Influential Dominican ambassador stresses impact of diaspora and U.S. on economy

The Power of the Diaspora: How the Dominican Community in the US Influenced their Homeland’s Economy in 2023

The Dominican Republic’s internal economy was greatly influenced by the Dominican community in the United States in 2023, according to Ambassador Sonia Guzmán. During a speech at the Capitol, she emphasized that remittances from this community totaled $10,157.2 million, making up 84% of the country’s total for that year.

Guzmán also highlighted that bilateral trade between the Dominican Republic and the United States reached $18,072 million in 2023, with $6,489 million of those exports coming from the Dominican Republic to the United States. This represented 54.38% of all exports made by the country.

While overall exports did not decrease in 2023, there was a decline in mining exports due to lower production and prices. Despite this setback, Guzmán noted that while there were fewer tourists visiting the Dominican Republic during that time period, it is still important to mention that they are mainly foreign non-resident tourists coming from the United States.

In conclusion, the Dominican community in the United States played a crucial role in shaping the internal economy of their homeland in 2023. Remittances from this group helped fuel much of their country’s economy and trade with them has remained strong despite challenges like declining mining exports and decreased tourism numbers.

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