In addition to shrimp, minerals and metals, wood and bananas, China buys fruit, machinery and flowers from Ecuador. It is the main destination of Ecuador’s non-oil exports, which reached $5,739 million in 2022, reflecting a growth of 57% compared to 2021. Between January and February 2023, non-oil exports grew by 8%.
These figures from the Ecuadorian Federation of Exporters (Fedexpor) show the importance of the Chinese market, with which a trade agreement was signed on May 10, 2023.
The trade agreement foresees a gradual reduction of tariffs on Chinese cars until 2038, imported furniture will not be reduced
China absorbs 27% of all that Ecuador exports. General sales reached a report issued by the Ecuadorian Federation of Exporters (Fedexpor).
Ecuador’s total exports to China – which include oil – totaled $5,843 million in 2022, up 42% from the same period last year.
The main export products to China in 2022 were:
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On the other hand, China is the main supplier of raw materials and capital goods needed to modernize national production, thus imports of manufacturing inputs (raw materials and capital goods) account for 77% of non-oil imports, adding $4,822 million in 2022.
The main imported products from China in 2022 were:
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FedExpor provides an overview of the commercial contract negotiations:
Ecuador’s export supply pays about $140 million a year in customs duties to enter China. The main export products that face customs duties are:
China, although it is a producer of food, is an importer of these goods considering the number of inhabitants that reaches 1400 million inhabitants. In this sense, its food imports from the world have grown at an average annual rate of 12% in recent years.
More than 11,000 companies maintain trade relations with China, of which about 600 are exporters.
In 2022, the total trade balance with China was in deficit by $609 million, with a deficit in the oil trade balance of $84 million and a deficit in the non-oil trade balance of $525 million, according to the Fedexpor report.
Total imports from China in 2022 were $6,452 million, up 19%, while non-oil imports were $6,264 million in 2022, up 20%.
Source: Eluniverso
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