International commerce plays an important role in today’s world, and, of course, in the Dominican economy. The government and private sector have made significant efforts to strengthen this dimension of the Domin- ican economy, achieving, in general, very positive results. Significant interest has been paid to the develop- ment of industrial free zones and to matters related to competition. Efforts toward regional integration have culminated in the adoption of bilateral and multilateral agreements with several countries.
IMPORTS The country imports products from all over the world, but especially from the United States. During the period from January to October 2010, total imports increased to US$12,268.9 million, which represents a growth of 25.3% with respect to the same period of the prior year. Customs taxes are determined in accordance with international standards. The Dominican Republic utiliz- es the Harmonized Commodity Description and Coding System that is used internationally. Customs taxes are calculated and paid in Dominican pesos. The official exchange rate at the moment of payment is used to determine how to convert currencies to pay import tariffs. Apart from import tariffs, im- porters must pay, depending on the goods being imported, a Selective Consumption Tax and a Tax on the Transfer of Industrialized Goods and Services (ITBIS).
EXPORTS The Dominican Republic exports a great diversity of finished and semi-finished products. A large part of the products exported are manufactured in industrial free zones, including electric components, jewelry, and med- icine. Traditional exports include sugar, coffee, cocoa, and tobacco. The country also exports some minerals. The main destinations for exports are the United States (including Puerto Rico), the United Kingdom, Holland, Canada, Haiti, Belgium, Luxembourg, South Korea, and the Netherlands.
PREFERENTIAL ACCESS TO THE UNITED STATES MARKET The right of preferential access granted to Dominican exports to enter into the United States market has been an essential part in the development of the Dominican export industry. It has been an excellent tool for the growth of the Dominican textile industry and, in particular, for industrial free zones, under which most of the local textile enterprises have been organized. Several legal developments, since 1974, have made this process viable, culmi- nating with the execution of the Free Trade Agreement with Central America and the United States (DR-CAFTA).