In the last three years, the Dominican Republic has accumulated a trade deficit with Russia of US$248 million, since its exports were US$52 million and imports from Russia US$295 million, from the period 2019 to January-May 2022.
These figures mean that almost six times as many units purchased in dollars were imported for each unit sold. In that period of three years and five months, among the most outstanding export items of the Dominican economy to Russia were drinks and alcohols for US$24.90 million (0.07%), tobacco and substitutes for US$16.42 million (0.04%), iron and steel foundry for US$3.67 million (0.01%), plastic and its manufactures for US$0.34 million (0.00%) and edible fruits for US$3.19 million (0.01%).
These exports represented 0.13% of total Dominican exports to other nations in that period, which were US$36.795 million.
While imports from Russia are mainly following items: iron and steel foundry for US$109.56 million (0.15%), plastic and its manufactures for US$4.19 million (0.01%) and fertilizers for US$47.92 million (0.06%), beverages and alcohols for US$0.39 million (0.00%), tobacco and substitutes for US$0.17 million (0.00%). These imports represented 0.22% of total Dominican imports to other nations in that period, which were US$74,357 million.
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According to statistics compiled by the economist Louis VargasSince 2020 with the Covid-19 pandemic and 2021 with the fragile recovery of the business cycle and the economy, the exports of Dominican companies to Russia registered a drop of US$3.01 million (16.13%) to US$15.65 from US$18.66 million. ; while imports had a sudden increase of US$64.43 million (90.59%) from US$71.72 million to US$136.15.
Dominican-Russian trade decline
Vargas estimates that exported and imported values will plummet even more this year, as a result of the collapse of merchandise exchanges and supplies, the war and the sanctions against Russia.
He explained that the first five months of this year 2022, Dominican-Russian trade has already plummeted both in exports to US$4.1 million and in imports to US$25.60 million.
