Overview: In 2018 Dominican Republic was the number 66 economy in the world in terms of GDP (current US$), the number 96 in total exports, the number 83 in total imports, and the number 76 most complex economy according to the Economic Complexity Index (ECI). In 2018, Dominican Republic exported $8.24B and imported $15B, resulting in a negative trade balance of -$6.73B. In 2018, Dominican Republic's exports per capita were $775 and its imports per capita were $1.41k.
In 2018 Dominican Republic exported a total of $8.24B, making it the number 96 exporter in the world. During the last five reported years the exports of Dominican Republic have changed by -$1.34B from $9.57B in 2013 to $8.24B in 2018.
In 2018 Dominican Republic imported $15B, making it the number 83 trade destination in the world. During the last five reported years the imports of Dominican Republic changed by -$2.31B from $17.3B in 2013 to $15B in 2018.
In 2018, Dominican Republic exported $9.23B worth of services. The top services exported by Dominican Republic in 2018 were Travel ($7.56B), Air transport ($506M), Other business services ($432M), Embassies and consulates ($297M), and Sea transport ($143M).
The top services imported by Dominican Republic in 2018 were Sea transport ($980M), Air transport ($595M), Travel ($549M), Other business services ($372M), and Insurance services ($236M).
This section shows forecasts for total product exports and imports for Dominican Republic. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Dominican Republic are:136: Most Favoured Nation duty rate treatement154: Preferential tariff Agreement between Caribbean Community (CARICOM) member states181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA219: Preferential tariff for European Union countries (AA) Association Agreement285: Preferential tariff for Panama386: United States - Dominican Republic - Central America Free Trade Agreement (DR-CAFTA; incl. Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic; 2005)
During the last 20 years Dominican Republic's economy has become relatively more complex, moving from the 85th to the 76th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
Dominican Republic has a high level of specialization in Rolled Tobacco (63.6), Bananas (52), Molasses (46), Cocoa Beans (45), and Textile Scraps (27.6). Specialization is measured using RCA, an index that takes the ratio between Dominican Republic observed and expected exports in each product.
The top export opportunities for Dominican Republic according to the relatedness index, are Crustaceans (0.19), Knit Women's Suits (0.19), Knit Men's Suits (0.19), Knit Men's Shirts (0.19), and Knit Women's Shirts (0.18). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Dominican Republic is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
Dominican Republic
