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 The Dominican Republic's economy boomed in the 1990s, expanding at an average rate of 7.7% per year from 1996 to 2000. Tourism (the leading foreign exchange earner), telecommunications, and free-trade-zone manufacturing are the most important sectors, although agriculture is still a major part of the economy. The Dominican Republic owed much of its success to the adoption of sound macroeconomic policies the mid of 1980s and greater opening to foreign investment.
The Dominican Republic's most important trading partner is the United States (75% of export revenues). Other markets include Canada, Western Europe, and Japan. The country exports free-trade-zone manufactured products (garments, medical devices, etc.), nickel, sugar, coffee, cacao, and tobacco. It imports petroleum, industrial raw materials, capital goods, and foodstuffs.The Dominican Republic has a trade agreement with the United States known as D.R- CAFTA and also with the European Community which is called EPA. Both trade agreements provide free access to those markets for the goods produced in the Dominican Republic.
An important aspect of the Dominican economy is the Free Trade Zone industry (FTZ), which made up U.S. $4.55 billion in Dominican exports for 2006 (70% of total exports).
In the Dominican Republic you will find the world famous hand-made Cigars, the exquisite mountain inorganic Coffee from Polo,Barahona and the strong but delicious dominican Beers but also our Rhums made from sugar cane.
The Dominican Republic has a Preferential Access to the United States Market through the DR-CAFTA Agreement.
The Dominican Republic has a Preferential Access to the European Union Community through the EPA-CARIFORUM Agreement. |
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