See More Countries 21.3%
Main Suppliers
(% of Imports)
2022
United States 42.3%
China 17.8%
Brazil 4.8%
Mexico 4.5%
Spain 3.9%
See More Countries 26.7%

Source: Comtrade, Latest Available Data

Return to top

 

Main Products

9.8 bn USD of products exported in 2022
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s. 14.0%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 14.0%
Ferro-alloysFerro-alloys 5.5%
T-shirts, singlets and other vests, knitted or...T-shirts, singlets and other vests, knitted or crocheted 4.1%
Pharmaceutical preparations and products of...Pharmaceutical preparations and products of subheadings 3006.10.10 to 3006.60.90 3.9%
See More Products 58.5%
26.8 bn USD of products imported in 2022
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 5.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 3.3%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.0%
See More Products 78.9%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import Export Flows

 
 

Main Services

11.3 bn USD of services exported in 2022
74.62%
9.35%
8.60%
2.80%
1.81%
1.21%
1.04%
0.37%
0.18%
0.01%
5.3 bn USD of services imported in 2022
54.59%
19.14%
8.57%
6.52%
2.90%
2.86%
2.19%
1.68%
0.79%
0.76%

Source: United Nations Statistics Division, Latest Available Data

Return to top

Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Member of CAFTA-DR Trade Agreement
Assessment of Commercial Policy
Country’s commercial policy
Barriers to exchanges
Barriers to exchanges
Average Customs Duty (Excluding Agricultural Products)
8.22%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of CAFTA-DR Trade Agreement
Useful Resources
Directorate General of Customs (in Spanish)
 
 
 

Return to top

Any Comment About This Content? Report It to Us.

 

© eexpand, All Rights Reserved.
Latest Update: November 2023