April 2021 Economic Update in the Dominican Republic: Focus on Agriculture
The World Bank announced at the end of March that the Dominican Republic would be the 5th Latin American economy with the most growth in 2021, alongside Chile. Currently, the Dominican Republic imports more products than it exports. During the pandemic, the trade deficit was reduced, but only by 0.67% which resulted in a total deficit of 10.18% for 2020 versus 10.85% in 2019.
Agriculture is one of the industries that the country’s different organizations is placing major efforts to grow and develop. For example, ProDominicana is launching an export guide to provide access to data and for exporters to more easily sell and trade internationally. Local newspaper Listin Diario describes the export guide as follows: “The Export Guide contains guidelines on the processes necessary to place Dominican products in other markets: certifications, tax policies, local registries and assistance services offered by the country. Likewise, it considers the particularities of the different productive sectors.”
Photo Source: Dominican Today
Another tool being offered by ProDominicana and other organizations such as Dominican Association of Exporters (ADOEXPO) is the Exporter Catalog which will contain more export data enabling Dominican exporters, especially, young entrepreneurs and small to medium business access to key information promoting a more agile trading process. Furthermore, Dominican Today stated that the Ministry of Agriculture, Dominican Agricultural Supply Markets (Mercadom), the Dominican Postal Institute (Inposdom), ProDominicana and the Santo Domingo Cyber Park signed an agreement on April 8th to launch a technological platform that will contribute to expand the exportable supply of agro products produced in the country.
This project promises to push the economy of the country towards a brighter future, reinstating jobs lost during the pandemic and not only recovering financially but also surpassing the expected economic growth.