China-Ecuador free trade agreement benefits Ecuadorian products exported to China

Published 2024년 6월 21일

Tridge summary

Ecuador has exported approximately 1 million boxes of bananas to China under preferential tariff conditions in May, following the implementation of a free trade agreement between the two countries on May 1. This agreement reduces the tariff on Ecuadorian bananas from 10% to 9%, with plans to gradually decrease it to zero over the next 10 years. From January to May of this year, Ecuador exported around 5.2 million boxes of bananas to China, a 4% increase year-on-year. Bananas are the second-largest category of products exported by Ecuador to China, following shrimp. However, logistical challenges, such as complicated transshipment and container costs, have been noted.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to a report on the website of Ecuador's El Universal on June 15, the Ecuadorian banana export department estimated that Ecuador exported about 1 million boxes of bananas to China under preferential tariff conditions in May. According to the report, the free trade agreement signed between Ecuador and China officially came into effect on May 1, and the first batch of products benefiting from the agreement have arrived in China, including Ecuadorian bananas. Richard Salazar, executive director of the Ecuadorian Banana Sales and Export Association, said that bananas shipped from Ecuador by sea arrived in China in early June. He He said that the transportation time of this batch of goods from Ecuador to China is about 35 to 38 days. He pointed out that before the free trade agreement came into effect, Ecuadorian bananas entered China with a tariff of about 10%, and now the tariff for this fruit entering the Chinese market is 9%. According to the free trade agreement, the ...

Source: Ciie