|Balance of Payments
Exportations and Importations
Exports and Imports
As a result of the global economic crisis on the Dominican Republic, the most recent statistics on the country’s exports show a decrease in the main line items.
Excluding the free trade zones, these exports were reduced in the first semester of 2009 by $480.2 million (35.9%.) In the free trade zones, the reduction during the same period rose to $483.9 million (21.9%.)
In 2007, exports totaled $7.16 billion, while in 2008 they totaled only $6.949 billion. The main destination of Dominican exports is the United States, which receives close to 65% of the total. Exports also go to The Netherlands, Canada, Russia and the United Kingdom.
With regard to imports, the deceleration of economic growth and the reduction of international prices in raw goods during the first six months of the year meant a lower demand for imported goods.
During the first six months of 2009, imports reached a total of $5.58 billion, which is a reduction of $2.59 billion (31.7%) compared to the prior year. This reduction takes into account the cost of petroleum which reached $1.102 billion, 53.2% less than during the same period the year before. In 2007, external purchases reached $11.097 billion, while in 2008 they were $13.569 billion.
The consumer goods sector showed the most significant contraction at 30.1% or $1.064 billion in absolute terms, mostly in purchases of family vehicles (38.1%), medical products and pharmaceuticals (15.7%), milk (46.3%) and automotive repair parts (13%).
Likewise, imports of raw materials were reduced by 40.8%, mostly by decreasing the prices of commodities ( petroleum and primary goods), while at the same time, capital assets dropped by 27.5%, mostly in the area of replacement parts for machinery. The main provider of imports to the Dominican Republic is the United States with 20% of the market, followed by Venezuela, Mexico, Japan, and Panama, among others.