Santo Domingo.- the Caribbean, home to more than 44 million people and known for its white sand beaches and rich heritage of Spanish, French and Dutch ancestors, is emerging as a key export destination for the Dominican republic.
This potential is underlined by data from the Export and Investment Center of the Dominican republic (ProDominicana), which shows a trade exchange of 9,120 million dollars with the Caribbean from 2019 to 2022. It should be noted that in 2022 trade amounted to 2,143 million dollars.
víctor Bisonó, Minister of Industry, Commerce and MSMEs (MICM), highlighted the geographical proximity and agricultural development of the Dominican republic as important factors to explore the Caribbean market. He highlighted the growth of exports, such as fruit products.
Biviana Riveiro, director of ProDominicana, highlighted the strategic need to diversify markets. She noted that while most remittances, migration and trade typically involve the United States and Europe, the Caribbean offers new opportunities for Dominican companies.
In 2022, exports to Jamaica reached $100 million and other nations such as Guyana, Trinidad and Tobago, Curacao, Grenada and Saint Kitts and Nevis are considered potential markets, particularly for micro, small and medium enterprises (msmes).
challenges in realizing this potential include improving connectivity, developing infrastructure and having a skilled workforce. Factors such as the war between Russia and ukraine, border closures, the effects of the pandemic on maritime trade, and rising costs of raw materials and fuel have impacted the Dominican republic’s global trade balance.
Source: karla Alcantara, Acento