Dominican Republic has made significant progress in international trade raising their export levels at an average of 7.5%during the period 1990-2021 and ranking among the 20 fastest growing countries in the world.
This was stated by the president of Adoexpo, Elizabeth Mena, in the presentation of the results of the study on the impact of exports on the national economy that she carried out in collaboration with the firm Apricus Consulting Group and which was presented at a lunch with editors and journalists of Economy.
The Adoexpo executive said that, looking forward, there is still a lot of export potential to take advantage of, since various estimates show that the country could still export 50% morefor which the National Export Promotion Planwhich contemplates tripling the volume of exports between 2020 and 2030.
He stressed that achieving these goals would help greater economic growth, job creation and poverty reduction.
The study presented by Adoexpo indicates that At the regional level, the country is in sixth place from Latin America with the greatest export dynamism, only surpassed by Mexico, with 10.8%; Paraguay, with 10.5%; Brazil, with 9.6%; Ecuador, with 9.5%; Costa Rica, with 9.1% and observed that most of these best performing nations have abundant endowments of natural resources, mostly mining and energy.
The presentation was given by the economist Juan Ariel Jiménez Núñez, executive of the firm Apricus Consulting Group, company that carried it out and that highlights that “between 1990 and 2021 there was a marked diversification of both the export basket and the destinations of Creole products and services.”
The president of Adoexpo, Elizabeth Mena, stated that this entity began a day of meetings with editors and journalists, as part of its strategic vision of continuing to strengthen ties with the media and the export sector.
Jiménez Núñez, partner of the firm Apricus Consulting Group and former minister in the Ministry of Economy, Planning and Development, when presenting the study indicated that while in 2000, 88% of Dominican exports of goods went to the United States, in 2021 this percentage was barely 50% and another element that draws attention was the increase in exports to Asian countries, such as China, India and Japan.
He pointed out that the increase in export sophistication in the Dominican Republic was motivated by the growth in the supply of medical devices and electronic equipment.
“This dynamism in the export sector produced a significant inflow of foreign currency to the countryto the point that the net present value of exports of goods between 1993-2021 almost doubled the income from foreign currency and was 1.5 times higher than the income from family remittances in said period”, added
He pointed out that the flow of foreign currency generated by the export of goods has helped the country to finance its imports and to maintain the exchange rate stability that has characterized the Dominican economy for years.