Cocoa production in some countries was not good and this helped Ecuador to stand out in the export of this product, both in terms of quantity and price.

Although shrimp and bananas lead the way ranking of the main Ecuadorian exports other than oil and mining as their sales reach $5.561 million and $2.711 million from January to September, the latest official figures recorded by the Ministry of Production are cocoa exports that have grown the most in 2023. Its shipments during this period represent 719 million dollars, which implies a growth of 45.5%.

On the other hand, shrimp slowed down and amounted to -2 percent in foreign currency, while bananas increased by 15.9 percent.

The cocoa sector remains one of the most profitable in the country

What is the reason for this growth of cocoa trees? Merlyn Casanova, executive director of the National Association of Cocoa Exporters (Anecacao), explains that this is due to the increase in the price of cocoa at the international level, caused by a decrease in the level of production in Ivory Coast and Ghana and speculation in international frameworks. market before the arrival of the El Niño phenomenon. This caused the price of cocoa to rise from $2,500 to $4,100 per ton.

The exported quantity also grew, but not at the same speed as the foreign exchange income, explains Casanova. “Despite this increase, the volume of Ecuadorian exports continues to grow and we expect to end the year with about 417,000 tons exported, which would represent a growth of 3.89% compared to the previous year,” projects the head of Anecacao.

So far, he assures that cocoa production has continued to grow and that climatic conditions have responded positively.

The main destinations where Ecuadorian cacao arrives this year are: the United States, the Netherlands, Mexico, Malaysia and Indonesia. It was in the last two markets that exports grew the most this year:

Casanova explains that the good performance in these markets is the result of increased demand for cocoa from the factories of the world’s main cocoa processors located in these countries.

Malaysia and Indonesia are growing as destinations for Ecuadorian cocoa, which requires government support to improve competitiveness and safety

In addition, these destinations are also in the sights of the sector that wants to increase its presence in 2024, as well as in the European Union and the United States, where there has been a high growth in demand for both cocoa beans and semi-finished products made from cocoa. .

However, when it comes to projections for next year, the sector also includes the possible effects of the El Niño phenomenon. Casanova has indicated that it will coincide with the winter phase and uncertainty remains about its impact. Overall, the sector expects to reach a production level of around 450,000 tonnes, of which they anticipate 442,000 will be exported to their various destinations.

The drop in oil reduces total exports

By September, Ecuadorian exports reached $23,413 million, which is a lower figure than the $24,858 million exported on that date in 2022. So, the current reduction is 5.8%.

In 2023, shrimp dethroned oil for the first time as the first export product with 314 million dollars

According to the Ministry of Production, Foreign Trade, Investments and Fisheries, this negative general balance is due to the drop in oil exports, which rose from $9.003 million to $6.680 million between January and September from 2022 to 2023.

Total imports also fell from 22,728 million dollars to 21,635 million dollars, and thus Ecuador’s trade balance in the first nine months of this year is 1,778 million dollars.