The Dominican International Commerce Observatory (ODCI) has highlighted that the pace of export increase has slowed down this year over last, having increased 4.2% in the first three months of this year. This is around half the increase over the same period last year.
Nevertheless, economist Pavel Isa Conde, who presented the report, said that everything was normal. He explained that exports were up in 2018 due to the effect of the economic growth experienced by the United States, the country’s primary export market.
Between January and March 2019, the country exported US$4,051 million in goods and services compared to US$3,888 million last year over the same timeframe. Imports were US$8,470 million this year in the first quarter compared to US$8,057 million last year.
The problem, according to Isa Conde is that the pace of growth of exports this year is not sufficient to cover the faster-rising needs for foreign currency to pay the public debt. Isa Conde forecast a decline in tourist receipts reflecting the effects of the negative press on US tourist deaths in the country.
Read more in Spanish:
Diario Libre
17 July 2019