Although non-oil trade with Peru increased significantly after the peace agreement, signed on October 26, 1998, the final balance for Ecuador in these 25 years was not positive: imports are greater than exports.

A report prepared by the Ecuadorian Federation of Exporters (Fedexpor), based on data from the Central Bank of Ecuador (BCE), shows that Ecuador’s trade balance is in deficit.

At the end of 1998, Ecuador reported exports of $55 million, while imports were $91 million, resulting in a trade deficit of $36 million.

For 2022, exports amounted to $486 million and imports to $1,076 million, leaving an unfavorable balance for Ecuador of $590 million. The data shows that compared to 2021, non-oil imports increased by 38% in 2022.

Meanwhile, between January and August 2023, exports reached $265 million, compared to $703 million in imports.

FedExpor states that in the current period, non-oil exports decreased by 20%, compared to January and August last year, while imports increased by 2%.

Despite the unfavorable balances, Peru is a relevant market for Ecuador’s commercial interests.

Last year, it became the sixth destination for export supplies, as more than 900 Ecuadorian products enter the neighboring country to the south. In addition, they emphasize in Fedexpor, more than 620 companies are related to export.

The main goods sent to Peru are animal feed, plastics and products thereof, copper and products thereof, fats and oils, and bakery products. 55 percent of non-oil imports are concentrated among the first five products, summarizes the Federation’s report.

In the case of Ecuador’s demand from Peru, about 80% of non-oil imports correspond to inputs used to produce goods.

“Commercial and diplomatic relations with Peru are very important because it is one of our main commercial partners in the region,” noted Felipe Rivadeneira, Executive President of Fedexpor.

For this reason, Rivadeneira emphasized that it is essential to “maintain strong commercial relations”, since this opens the door to a “wider and diversified” market for the export offer of goods and services from Ecuador.

“Peru and Ecuador share a similar history and culture, which facilitates mutual understanding, cultural exchange and favors business relations, which is why it is important that relations between both countries are always maintained according to the principles of friendship, brotherhood, security and mutual economic interconnection”, the leader pointed out. Association of exporters.