The commercial exchange between the Dominican Republic and Russia in the period 2015-July 2021 totaled US$664.0 million. Of this trade from “here to here and from here to there”, Dominican exports represented 8.9%.
Shipments from the Dominican territory to Russia, seen further back, went from an amount exported in 2013 of US$1.17 million to US$5.50 million in 2017. During the analysis period, Dominican exports to Russia experienced a growth rate annual value of 40%.
Dominican exports to Russia in 2017 were largely dominated by three products. In 2017, the main product exported by the Dominican Republic to Russia was granules, raw cast iron, specular cast iron, iron or steel (SA 7205.10), with US$1.83 million.
Rum and other spirits was the next product in value exported, with US$1.55 million, undenatured ethyl alcohol, with US$1.42 million, completed the list of the three main products exported to Russia from the Dominican Republic in 2017.
As for Dominican imports of products from Russia, they remained interesting between 2013-2017. In that period, imports exceeded US$13. 19 million in 2013 to US$61.50 million in 2017. This, according to the Dominican Republic–Russian Federation Commercial Profile, prepared by the Ministry of Industry and Commerce, via the Foreign Trade Directorate.
Dominican imports from the foreign nation reached a maximum in 2015, when they were placed at US$171.91 million. The growth of Dominican imports from Russia accumulated an annual growth rate in value of 28%.
Last year 2021, a Dominican representation participated in the World Food Moscow food fair, held in Russia from September 21 to 24. In this activity, commercial approaches were made with the exporters present, so that an expectation of confirmed business was achieved for some US$6 million.
At World Food Moscow, the Dominican Republic exhibited products from more than 15 Dominican companies, including: Ely Import & Export, ProAgroDominicana, Dominican Association of Rum Producers, Industrias Banilejas, Fruitganic, Sylvan Foods, Azukar Gourmet, Color Café, Baldom, Bon Agroindustrial, Little Island Honey, Definite Chocolat, Grupo Bocel, Hey Shuga, José Lantigua Export, Freshpack Agricultural Products.
In a publication published by the Dominican newspaper El Dinero (February 11, 2022), by the firm of Dolfi Gómez, the economist Haivanjoe NG Cortiñas had warned that the country is already paying an oil bill above the budgeted projections for the year. 2022 and that if a conflict occurs (and it is just occurring between Russia and Ukraine) oil will continue to rise. “There are international firms that estimate that a barrel of oil could be priced above US$125,” he said, Cortiñas.
And he explained that 45% of the gas consumed by the European Union is supplied by Russia and that if the conflict occurs (as it is already happening) or if sanctions are imposed, that nation would take action, and one way to do it would be to cut off the supply .
They are very important in grain production.
NG Cortiñas has said that wheat and corn would increase in price, pushed by the conflict in question, since Russia is the main world exporter of cereals. “An armed conflict would affect the production capacity of the aforementioned nation, pushing a depreciation of its currency, leading the Central Bank of Russia to continue increasing its interest rate. Ukraine is the third largest exporting country of corn”, she exposed.
