Dominican Republic and India bilateral trade reaches all-time record in 2024

New Delhi - The trade relationship between the Dominican Republic and India has reached an unprecedented milestone, with a record-breaking USD 1.105 billion in commercial exchange in 2024, according to the Dominican Republic’s General Directorate of Customs. This represents a significant leap from previous years, solidifying India as one of the most dynamic trade partners of the Caribbean nation. 

A key highlight of this achievement is the remarkable increase in Dominican exports to India, which soared to USD 685.22 million in 2024, compared to USD 367.08 million in 2023 and USD 343.20 million in 2022. This 87% year-on-year growth demonstrates the increasing global demand for Dominican products and the strengthening of commercial ties between both nations. Meanwhile, imports from India totalled USD 420.02 million, resulting in a positive trade balance for the Dominican Republic.

The exceptional growth in trade is the result of targeted economic diplomacy and commercial promotion strategies, including landmark agreements, investment promotion, and export facilitation. A major step forward was achieved in March 2024, when the Dominican Republic and India signed the Joint Economic and Trade Cooperation Protocol (JETCO). This agreement aims to deepen economic and commercial relations, creating new opportunities for bilateral trade and investment.