The Dominican Republic would end the year 2022 with a total income of foreign exchange that would exceed 39,000 million dollars through remittances, exports, direct foreign investment and other income from different services.
According to the latest report of the central bank of the Dominican Republic (BCRD), forecasts suggest that the total exports would reach 14,154.4 million dollars, of which some 8,009.8 million dollars correspond to free zones.
On the subject, the database by ProDominicana indicates that as of November total exports amount to 11,495.49 million dollars, with the United States being the main market with 50.55% of exports.
Then they follow:
- Haiti (8.4%)
- Switzerland (8.22%)
- Puerto Rico (5.59%)
- Netherlands (3.64%)
- India (2.79%), among others
For tourism
Regarding the income from tourism, the central bank indicates that they would amount to 8,670.7 million dollars.
Recently, the Minister of Tourism, David Collado, said that in the first 11 months In 2022, the country registered the visit of almost 7.5 million people, which is equivalent to 7.8 million dollars in foreign exchange.
Remittances in 2022
The remittances they would close close to 10,000 million dollars. Until November of this year they reached 8,912.3 million dollars. In 2021, 10,402.5 million Dollars for that concept.
The central bank also reports that the flow of foreign direct investment (IED) would close 2022 at about 4,000 million dollars. The latest data published by ProDominicana indicate that FDI up to September amounts to 2,870.4 million dollars.
Also, the country will receive 2,200 million revenue dollars for other services.
However, the central bank indicates that the good performance of income from foreign exchange and the strong increase evidenced in imports will place the current account deficit of the balance of payments at 5.1% of GDP in 2022, which would be largely financed by FDI.
Projection for 2023
Regarding the forecasts for 2023indicates that a lower current account deficit is expected, which would be around 4.0% of GDP.
This projection contemplates a scenario with total exports of 14,950.2 million dollars, income from tourism around 9,749.8 million dollars and flow of remittances for 9,966.4 million dollars in the referred year, in addition to a moderation in the growth rate of imports.
The BCRD highlighted that the international reserves net (RIN) would be closing the current year above 14,000 million dollars, equivalent to 12% as a proportion of GDP and 5.3 months of imports, excluding those from free zones.
Regarding the cumulative appreciation of the Dominican peso so far this year, it stands at 2.4%.
