The gold exports They have been fundamental in the Dominican economy, reflecting both its mineral potential and its importance in international trade.
In recent years, the behavior of these exports has shown significant variations, with a marked decrease from its peak in 2020, but with a recent rebound that has been highlighted in the most recent report from the Central Bank of the Dominican Republic (BCRD).
The figures of the gold exports have fluctuated considerably in recent years. In 2020, exports reached a maximum of 1,692.1 million dollars. 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.
Until August 2024, according to the Commerce Magazine of the General Directorate of Customs (DGA), notable growth has been reported, with gold exports and silver that amounted to 899.5 million dollars, an increase of 20.08% compared to the same period of the previous 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 goodsthe gold exports and silver represent 34.42%, standing out as one of the most dynamic sectors of the national regime.
- The data from the Export and Investment Center of the Dominican Republic (Pro Dominican) indicates that the destinations of the gold exports Dominicans in 2024 are: India with a participation of 393.5 million dollars and Switzerland with 468.1 million dollars.
In 2023, the largest amount of gold It was destined for Switzerland with an export value of 793.8 million dollars. India had a smaller proportion with 327.8 million dollars.
Central Bank
As exports have increased, the gold price has also shown an increase. At the close of this report, the 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 report of Central Bank of the Dominican Republic (BCRD) highlights that the economy has grown by 5.6% in August 2024, thanks in part to the dynamism of the mining sector, which has seen growth of 8.5% driven by gold. This growth occurs in a context of price stability, with inflation maintained 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 Big Towna mining project close to the Pueblo Viejo deposits (municipality of Cotuí), whose results would provide the company with the basis to complete a next phase of drilling in this area.
old town
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 start of operations in 2012, Old Town has been crucial to the country’s gold supply.
In 2020, the mine completed the conversion of its power plant to natural gaswhich has significantly reduced greenhouse gas emissions, evidencing a commitment to environmental sustainability. b
