In tenth place in the club of the 10 largest exporters of goods in Latin America and the Caribbean, the Dominican Republic has the potential to continue climbing the ladder, first by knocking Guatemala from 9th place and competing in the medium term with Ecuador and Costa Rica, for seventh and eighth place.
According to the National Statistics Office (ONE) the Dominican Republic exported goods worth US$11,932 million in 2023, while Guatemala’s exports of goods totaled US$14,194 million in 2023, according to the Annual Foreign Trade Report released by the Ministry of Economy. Costa Rica’s exports amounted to US$19,211 million, according to Foreign Trade Statistics and those of Ecuador reached US$31,126 million, according to the Central Bank of Ecuador.
The six main exporters in the region are Mexico, with US$593,011 million; Brazil, US$339,000 million; Chile, US$94,937 million; Argentina, US$66,788 million; Peru, US$64,355 million and Colombia, US$49,542 million.
To knock Guatemala from ninth position, the Dominican Republic has the advantage of a more diversified range of exports.
The main Dominican exports are medical, surgical, dental or veterinary instruments worth US$1,516 million, followed by gold, with a 9.8% share of the total (DR has great potential in mining, which could even include the exploitation of rare compounds), and cigarettes (cigars), with an 8.7% share. Meanwhile, Guatemala’s main export products were clothing items worth around US$1,500 million.
The competition for export leadership with Costa Rica will be very tough because, like the Dominican Republic, the Central American country stands out as an exporter of medical-surgical instruments.
Although the gap between the value of Dominican and Ecuadorian exports is greater (US$31,126 million versus US$11,932 million), it could be closed because the products the Dominican Republic is counting on have the potential for greater growth and resilience.
It would help the country to move up the regional exporter ladder if each sale made by a Dominican company teaches the buyer that he cannot find a better product/price ratio.
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