Exports to Ecuador brought in 20,347 million dollars from January to August 2023, which is 8% less compared to eight months last year. But non-oil and mining sales – which accounted for 61% of total exports – rose 2%, leaving an additional $276 million in foreign currency.

Oil exports face a 31% drop so far this year to $5,580 million, while shipments of other products leave $14,767 million if mining is taken into account and $12,482 million without it, in both cases having growth of 5% and 2 %.

In this context, the Ecuadorian Federation of Exporters (Fedexpor) encourages the new government to deepen the trade program and continue to negotiate trade agreements and complete the internal approval of those already signed by the current administration to protect exports.

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And the latest foreign trade figures show current declines in five of the top ten non-oil and mining exports, in the aquaculture, fisheries and manufacturing sectors.

These data correspond to Fedexpor’s report published on October 16 of this year with exports until last August, in which, in addition to the current foreign trade figures, it also refers to the fact that the new president “must urgently deepen the trade agenda and articulate objectives with the Legislative branch needs to achieve internal approval of trade agreements with China, Costa Rica and the Republic of Korea.”

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This is so that “Ecuador could make a quantitative leap in terms of the protection of its exports, a task that we hope will not be cumbersome or complex in the new National Assembly”, indicates the executive president of Fedexpor, Felipe Ribadeneira, in his analysis.

In addition to continuing ongoing negotiations with countries such as Panama and the Dominican Republic, advancing the strategy to promote the start of negotiations with Canada and seeking a “long-awaited trade agreement with the United States, which in turn has a bridge of tariff concessions proposed through the IDEA bill, which together with other unions we are strongly promoting our first trade partner in Congress.”

How are the processes of Ecuador’s trade agreements with South Korea, China and Costa Rica progressing?

Until August, China was Ecuador’s first destination for non-oil and non-mining supplies. Exports to that country increased by 4 percent. The European Union, as the second commercial destination, recorded an increase of 11% in the same period. Together with the United States, the three main destinations concentrated 67% of the value of exports excluding oil and mining.

Fedexpor believes that the new president in a short period of 18 months has the challenge of ensuring stability by achieving manageability, ensuring safety for the population and the production sector, improving the business environment and thereby attracting investments to create jobs. “Let’s hope that for the sake of the country it will be achieved.”