The Dominican Republic’s Internal Economy: Remittances, Trade, and Tourism

Influential Dominican ambassador stresses impact of diaspora and U.S. on economy

The Dominican Republic’s internal economy was significantly impacted by the Dominican community in the United States in 2023, according to an address by Ambassador Sonia Guzmán at the Capitol. She emphasized that data from the Central Bank showed that remittances reached $10,157.2 million in that year, with $8,532 million (84% of the total) coming from the Dominican community in the United States.

Furthermore, Guzmán highlighted that the United States remains the Dominican Republic’s top trading partner, with bilateral trade reaching $18,072 million in 2023. Dominican exports to the United States represented $6,489 million and accounted for 54.38% of the country’s total exports. While overall exports have not decreased, there has been a decline in mining exports due to lower production and prices.

The Ambassador also pointed out that while overall exports have not decreased, there has been a decline in mining exports due to lower production and prices. Additionally, she mentioned that while overall exports have not decreased, there has been a decline in mining exports due to lower production and prices.

Finally, Guzmán emphasized that non-resident foreign tourists are crucial for boosting the Dominican Republic’s internal economy. The United States is currently leading as their primary source of non-resident foreign tourists to the country and makes up 46.8% of all tourists received by it.

In conclusion, Sonia Guzmán highlighted during her address at the Capitol how significant

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