The main export of the Dominican Republic
1. Cocoa Beans
The country produces two types of cocoa beans: Hispaniola and Sanchez. Hispaniola accounts for only 4 percent of the country's cocoa exports. The remaining 96% is occupied by the Sanchez variety. In recent years, cocoa beans from the country have become as valued as the precious cocoa beans from Ecuador. The coca variety in Ecuador is called Nacional, while the Dominican beans are known as the new Nacional.
The country aims to triple production by 2027. According to the International Cocoa Organization (ICCO), 40% of cocoa from the Dominican Republic tastes great, which means it has a woody, herbal, caramel flavor that makes it rich and balanced.
The Dominican Republic is the ninth largest exporter of cocoa beans in the world. Although it has always exported this product, in the 1990s the US was its only market. It has now expanded its market and now exports 90 percent of its production, or about 60,000 metric tons of cocoa beans, annually. This is mainly sold to the Japanese and EU markets.
2. Manufactured products
From clothing to exports of optical and technical equipment and medical equipment, the country was able to export more than $5 billion in 2018. The main exports in its manufactured goods shipments are medical and optical equipment. It has grown steadily as the demand for such devices continues to increase.
Their machinery and equipment exports also performed well, generating the third largest gain for the country. The main export partners for these products are the United States, India, Haiti, Canada and Germany.
3. Jewelry
Gold has always been the Dominican Republic's preferred export, a country rich in gold and other precious stones. The country's mineral wealth also enables it to export silver and nickel, not to mention some copper. Found only in the Dominican Republic, Larimar is essential to the creation of jewelry, which is why the country is a leading exporter of jewelry.
As demand for gold has grown over the past decade, the country has benefited greatly from the intensive development of the mining industry. They own the largest single gold mine in Latin America at the Pueblo Viejo mine, and despite a drop in gold production in the country, they still have reserves large enough to keep their export partners afloat.
The Dominican Republic also has extremely rich deposits of gypsum, which is why they are among the best in the cement industry.
Main import
1. Oil
DR imports crude oil and refined oil because their economies are largely dependent on manufacturing and mining. Both are oil-intensive activities that require a constant supply of oil to keep the industry going.
Refined oil leads its oil imports, accounting for 10% of the country's total imports. They import oil from countries like Venezuela and Mexico. The country uses about 37,000 barrels of oil per day.
2. Cars
Automobiles are the Dominican Republic's second-largest import, and the U.S. provides the largest share of the Dominican Republic's market for cars. In 2017, the U.S. exported $378 million worth of vehicles to the country. This accounts for almost 50% of the country's car imports.
South Korea is another important player in the export of cars to Latin American countries. That same year, they exported about $150 million worth of cars. Other players with stakes in this market include Japan, which exported $142 million to the Democratic Republic of Congo in 2017, such as Germany and Sweden, Canada, Mexico, India, Chile and the United Kingdom.
The U.S. leads in exports of small passenger vehicles, while Mexico leads in exports of heavy construction and agricultural vehicles.
3. Industrial raw materials
Importing raw materials to the Dominican Republic is cheaper than importing finished goods. The laws tend to favor raw materials, which means they impose lower import duties on such products. The country's main raw material import partners include Mexico, Brazil, Venezuela, Colombia, Ecuador, the United States, Argentina, and several countries in the Eastern Pacific and Asia.
