Balance of Payments
The economy of the Dominican Republic is characterized by its close ties to international trade as a net importer of oil, raw and manufactured goods, and an exporter of tourism and free trade zones. This makes it very vulnerable to external events.
In the unfavorable international environment in which the country’s transactions with the rest of the world have taken place, the balance of payments ended the period January to September 2009 with a positive global balance of $85.5 million, up US $411.8 million as registered during the same period in 2008.
Traditionally, the current account runs at a slight deficit given that the country is a net importer. During the period from January to September 2009, the current account yielded a deficit balance of $1.275 billion, $2.47 billion less than the deficit registered in 2008. This was due to the higher prices of foodstuffs and some raw materials, as well as the rise in steel prices affecting the construction sector.
Nearly 65% of the increase in the current account was due to external factors.