Non-oil exports from Ecuador to Brazil decreased by 4%, while imports increased to 42%, according to a Fedexpor report

In a Non-oil exports from Ecuador to Brazil decreased by 4%while in a 42% increased non-oil imports from that country to Ecuadorian territorybetween January and October 2022, according to a report prepared by the Ecuadorian Federation of Exports (Fedexpor).

President Guillermo Lasso is in Brazil on an official tripin which, in addition to attending the inauguration of Luiz Inácio Lula da Silva as president of that country, he has held meetings to strengthen relations.

“We greet the president @LulaOficial. Strengthening relations with the Republic of Brazil, for the benefit of both nations, is an objective that we share. Successes in his term, president, ”Lasso wrote.

In October 2022, the Brazilian Foreign Minister, Carlos Alberto Franco FranceDuring his visit to Ecuador, he said that the commercial relations of the two countries are good. “But surely there is room to improve the alliance we have between Ecuador and the Pacific countries, the Brazilian economy,” he added.

The main products sold to Brazil, between January and October 2022, were minerals and metals, diapers and pads, canned tuna, textiles and sugar, and confectionery. “72% of non-oil exports are concentrated among the five main products,” according to the document prepared by Fedexpor, which cited the Central Bank of Ecuador (BCE) and Datasur as sources.

More than 119 companies are linked to exports to that country.

Non-oil exports are consolidated with shrimp, the star product of 2022 in Ecuador

With respect to import from brazil, the report indicates that machines and mechanical devices, vehicles and parts, plastic and manufactures, cast iron and steel, and electrical machines and devices are being brought in. “Among the first five products, 52% of non-oil imports are concentrated,” they indicate.

71% of non-oil imports correspond to raw materials and capital goods.

They point out that “in 2021 non-oil trade between Ecuador and Brazil left an unfavorable balance of USD 801 million, where imports had a greater preponderance than exports. In the case of exports, they reached USD 118 million in 2021, which meant an increase of 22% compared to 2020.”

Two years ago, Brazil became the twenty-first destination market for Ecuador’s non-oil exports and the fifth most important market in the region, and currently this market receives around 191 exported products.

According to ECB figures published in December 2022, shrimp is currently the non-oil export product of Ecuador that generates the most external sales: $6,273.8 million from January to October 2022, followed by bananas with sales of $2,704. 9 million in that same time.

President Lasso traveled accompanied by several officials, among them, Juan Carlos Holguín Maldonado, Minister of Foreign Affairs and Human Mobility.

Holguín, through his Twitter account, indicated that he met with his counterpart from Guatemala and discussed various trade issues. “We started the day in Brasilia with a meeting with our friend, the foreign minister of Guatemala @MarioBucaroGT. We discuss issues of trade (GT is one of the main investors in EC), migration, regional situation, among others, ”wrote the official, who accompanied his publication with a photograph of both. (YO)