The Dominican Republic is a not-so-big Caribbean country on the eastern half of the island of Hispaniola (near Haiti) in the Greater Antilles region. Its capital is Santo Domingo, and the country has a population of fewer than 11 million people.
Despite being small, the Dominican Republic is Latin America’s eighth biggest economy, with a GDP growth rate of 5.3 percent. Tourism, mining, shipping, and manufacturing are the industries that significantly drive this country’s outstanding economic performance. Because it has the highest number of tourists of any Caribbean country, it funds a significant portion of the shipping sector, with a concentration on cruises and other passenger-based maritime services.
The location of the Dominican Republic’s various ports also puts it in a very profitable position, since it receives a large quantity of trade and commerce, as well as passenger transportation and tourism. The main commerce channels are through neighboring islands and countries in the Americas. These ports also handle transhipments in addition to direct exports.
The Dominican Republic was the number 68 largest economy in terms of GDP in 2020, the number 84 country in terms of total exports, the number 80 economy in imports, the number 84 economy in GDP per capita, and the number 66 most complex economy (ECI).
Gold, medical devices, rolled cigarettes, low-voltage protection equipment, and bananas are the Dominican Republic’s biggest exports, with most of them going to the United States, Switzerland, Cuba, Canada, and the Netherlands.
Refined petroleum, gasoline, automobiles, broadcasting equipment, and jewelry are the Dominican Republic’s major imports, with most of them coming from the United States, China, Mexico, Spain, and Brazil.