Are you looking for an easy way to ship your cargo to the Dominican Republic? Choose the best freight forwarder to transport your goods to Dominican Republic safely and on time.
Exporting goods to the Dominican Republic, whether it is for the first time, or on a regular basis, can be a challenging experience.
There are many elements to consider when shipping freight to a Caribbean country. If you are in Canada or the US and not entirely familiar with the Latin American market, you should consider a cargo shipping company that knows the business culture, the language, the customs regulations and has a proven track record of success when it comes to shipping to Dominican Republic.
WHAT CAN YOU EXPECT IN DOMINICAN REPUBLIC?
Regulations in the Dominican Republic are not only very different from the ones in the US or Canada, communication methods and business etiquette are also very distinct: ● The high number of tourists and expats have had an impact on the style and manners of doing business in the Dominican Republic. Business is treated formally although Dominicans are more relaxed and they like to develop easy going business “friendships”. Third-party contacts are also a key to business success in this country. An established person vouching for you and presenting your company will help you gain trust in the market. ● Flexibility and spontaneity are also common traits of Dominicans and they have a different perception of time management - often more relax - than American and European business people. ● It is also important to consider the language as a possible barrier. Although most business executives speak English fluently, a good knowledge of Spanish would be highly appreciated for business relations.
QUICK FACTS ABOUT THE DOMINICAN REPUBLIC (2018)
- Capital: Santo Domingo
- Other Large Cities: Santiago, La Vega, San Cristóbal, San Pedro de Macorís, San Francisco de Macorís
- Population: 10,627,165 (Urban Population: 81.1%)
- Official languages: Spanish
- Time Zone : GMT - 4
- Currency: Dominican Peso (DOP)
ECONOMIC SNAPSHOT ( Source: IMF - World Bank, 2018)
- GDP: 85.63 billion USD (GDP Growth: 7% / GDP per capita: 8,341 USD)
- Inflation Rate: 3.6%
- Unemployment Rate: 5.9%
- Total Imports of Goods: 20,21 billion USD
- FDI Inward Flow: 2.74 billion USD (3,2% of GDP)
- Ease of Doing Business Score (2019): 102th / 190
WHY DOING BUSINESS WITH THE DOMINICAN REPUBLIC IS THE RIGHT DECISION
The Dominican Republic has the largest economy in the Caribbean and Central America offering a unique and dynamic background for companies looking to expand internationally. The country’s economic performance has been historically tied to tourism, an industry that has brought opportunities to many others such as transport infrastructure, construction, hotel & restaurant equipment, agricultural products, air conditioning & refrigeration equipment, vehicles & parts, etc. The USA is Dominican Republic’ largest trading partner. The large number of free-trade zones and the Central America – Dominican Republic Free Trade Agreement (CAFTA-DR) offer lots of opportunities for exporters, with no duties on US consumer and industrial goods that Dominicans highly appreciate. The need for shipping to and from the Dominican Republic has been increasing exponentially during recent years. With LAC by your side you will reinforce your company’s cargo shipping capability to the Dominican Republic. Our experienced professionals are very familiar with the market requirements in the Dominican Republic which is very important to avoid delays during the importation process. We provide you with all the necessary tools to break into the Dominican market, headache free.
DOMINICAN REPUBLIC TRADE OVERVIEW
- MAIN IMPORTS: Petroleum, Vehicles & parts, Medicaments, Plastics, Telecommunication Equipment, Cereals
- MAIN EXPORTS: Gold, Medical instruments, Fruits, Tobacco, Electronic Equipment, Jewelry, Textile
- INDUSTRIES WITH STRONG BUSINESS OPPORTUNITIES: Food & Beverage, Transport Infrastructure, Construction, Renewable Energies, Agriculture, Hotel/Restaurant equipment, Medical Equipment, Telecommunication equipment
- PRINCIPAL TRADING PARTNERS: USA, Canada, Mexico, China, Haiti, India, Europe (Switzerland, Netherlands, UK, Belgium, Germany, Spain), Brazil, Trinidad & Tobago, Colombia, Japan, South Korea