DR agricultural production increases, says Ministry of Economy

The Ministry of Economy, Planning and Development reports that in the Dominican Republic the volume of agricultural production registers on average higher levels than the 2018-2021 period.

“This result is due to a greater extent to the growth of livestock production,” states the Sectoral Panorama report corresponding to January 2022, prepared by the Directorate of Sectoral Economic Analysis of the Vice Ministry of Economic and Social Analysis.

According to the monthly publication, agricultural exports registered a value of US$53.4 million, for a variation of 10.5% with respect to the same month of the previous year. It also points out that 52.8% of these were of national origin and were largely driven by exports of bananas, avocado, cocoa beans and tomatoes.

Employment
According to the report, in interannual terms, the number of formal jobs registered an increase of 11.3%, which translates into 232.7 thousand new jobs.

Manufacturing
In the industrial sector, it states that the economic conditions and perspectives of the manufacturing sector, measured through the IMAM (Monthly Manufacturing Activity Index), are in a favorable position, reaching 74.1 points in January 2022.

It specifies that the volume of sales is the item that explains this performance, with a monthly increase of 14.2 points and an inter-annual increase of 27.0 points.

According to the publication, local manufacturing exports amounted to US$134.1 million, for an inter-annual increase of 48.6%. This performance is mainly explained by the incidence of cane sugar (15.5 p.p.), iron rods (4.8 p.p.), plastic tableware (4.7 p.p.), among other products.

Construction
“At the beginning of the year, the construction sector continues to show a positive performance by reflecting increases in taxed sales and in the loan portfolio with respect to the same month of the previous year”, it indicates.

The report points out that the direct costs of housing construction continue to reflect significant increases by reaching an average variation of 1.7% compared to December 2021 and 15.9% compared to January of the previous year.

Free trade zones
Regarding free zones, the report indicates that in January 2022, total exports under this regime registered a year-on-year growth of 8.1%, reaching US$479.4 million.

Likewise, it adds that foreign sales of manufactured products registered a value 6.8% above that shown in January 2021.

The report points out that so far this year, installation permits have been approved for 10 new companies with an investment of US$22.7 million, which are projected to offer 1,300 new direct jobs.

Trade
Regarding commerce, it states that the total deflated sales of the activity registered an increase of RD$16.0 billion when compared to January 2021, which is equivalent to an inter-annual increase of 14.1%.

In the same vein, it highlights that total trade sales were above pre-pandemic levels (3.0% compared to January 2019).

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