• Fri. Mar 1st, 2024

The Dominican Republic’s Strong Economy: The Power of Remittances and Bilateral Trade with the US

ByEditor

Feb 12, 2024
Influential Dominican ambassador stresses impact of diaspora and U.S. on economy

The Dominican Ambassador, Sonia Guzmán, highlighted the significant influence of the Dominican community in the United States on the internal economy of the Dominican Republic during an address at the Capitol. She emphasized that remittances from the Dominican community in the US amounted to $10,157.2 million in 2023, accounting for 84% of the total remittances received by the country.

Guzmán also stated that bilateral trade between the Dominican Republic and the US reached $18,072 million in 2023, with Dominican exports to the US accounting for 54.38% of the country’s total exports. However, she noted a decline in mining exports due to lower production and prices.

In addition to being a major trading partner and source of foreign tourists, Guzmán also pointed out that the United States is also a leading source of non-resident foreign tourists to the Dominican Republic, comprising 46.8% of all tourists received by the country.

Overall, Guzmán highlighted that despite overall exports remaining stable, there has been a decline in mining exports due to lower production and prices. The Ambassador emphasized that while these challenges exist, there are opportunities for growth and continued economic development through increased trade and investment between both countries.

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