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SANTO DOMINGO. - Dominican exports fell 9.4 percent in the first five months, despite a 34 percent jump in the area of non-traditional products, said the Dominican Republic Export and Investment Center (CEI-RD).
It said RD$845.8 million in manufactured, agro-industrial, farming and artisan goods were exported in the period, a fall of US$120.6 million compared with the US$934.2 million exported in the year ago period.
Since the report doesn’t include export volumes, it can’t be determined if the fall in exports results from a fall in sales abroad or a lower export values.
But the main reason exports fell was minus 171.4 precent loss in the price of ferronickel, which last year represented more than half of the national sales abroad, but reduced in the first five months.
Between January and May 2007, US$475.4 million worth of ferronickel was exported, whereas in the same period this year they fell to US$303.9 million.
Exports of nontraditional products grew from RD$353.9 million to RD$474.5 million in the period analyzed. United States is still their main destination, but fell 30.1 percent compared with the same 2007 period.
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It seems 30% is quite a fall for only 5 months. This 30% fall in exports to the USA must be a big part of the overall 9% drop.
The US slump hits the DR hard. This slump is conceptually separate from the oil and food things that are also hitting hard.
The nosedive in the price of ferronickel exported says the cause of the drop in exports is largely from the outside.