The Dominican Republic is open to foreign trade and applies a liberal and open policy, with trade representing 54% of the country's GDP (World Bank, latest data available). 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 country mainly exports instruments and appliances used in medical and surgical sciences (14%), gold (14%), ferro-alloys (5.5%), t-shirts (4.1%), pharmaceutical preparations and products (3.9%); whereas imports are led by petroleum oils (7.6%), petroleum gas (5.6%), motor cars (5%), medicaments (3%), and articles of plastics (2.5% - data from Comtrae 2022).
The Dominican Republic's main export partners are the United States (51.8%), Switzerland (10.5%), Haiti (10.4%), India (3.4%), and China (2.8%); with imports coming chiefly from the United States (42.3%), China (17.8%), Brazil (4.8%), Mexico (4.5%), Spain (3.9%), and Colombia (3.0%). The Dominican Republic is a member of the WTO, CARICOM, and CARIFORUM. It also has a preferential trade agreement with Panama, and bilateral investment treaties with Chile, Finland, France, Italy, Korea, Morocco, Netherlands, Panama, Taiwan, Spain, and Switzerland.
Like most of the Caribbean islands, the Dominican Republic has a structural trade deficit. In 2022, the country's exports of goods reached USD 13.7 billion, while imports amounted to USD 30.7 billion, resulting in a deficit of USD 11.6 billion. As for services, exports totaled USD 11.3 billion (thanks to tourism revenues), while imports reached USD 5.6 billion over the same period. According to the National Statistics Office (ONE), the Dominican Republic's trade in goods with the world amounted to USD 40,963.1 million in 2023, marking a 5.7% decrease from 2022. Country exports totaled USD 11,932.0 million, indicating a 3.6% decrease compared to the previous year, representing 29.1% of total trade. Notably, the free trade zone customs regime contributed 67.5% to total exports, while national exports accounted for 30.5%. Consumer goods constituted the largest group of exports at 45.8%, showing a 3.5% increase from the previous year. Raw materials represented 32.0% of total exports, marking a 15.5% decline from 2022, while capital goods comprised the remaining 22.2%, reflecting a 2.5% increase. Merchandise imports amounted to USD 29,031.2 million, reflecting a 5.9% decrease compared to the previous year.
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 20,268 | 17,105 | 24,282 | 30,743 | 28,706 |
Exports of Goods (million USD) | 11,193 | 10,302 | 12,487 | 13,777 | 12,935 |
Imports of Services (million USD) | 4,258 | 3,197 | 4,408 | 5,617 | 5,411 |
Exports of Services (million USD) | 9,317 | 4,588 | 8,114 | 11,326 | 13,332 |
Imports of Goods and Services (Annual % Change) | 6 | -15 | 26 | 14 | 0 |
Exports of Goods and Services (Annual % Change) | 2 | -30 | 36 | 14 | -0 |
Trade Balance (million USD) | -9,075 | -6,803 | -11,796 | -17,162 | -15,891 |
Foreign Trade (in % of GDP) | 51 | 44 | 53 | 54 | 50 |
Imports of Goods and Services (in % of GDP) | 28 | 26 | 31 | 32 | 28 |
Exports of Goods and Services (in % of GDP) | 23 | 18 | 22 | 22 | 21 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2023 |
---|---|
United States | 60.0% |
Haiti | 7.2% |
Switzerland | 6.8% |
India | 3.1% |
Netherlands | 2.9% |
China | 2.4% |
South Korea | 2.0% |
Germany | 1.2% |
Jamaica | 0.9% |
Belgium | 0.9% |
United Kingdom | 0.8% |
Spain | 0.8% |
France | 0.6% |
Canada | 0.5% |
Italy | 0.5% |
Mexico | 0.5% |
Colombia | 0.5% |
Guyana | 0.5% |
Trinidad and Tobago | 0.4% |
Panama | 0.4% |
See More Countries | 20.0% |
Main Suppliers (% of Imports) |
2023 |
---|---|
United States | 40.7% |
China | 16.4% |
Brazil | 3.9% |
Mexico | 3.8% |
Spain | 3.7% |
Italy | 3.1% |
Colombia | 2.3% |
Japan | 1.8% |
Germany | 1.8% |
India | 1.6% |
Netherlands | 1.2% |
Argentina | 1.1% |
Canada | 1.1% |
South Korea | 1.1% |
Costa Rica | 0.9% |
United Kingdom | 0.9% |
France | 0.9% |
Türkiye | 0.8% |
Guatemala | 0.8% |
Indonesia | 0.7% |
See More Countries | 31.5% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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12.8 bn USD of services exported in 2023 | |
---|---|
75.91% | |
10.08% | |
7.63% | |
Air transportAir transport | 4.67% |
OtherOther | 4.67% |
Sea transportSea transport | 2.96% |
OtherOther | 2.96% |
2.46% | |
1.27% | |
1.10% | |
1.08% | |
0.24% | |
Telecommunications servicesTelecommunications services | 0.24% |
0.21% |
5.4 bn USD of services imported in 2023 | |
---|---|
48.40% | |
Sea transportSea transport | 32.32% |
FreightFreight | 32.32% |
Air transportAir transport | 16.68% |
PassengerPassenger | 11.94% |
FreightFreight | 2.86% |
OtherOther | 1.29% |
22.61% | |
9.25% | |
6.87% | |
3.73% | |
2.57% | |
2.56% | |
2.55% | |
0.77% | |
Postal and courier servicesPostal and courier services | 0.60% |
Telecommunications servicesTelecommunications services | 0.17% |
0.68% | |
Audiovisual and related servicesAudiovisual and related services | 0.66% |
Embassies and consulatesEmbassies and consulates | 1.99% |
Source: United Nations Statistics Division, Latest Available Data
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