Through free trade agreements, Dominican Republic imported US$2.678 billion in 2021

The Dominican Republic is a signatory to several free trade agreements at the international level that facilitate the export and import of goods with preferential treatment.

Since 1985, the country has implemented trade agreements with full treaties, thus allowing the expansion and diversification of the exchange of goods and services.

The trade agreements allow the country to exchange mass consumption products, raw materials, mining materials, vehicles and spare parts, with special tariff conditions.

Data available from the Directorate General of Customs (DGA) indicate that between January and October 2021 the Dominican Republic exchanged goods for US$29,422.22 million. 66.8% corresponded to imports (US$19,683.39 million) while 35.2% was exports (US$9,738.83 million) up to that date.

The Dominican Republic has signed trade alliances with Central American countries (Costa Rica, Guatemala, Honduras, El Salvador and Nicaragua in 1998) and with the United States and the same Central American bloc (DR-Cafta in 2004).

Also a Partial Scope Agreement with Panama (AAPP); the Economic Partnership Agreement with the European Union known as EPA, and the Free Trade Agreement with the Caribbean Community (Caricom). Under these treaties the country imported products worth US$2,678.21 million between January and November 2021.

The DR-Cafta was the agreement with the highest import amount during the referred period, with 71% of the total (US$1,914.09 million). Of this amount, 28.4% corresponded to the entry of land vehicles, their parts and accessories for a value of US$543.2 million.

The 13.8%, around US$264.41, corresponded to the import of meat and edible offal and 5.1% to the import of mineral fuels and their derivatives, totaling US$97.6 million. The remaining 52.7% corresponded to the entry of food products, mining materials, chemicals and clothing.

The United States is the signatory country with the largest trade under the agreement, importing US$1,672.71 million. Representing 87% of the total.

Costa Rica imported US$118 million worth of products, representing 6.2%. From Guatemala some US$4.8 million, corresponding to 2.5%; from El Salvador US$33.4 million, 1.9%; from Honduras US$24.2 million, 1.2%; and from Nicaragua US$1.42 million, 0.6%.

The Economic Partnership Agreement (EPA/EPA), between the European Union and the African, Caribbean and Pacific countries, was the second largest entry of products, with 20.1% of total imports during the period analyzed, with US$561.51 million.

Between milk, dairy products, eggs and natural honey, US$91.9 million was imported under the agreement. Also, ceramics were introduced into the country for a value of US$80.86 million, and beverages, alcoholic liquids and vinegar for an amount of US$50.75 million.

European Union
Of the countries belonging to the EPA, Spain was the country that imported the most products to the Dominican Republic, with 44.8% of the total imported, valued at US$251.3 million, followed by France with US$51.8 million, corresponding to 9.2%.

Italy is the third country with the highest amount of imports under this agreement, with a total of US$50.4 million, corresponding to 8.9% of the total.

A total of 6.5% of the products imported into the country were imported under the Central America FTA, totaling US$173.7 million.

Some 39.1% of the imports came from Guatemala, some US$67.96 million, and 34.3% from Costa Rica, a total of US$59.69 million.

The largest item of this amount, some US$26.02 million, corresponded to the importation of glass and glass products. Another US$17.20 million in soap, washing preparations, lubricating preparations, artificial waxes, wax and preparations for dentistry and manufacture of candles.

Meanwhile, under the FTA Caricom introduced goods to the country for a value of US$18.20 million. Some US$7.36 million in cereals, flour, starch, starch or milk and pastry products; US$3.46 million in plastics and its manufactures and US$3.14 in machinery and apparatus, electrical material and its parts.

The 89.2% was imported from Trinidad and Tobago (US$16.30 million) and 10.7% from Barbados (US$1.95 million).

Meanwhile, in the AAPP agreement with Panama, imports, during the referred period, totaled US$0.55, in products such as meat, fish or crustaceans, mollusks and other aquatic invertebrates preparations.

No change
Despite the United Kingdom’s exit from the European Union, the conditions of the Economic Partnership Agreement with the European Union, known as EPA, remain unchanged. US$10.05 million worth of goods were imported from the United Kingdom, including beverages, alcoholic liquids, vinegar, vehicles, tractors, cycles and other land vehicles, their parts and accessories.

author avatar
Dominican Republic Live Author

Leave a Reply

Your email address will not be published. Required fields are marked *

ten − eight =

Verified by MonsterInsights