Country profiles:
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 | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 17,734 | 20,197 | 20,268 | 17,047 | 24,143 |
Exports of Goods (million USD) | 10,135 | 10,638 | 11,193 | 10,297 | 12,462 |
Imports of Services (million USD) | 3,152 | 3,765 | 4,086 | 3,004 | 4,398 |
Exports of Services (million USD) | 8,542 | 9,104 | 9,002 | 3,832 | 8,047 |
Imports of Goods and Services (Annual % Change) | -3 | 9 | 6 | -15 | 25 |
Exports of Goods and Services (Annual % Change) | 5 | 6 | 2 | -30 | 36 |
Trade Balance (million USD) | -7,600 | -9,559 | -9,075 | -6,803 | -11,681 |
Foreign Trade (in % of GDP) | 50 | 52 | 51 | 44 | 53 |
Imports of Goods and Services (in % of GDP) | 27 | 29 | 28 | 26 | 31 |
Exports of Goods and Services (in % of GDP) | 24 | 24 | 23 | 18 | 22 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2022 |
---|---|
United States | 51.8% |
Switzerland | 10.5% |
Haiti | 10.4% |
India | 3.4% |
China | 2.8% |
Netherlands | 2.5% |
South Korea | 2.0% |
Italy | 1.2% |
Jamaica | 1.0% |
Canada | 0.9% |
Spain | 0.9% |
Nicaragua | 0.8% |
Germany | 0.6% |
Costa Rica | 0.6% |
Panama | 0.6% |
Honduras | 0.6% |
France | 0.5% |
Colombia | 0.5% |
Belgium | 0.5% |
Trinidad and Tobago | 0.4% |
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% |
Colombia | 3.0% |
Italy | 2.2% |
India | 2.0% |
Argentina | 1.9% |
Germany | 1.9% |
Japan | 1.6% |
Netherlands | 1.5% |
Canada | 1.4% |
South Korea | 1.4% |
Costa Rica | 1.2% |
France | 1.1% |
Türkiye | 1.0% |
United Kingdom | 1.0% |
Guatemala | 0.9% |
Dominican Republic | 0.8% |
See More Countries | 26.7% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
4.6 bn USD of services exported in 2020 | |
---|---|
58.79% | |
20.68% | |
7.50% | |
Air transportAir transport | 4.41% |
OtherOther | 4.41% |
Sea transportSea transport | 3.09% |
OtherOther | 3.09% |
6.94% | |
1.69% | |
1.49% | |
Telecommunications servicesTelecommunications services | 1.49% |
1.49% | |
1.05% | |
0.37% |
2.9 bn USD of services imported in 2020 | |
---|---|
47.06% | |
Sea transportSea transport | 33.36% |
FreightFreight | 33.36% |
Air transportAir transport | 14.53% |
PassengerPassenger | 7.81% |
FreightFreight | 5.42% |
OtherOther | 0.47% |
22.23% | |
8.06% | |
7.17% | |
4.74% | |
2.80% | |
2.78% | |
2.50% | |
1.45% | |
Postal and courier servicesPostal and courier services | 0.83% |
Telecommunications servicesTelecommunications services | 0.62% |
1.22% | |
Audiovisual and related servicesAudiovisual and related services | 1.20% |
Embassies and consulatesEmbassies and consulates | 3.10% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: September 2023
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