Dominican republic Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in dominican republic, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
Market Overview
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With a population of approximately 11.43 million (mid-2024 estimate) and a nominal GDP of about US $124.48 billion in 2024, the Dominican Republic is the largest economy in the Caribbean and the wider Central America region. A middle-income country, its economy is based on tourism, agriculture, Free Trade Zone (FTZ) manufacturing, mining, real estate, and services.

Real GDP grew 5.1% in 2024, reinforcing the country’s reputation as one of the fastest-growing economies in Latin America. Meanwhile, over 85% of the population now lives in urban areas, marking significant urban-transition trends. In addition, opportunities exist in information-and-communications technology (ICT) and disaster-preparedness sectors given the country’s development trajectory.

In 2024, trade in goods and services between the United States and the Dominican Republic amounted to approximately US $33.6 billion, according to the U.S. Bureau of Economic Analysis. U.S. exports to the DR amounted to approximately US $16.7 billion and U.S. imports from the DR to US $16.8 billion.

The strength of the trade relationship is rooted in close geographic proximity and strong cultural and personal ties between the two countries. The Dominican diaspora now numbers an estimated 2.4 million in the U.S.

U.S. businesspersons will find that Dominican entrepreneurs and decision-makers are familiar with U.S. business practices, and the market remains one of the more accessible in the region for U.S. goods and services.

As a member of the Central American and Dominican Republic Free Trade Agreement (CAFTA-DR) since 2007, duties on imports of U.S. products included in the Free Trade Agreement have been eliminated. President Luis Abinader (Modern Revolutionary Party [PRM]) won reelection with a resounding victory in the May 2024 Dominican general election. Civil society and international observers praised the Dominican people and electoral authorities for a voting process that was orderly and peaceful. The PRM also secured a supermajority in the Senate and in the Chamber of Deputies. President Abinader has made several public statements about his administration’s anticorruption efforts and in 2022, the Dominican Congress enacted civil asset forfeiture legislation that demonstrates its seriousness in combating corruption. The Abinader administration has initiated several efforts to improve the overall investment climate in the DR, with an eye to attracting increased foreign investment. However, concerns over corruption, weak rule of law, and other inefficiencies continue to be a concern for U.S. companies interested in exploring local market opportunities.   

Political Environment

Visit State Department’s website for background on the country’s political and economic environment: Dominican Republic.

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