For the first time, crude oil (excluding derivatives) was dethroned by shrimp, which recorded 4,396 million dollars in exports from January to July this year, about 314 million dollars more than crude oil in the same period (4,082 million dollars). This is reflected in the latest figures from the Central Bank which totaled $17,726 million in the country’s total exports, which translated into a decline of 9.52% compared to the same period in 2022 where shipments reached $19,590 million, which in turn amounted to 31 .80% more than those of 2021 ($14,863 million).

However, in the 2023 figures, if you separate out non-oil and non-mining shipments, which represented 62% of total exports, they rose by 2% compared to the value exported from January to July 2022, which is equal to an increase in foreign exchange income of more than 201 million dollars, according to an analysis of figures presented by the Ecuadorian Federation of Exporters (Fedexpor).

The ‘tax pay’, punctuated by the ups and downs of crude oil and taxes, is not enough for a government already piling up debt

Returning to shrimp, official figures show that crab exceeded exports in six of the seven months analysed, from January to June, in the first half of 2023, with March being the month with the largest difference when $708.9 million shrimp were exported versus oil at $346.3 million. Meanwhile, in July last year, crude oil regained the lead over shrimp with exports of $640.8 million compared to $560.8 million recorded in January crab exports.

Major destinations for crude oil and shrimp

According to Fedexpor, the main destination for Ecuador’s non-oil and mining supplies was China with $2.510 million. Meanwhile, the Central Bank stated in its report on foreign trade results for the second quarter of 2023 (April to June) that Panama is the first destination for Ecuadorian petroleum products, but including derivatives, representing 51.7% of the group’s total exports.

In that quarter, the export of crude oil reached 970.5 million dollars (15.9 million barrels), followed by oil derivatives with 109.6 million dollars.

These are the products that most drive trade between China and Ecuador

The United States was the second best destination, accounting for 34.1% of Ecuador’s oil exports. The main export product to this country was crude oil, which reached 586.8 million dollars (8.9 million barrels), followed by oil derivatives with 125.7 million dollars.

It is followed by Chile, which accounts for 6.2% of oil exports, where exported crude oil reached $128.9 million (2.1 million barrels), followed by derivatives with a total of $0.6 million.

Peru is ranked as the fourth destination for Ecuadorian oil exports, with a share of 4.2%. Crude oil exports to Peru reached $86.2 million (1.4 million barrels), followed by derivatives with a total of $2.3 million. While Nicaragua, in fifth place, gained 1.3% of oil exports, which consisted entirely of derivatives.

The difference is decreasing from 2020

Meanwhile, the ECB’s historical data for the past five years, from 2018 to 2022, reflects that a significant gap of roughly $4 billion remained between crude oil and shrimp exports through 2019, but from 2020. Since then, decreased until it reached an average of $2,845 million between 2018 and 2022. The year in which there was the smallest difference was 2020, when they were separated by only $861 million. That year, Ecuador exported $4.684 million in crude oil versus $3.823 million in crustaceans.

Shrimps exceeded the mark of 5000 million dollars exported abroad

Meanwhile, the year with the biggest difference was 2018 when crude reached $7.877 million, $4.688 million more than shrimp ($3.189 million).