The Dominican Republic’s internal economy was significantly impacted by the Dominican community in the United States in 2023, according to Sonia Guzmán, the Dominican Ambassador. During her address at the Capitol, she emphasized that data from the Central Bank showed that remittances totaled $10,157.2 million that year, with $8,532 million (84%) coming from the Dominican community in the US.
Furthermore, Guzmán pointed out that while overall exports have not decreased, there has been a decline in mining exports due to lower production and prices. Despite this, she highlighted that non-resident foreign tourists from the US continue to be a significant source of revenue for the country. In fact, they comprised 46.8% of all tourists received by the Dominican Republic.
The Ambassador also mentioned that bilateral trade between the Dominican Republic and the US reached $18,072 million in 2023, with Dominican exports accounting for 54.38% of this total. This underscores the importance of trade relations between these two nations and highlights how much influence they have on each other’s economies.