Economist at the International Monetary Fund Thompson Fontaine says Dominica must move with haste to increase its export and reduce its import bill.
“It is hard to comprehend that a country like Dominica, with so much, only produces about US$35 million a year in exports,” he said.
Fontaine held a discussion in Grand Fond Tuesday night focusing on the role of manufacturing and agriculture in Dominica’s economic growth.
His observation is not the first regarding Dominica’s trade patterns. The Dominica Export Import Agency (DEXIA) has said there is a deficit in the island’s balance of trade. However DEXIA’s claim have not been verified by Trade Minister Collin McIntyre.
“Dominica is importing over $150 million in imports,” Fontaine stated, pointing out the huge difference between the nation’s level of imports and exports.
“In any type of economy when you have this big disconnect between what you’re exporting and what you’re importing, you have problems,” he said, adding that remittances or money sent home from Dominicans abroad is what is currently propping up the country.
The fact is true and should have been considered seriously since long.
Dominicans complain they cannot find jobs but I see the country imports very large quantities of chicken, meat, soft drinks … Before thinking of exporting more, let’s try to think of Importing less.
Cannot we produce enough good quality chicken so we stop importing it ?
Cannot we teach our kids to drink more fresh juice than buying them poor quality imported sodas .
How can people in Dominica buy canned coconut water produced in Sri Lanka ? They do.
Why always blame the government or wait for it to find a solution. The solution is simple . Buy local, produce accordingly , export the excess of production.
Buy local is the first move . Are you ready ?
I buy local chicken, I drink local juice, I buy local meat, I drink local coconut water, I try to buy as little imports as possible and would be ready to buy 100 % local if there is enough offer .
i agree there should be more export than import from the island because it will help the country in such a way that it will not cause inflation and more money will stay in the country.
I support Dr. Fointaine 100%. He is absolutely right. People on DNO are unreasonable to expect the man to do more. He is an advisor in the IMF. It is time for the governments to act and remove all the red tape when people want to do things here. People have to run up and down ministry and other places to get things done. Too much beaurocracy!
I have been saying that for a long time now about the trade deficit!
Fontaine needs to ask himself, “How can I contribute to increasing export in Dominica rather than regurgitating old news?”
de man not a goverment insider,he can only talk…
Dominican in Dominica are lazy and have no desire to do a hard days work, that is the reason for the high crime and murder rate, every body wants to make quick and easy money so they will rob you blind and they will steal anything even things that is of no use to them but will do it because they can. Dominica is a corrupted country with corrupted lawyers and politicians
I don’t see why just because Dr Fontaine hilighted a known issue at he must now come up with tangible solutions. It is basic common sense that if you spend more than you make, you will have major issues.
The basic fact is that Dominicans’ productivity need to drastically increase. In other words, we drag our feet (take our sweet time) to get work done, while we are quick to spend like money going out of style. The dame haste we have at spending, we should double the haste when it comes to making money.
So whether its in banking, manufacturing or agriculture, we need to get products and services to the customer way faster than we currently do. Its like we want a day off in between every hour we work.
We have gotten used to a welfare mentality… either the govt gives us or we get it from our relatives abroad. We don’t want to work hard… don’t want to farm anymore, don’t want to innovate, but we still recklessly spend.
Furthermore, when a local business opens up, we shun them, preferring the foreign made products or services than our own. So it’s like we keep stepping on our own feet of progress.
Lastly, we can export more not only in agriculture, but in light manucturing and processing. We can support our local companies, especially banks and other services companies so that they can branch out overseas. And yes, the govt need to give incentives for companies that heavily export.
I’ve said before too that trade, DAIC, Tourism officials need to travel and find opportunities for either more exports or direct investments in the country which would help increase revenues and decrease the trade deficit. The U.S. is just now realizing that they need to export more… well so should Dominica. There is no reason why little St. Kitts should export more than Dominica.
Who was the first Mover and Shaker in Dominica for 2010 as announced in a big Hoopla? The Proprietor of SAVE- A-Lot. Many Dominicans applauded that businessman for doing what, for importing carrots, cabbages etc from Miami, making US farmers richer while our farmers facing hell. For bringing in KFC Fast food, both enterprises located close to our local Market. Best MOVER and SHAKER MY FOOT. That tells you the level of thinking of some Dominicans. Communication consultant that lady called herself, boasting about the exploits of that businessman. What 19th. century thinking!!!
Skerritt and his ilk have shown interest in quickly enriching themselves, the FACTS are being REVEALED. They cannot be refuted. Instead of looking after the economic, social/cultural development of the country, is more and more examples of CORRUPTION. Since they WELL FIX, and they have FIXED themselves WELL over the years in Public Office, to hell with the farmers, later for agriculture, to the dust bin for manufacturing, not caring two hoots about the rise in unemployment and the steady decline of the economy.
Because of the adoption, by this Govt. of the policy of dependence on other countries, they are influencing people to be MENDICANT, waiting on HANDOUTS and TRINKETS from them, just like the colonial MASTERS handed out trinkets to continue to OPPRESS the people in the hope that people would see them as their SAVIORS.
The biblical saying, “BY THE SWEAT OF THY BROW, THOU SHALL EAT BREAD” has been THROWN out of the window. The population is not jolted, educated, encouraged to PRODUCE, PRODUCE, PRODUCE using our rich local, natural resources.
They rush quickly setting up facility to SELL FUEL for Venezuela, but cannot move as quickly to explore and exploit our GEOTHERMAL RESOURCE. Who is making all the money from selling Venezuela’s fuel? A few of them. Electricity is not cheaper as they FOOLED some Dominicans to believe. At the end of the month, they must get their FAT SALARY, irrespective if production is low and getting lower and the country not making money.
For decades, we hear that Dominica should be “THE FOOD BASKET OF THE CARIBBEAN.” That MOTTO has been BURIED. Agriculture is DEAD. The Ministers of Agriculture and Trade are extremely INCOMPETENT. The Skerritt DLP Govt. has shown INEFFICIENCY to the HIGHEST DEGREE.
The harsh REALITY is that many Dominicans have come up with good ideas and advice to Govt. but the stubbornness and MENDICANT attitudes of those guys in Govt. causes them to see only the TIP of their noses and no further. Always ready to chastise and demonize persons who offer alternative ideas regarding development of our beautiful country.
PRODUCTION you could not have said it better.
I fully concur with everything you’ve stated Production. The good old saying: ” Blessed is the child who has his own”, does not apply anymore to our people. It’s all about your own is my own, and I do not need to work, as long as I can get from you. How sad, for a young nation with the tremendous potential to feed its own. My concern is if the trend continues, our island nation will lag behind its partners in the region. God Bless Dominica and its people!
You are so right production. I remember as a little girl i used to long for the summer holidays so i could go to carholm to carry bananas with my dad because i know i would earn some money, and that taught me to work hard and save. My parents taught me to work very hard for what i wanted, and that has stuck with me, but these people in Dominica just want to wait on the government for hand out. I am feeling so sorry for my Dominica i love so much.
Is Doctor Fontaine the minister of Agriculture? Is he the opposition leader? Is he the minister of Economic Affairs? Why all you asking him, “What next?” You don’t want to hear what he has to say, all you want is for him to give you something for free? Amazing!!! Simply Amazing..He just told you what to do next and that was free advice. Now you want him to tell you what to do and pay you to do it too? Get real!!!
The man is 100% right! I say this to people over and over again!
It is very sad to hear that Dominica who at one time exported different goods to the French islands now import tomatoes, carrots and all these other items from Guadeloupe. What a shame!
Yes there is a gigantic disconnect between what we export and what we import, we must work steadily to correct that problem or we shall have a crisis on our hand. Our forefathers did much better than this generation.
Thompson
i have no idea what your story is. however i believe you have a hidden agenda.
you point out that dominica must export more, as an economist you should know that
1. what ever dominica produces is not enough for exportation. there are many examples.
2. what is dominica scale of economics as compared to the rest of the region
3. there are no alternatives , niether suggestions from you, as to what should be exported
4. if at all any produce/service shoUld be exported, would it be sustainable over a long period.
what i see is , some people go away to further their education and some are lucky to get employment within larger groups of world organisations, then these very same people return to dominica with ideals hoping that what worked for island XY& Z, WILL WORK FOR DOMINICA AS WELL, MOST TIMEs THIS IS NOT THE CASE.
r u serious zuma? how typical.. u should lazy.. i think he gave solid advice…. exporting more should be obvious to every citizen…we dont have to export cuz we dont plant.. there isnt a viable agricultural sector..
in layman terms …. boost the agricultural sector and export..
Zuma, your statements show pure ignorance about basic economics.
At least he gave some sound information compared to you who have no clue of what you are writing.
Zuma, you are a perfect example of someone who doesn’t know the “B” in the Bull’s foot. Sorry! You’ll never get it cuz U too PARTISAN.
Blah, Blah, Blah
What are you going to do…and I mead ‘DO’ about this then mister Fountaine? We are quite aware of all what you mentioned so when will you start addressing this on the ground tangibly?
What are you doing? Jack…! At least he identified the problem and suggested solutions. Illiterates like you only continue to bring down the country.
You sh-t for brains, he gave you the seed, now go and plant the corn.
THIS IS A GIVEN AND ANY GOV’T WHO DOES NOT TRY TO INCREASE EXPORTS ARE DOOMED TO FAIL.
WHAT WE NEED ARE MORE FACTORIES TO DEVELOP OUR MASSIVE EXCESS OF RAW MATERIALS THAT WE HAVE IN DOMINICA. BUT THE GOV’T IS MORE INTERESTED IN ENRICHING THEMSELVES.
Thompson, it is all well and good to point these out, but if everyone just pointed out the obvious the problem will not go away.
Do like MacKEnsie and start something.
He was/is trying to do like Mckenzie, but your government is hindering him. Why don’t you all read and take notes before making stupid comments
What Dr. Fontaine spoke of at the meeting last night is basic economics and common knowledge. We are all feeling the outcome. Ok Doc – You have my attention – now what next.
Dominicans it is time for us to listen, take note and act. Stop all this useless chatter.
that is so true