The Dominican Republic has been placed as the eighth largest economy in Latin America and the largest economy in the Caribbean and Central American region. The island has enjoyed one of the strongest growth rates in Latin America and the Caribbean over the past 25 years.
The Dominican Republic offers great trade opportunities for Florida companies, enabled by the U.S.-Central America Free Trade Agreement, Florida companies also benefit from Dominican Republic’s reduced tariffs and barriers.
“The Dominican Republic holds significant opportunities for Florida companies interested in increasing their footprint in the region’s market, and Florida’s proximity to the Caribbean makes the state a top choice for businesses there.”
One-third of all U.S. exports to Latin America and the Caribbean flows through Florida, and the Sunshine State has one of the greatest concentrations of knowledge-based service providers specializing in the region. The state offers a robust support network of consular corps, chambers of commerce, and sister cities to assist Latin American and Caribbean businesses invest in Florida.
The Dominican Republic is Florida’s No. 6 merchandise trading partner, with nearly $6 billion in total trade between the two in 2016. In 2017, Florida exported greater than $3.1 billion to the Dominican Republic.
Some of the industry sectors provide the best opportunities for exports from the U.S. to the Dominican Republic:
- Air Conditioning and Refrigeration Equipment
- Automobile Parts and Services
- Building Products
- Hotel and Restaurant Equipment
- ICT & Services/Computers and Peripherals
- Medical Equipment
- Printing and Graphic Arts Equipment
- Renewable Energy
- Safety and Security Equipment and Supplies
- Sporting Goods
- Telecommunication Equipment