Nestled in the lovely clear blue waters of the Greater Antilles archipelago in Caribbean, the Dominican Republic is perhaps better known for its white sandy beaches and world class golf courses. But here’s a little known economic fact: According to the World Bank, the Dominican Republic has actually enjoyed one of the strongest growth rates in Latin America and the Caribbean over the past 25 years.
From 1992 to 2014, the Dominican Republic enjoyed an average real GDP growth rate of 5.4%. And to further highlight its progress, GDP growth in 2014 and 2015 hit 7.3% and 7.0% respectively. Ever since the turn of the millennium, the country has seen its GDP more than triple, from US$24 billion in 2000 to US$72.6 billion in 2016. Historically, the country was a main exporter of sugar, coffee, and tobacco. But thanks to a boost in construction, tourism, and free trade zones, the service sector has taken over agriculture as the country’s largest employer.
The Dominican Republic’s economy has largely rebounded from the global recession. It continues to be one of the fast growing economies in the region. Its top three trade partners include the US, China, and Haiti. As a tiny island nation, the Dominican Republic relies much more on imports than exports. In this post, we’ll take a deeper look at what the Dominican Republic imports.
In 2015, the Dominican Republic’s imports totaled US$17 billion. Of these, machines formed the majority with US$2.77 billion, or 16.3% of total imports. Mineral products such as petroleum oil and crude ranks second with US$2.47 billion, or 14.5% of total imports. In third place is foodstuffs with US$1.34 billion, or 7.9% of total imports.
In order to take advantage of the huge trade potential the Dominican Republic offers, iContainers announced the expansion to Santo Domingo earlier this year. Our new office there allows us to develop our commercial network in the American continents, and more specifically the Caribbean. Given its strategically placed location, it also has a strong trade relationship with the Spanish and American markets. That said, container shipping services to/from the Dominican Republic just got easier. Get in touch for an ocean freight quote now!
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Klaus Lydsal, vice president of operations at iContainers