Dominican Republic Export Industry Grew 7.2% Between 2009 and 2010
Thanks to its strong travel industry and growing popularity among foreign investors, the negative effects of global economic slowdown (recession) on Dominican Republic were minimal. That is not to say that Dominican Republic was not affected, but compared to much of the world, the country carried on normally as though there was no economic hardship around the globe. The export industry did suffer, though.
Between 2005 and 2008, Dominican Republic’s export industry steadily grew but come 2009, the country experienced sharp decline. According to the latest report by Industries Association of the Dominican Republic (Asociación de Industrias), everything seems to be back to normal as export industry registered growth of 7.2% in 2010 compared to 2009.
Unlike in Central America or the United States, Dominican Republic’s trade balance in all except petroleum products with CARICOM is positive. United States remains the Dominican Republic’s most important trading partner (accounting for 75% of export revenues) with markets in Canada, Western Europe, and Japan accounting for much of the rest.
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