With a population of over 10.6 million consumers and a nominal GDP of $62.5 billion, the Dominican Republic (DR) is the ninth largest economy in Latin America and the second largest in the Caribbean region, after Cuba. The Dominican Republic is a middle income country, with per capita income over $9,700 per year (on a purchasing power parity basis).
The government of President Danilo Medina, who was elected in May 2012, has introduced a stable macroeconomic environment. The Medina administration has made good on its promise to lower the fiscal deficit from 6.6 percent of GDP in 2012, to an estimated 2.6 percent in 2014, through tax increases and reduced capital expenditures. The unemployment rate dropped to 14.1 percent in 2014, and inflation eased to just 1.6 percent at the end of the year. The U.S. economic recovery has had a positive impact on the DR economy as well….more
U.S. products and services enjoy a high reputation for quality and, due in part to CAFTA-DR, are highly competitive. Consumer attitudes and many brand preferences are similar to those in the U.S. and many major U.S. franchises are present in the country. U.S. television shows and other media are widely available and popular. Dominicans travel frequently to the U.S. for business, vacation, medical treatment, study or to visit family. Their buying patterns and tastes mimic those in the United States. …more
The DR has few market access issues. A common market entry option is to appoint an agent or distributor in the DR, with the assistance of local legal counsel in order to ensure that representation agreements can be terminated for non-performance. Licensing agreements and franchises can also be successful. Because of the DR’s proximity to the U.S. and low air travel costs, the optimal market entry method is through a coordinated strategy that includes personally visiting potential partners or distributors in the DR. …more
International Airports: Las Américas (Santo Domingo), Herrera (Santo Domingo), La Romana, Punta Cana, Santiago, Puerto Plata, Samana and Barahona
Major Ports: Santo Domingo, Haina, San Pedro de Macoris, Barahona, Las Calderas, Boca Chica and Puerto Plata.