According to Adozona’s president, Luis José Bonilla Bojos, annualized free zone exports could exceed the US$8.5 billion threshold by the end of 2024.
The Ministry of Economy, Planning and Development published the ‘Informe de situación macroeconómica: Seguimiento de coyuntura’, corresponding to July 2024, in which it highlighted that, during the first half of the year, the country registered an accumulated growth of 5.1% in the monthly indicator of economic activity (IMAE), 3.9 percentage points higher than in the same period in 2023.
The monthly publication, published by the Vice-Ministry of Economic and Social Analysis, states that economic activity expanded by 6.2% year-on-year in June, as a result of the effects of the monetary and fiscal policies implemented that led to price stability, which has allowed for a recovery in economic activity.
The report states that, in the first half of 2024, the economic performance is mainly due to the expansion of the service sector by 5.5%, hotel, bar and restaurant activities with an increase of 8.7%, financial services activities with an expansion of 7.9%, free zone manufacturing and real estate and rental activities, both with 5.9%.
In the first half of 2024, foreign exchange earnings increased by 6.5% compared to 2023. Tourism inflows expanded by 14.1%, remittances by 4.4%, and foreign direct investment by 0.9%.
According to the report, the rate of depreciation of the exchange rate of the Dominican peso against the US dollar decelerated in July, increasing by 5.1% year-on-year, compared to previous months when it remained above 7.0%. The exchange rate as of July was 58.98.
Exports and imports
In July, the report indicates, exports increased by 13.2% y-o-y to over US$1,162.1 million. In cumulative terms, exports increased by 4.5% over January-July 2023, to total some US$7,492.7 million.
Imports in July totalled US$2,224.7, representing a 4.8% year-on-year growth.
Sources:Listindiario.com