Discusses key economic indicators and trade statistics, which countries are dominant in the market, the U.S. market share, the political situation if relevant, the top reasons why U.S. companies should consider exporting to this country, and other issues that affect trade, e.g., terrorism, currency devaluations, trade agreements.
Last Published: 1/17/2020

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With a population of 10.8 million consumers and a nominal GDP of $85.63 billion, the Dominican Republic (DR) is the tenth largest economy in Latin America and the largest in the Caribbean region.  A middle income country, the economy is based on tourism, agriculture, Free Trade Zone manufacturing, mining, real estate, and service industries.

A GDP increase of 7 percent in 2018 was a result of continued dynamic growth within key economic sectors, including construction, agriculture, financial services, healthcare, hospitality, transportation and local manufacturing.  Inflation was 3.56 percent in 2018, holding relatively steady from 2017.

The U.S. share of the DR consumer goods market is estimated at approximately 70 percent.  There is extremely high receptivity to U.S. goods and services and U.S. product standards are generally accepted.  Bi-lateral trade between the United States and the DR amounted to US$14.3 billion in 2016, with U.S. exports to the DR totaling US$8.9 billion and imports from the DR of US$5.4 billion – a positive trade balance for the U.S. of US$3.6 billion.

The Central American and DR Free Trade Agreement (CAFTA-DR), was implemented in March 2007.  Under CAFTA-DR, duties on imports of U.S. products have been eliminated on approximately 92 percent of manufactured goods, with the remainder scheduled for gradual elimination in coming years.

The strength of the trade relationship stems from close geographic proximity and the historic cultural and personal ties that many Dominicans have with the United States.  This is reinforced by a Dominican diaspora in the U.S. of almost two million people, clustered primarily in the northeastern states and Florida, whose remittance payments help support the home-country economy.  Dominican businesspersons are frequent visitors to United States and are very familiar with U.S. business practices.
 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.