- Gold and silver exports amount to 899.5 million dollars
Gold exports have been fundamental in the Dominican economy, reflecting both its mineral potential and its importance in international trade.
In recent years, the performance of these exports has shown significant variations, with a marked decline from their peak in 2020. However, a recent rebound was highlighted in the most recent report released by the Central Bank of the Dominican Republic (BCRD).
In recent years, gold export figures have fluctuated considerably. In 2020, exports peaked at $1,692.1 million. However, this amount has been decreasing, with 1,591.1 million dollars in 2021; 1,322.4 million dollars in 2022 and 1,127.6 million dollars in 2023.
According to the General Customs Directorate’s Trade Magazine a notable growth was reported up to August 2024, with gold and silver exports amounting to 899.5 million dollars, an increase of 20.08% compared to the same period last year. This increase translates into a difference of 150.43 million dollars compared to the 749.12 million dollars exported between January and August 2023.
In the context of total exports of goods, gold and silver exports account for 34.42%, standing out as one of the most dynamic sectors of the national regime.
- Data from the Export and Investment Center of the Dominican Republic (Pro Dominicana) indicates that the destinations of Dominican gold exports in 2024 are India with a share of 393.5 million dollars, and Switzerland with 468.1 million dollars.
In 2023, the largest amount of gold was destined for Switzerland with an exported value of 793.8 million dollars. A smaller proportion was received by India with 327.8 million dollars.
Central Bank
As exports have increased, the price of gold has also shown an uptick. At the time of writing, an ounce of gold was trading at $2,630.14, an increase of 5.04% since the beginning of September. This increase in prices has considerably benefited Dominican exporters, allowing them to capitalize on the value of their natural resources.
The Dominican Central Bank’s report highlights that the economy grew by 5.6% in August 2024, thanks in part to the dynamism of the mining sector, which has grown by 8.5% driven by gold. This growth occurs in a context of price stability, with inflation remaining within its target range of 4.0% ± 1.0%.
More Gold
In June of this year, the Canadian mining company Precipitate Gold announced the discovery of new gold anomalies in Pueblo Grande, a mining project near the Pueblo Viejo deposits (Cotuí municipality), the results of which will provide the company with the basis to carry out a new phase of drilling in this area.
Pueblo Viejo
The main gold deposit in the Dominican Republic is the Pueblo Viejo mine, operated by a joint venture between Barrick Gold (60%) and Newmont (40%).
Since its inception in 2012, Pueblo Viejo has been crucial to the country’s gold supply.
In 2020, the mine completed the conversion of its power plant to natural gas, which has significantly reduced greenhouse gas emissions, evidencing a commitment to environmental sustainability.
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