The Dominican Republic is among Latin America’s fastest growing trade partners of China and South Korea
Miami.-The Dominican Republic is among Latin America’s fastest growing trade partners of China and South Korea, according to an analysis by online publication Latinvex based on figures from the International Monetary Fund and the Korean government.
Dominican Republic exports to China last year grew 40.8 percent to $411 million. That was the fifth-highest increase in Latin America. Total trade increased 14.4 percent to $1.4 billion dollars, which was the seventh-highest increase in the region.
Meanwhile, the Dominican Republic posted Latin America’s second-highest growth in trade with South Korea. Last year trade grew 16.5 percent to $ 290 million. Only Costa Rica had higher growth. The Dominican Republic is also among the four countries that had the highest increase in their purchases of Korean products. Last year, Korean exports to the Dominican Republic increased 9.3 percent to $ 167 million.
Total trade between China and Latin America increased 8 percent to $255.5 billion last year. Meanwhile, trade between Korea and Latin America fell 6.3 percent last year to $56.5 billion. Brazil and Mexico are the main Latin American partners for both China and Korea.
The Dominican Republic is China’s second largest trading partner within the CAFTA trade block and Korea’s third-largest partner within the same group, according Latinvex.
Source: Dominican Today
Category: DR News |