Ecuador: Russia is a difficult market to replace in the short term

The article highlights the significant economic challenge faced by Ecuador due to the conflict between Russia and Ukraine, which has disrupted markets worth $1.2 billion, primarily for its key export products, bananas, flowers, and shrimp. These exports account for a substantial portion of Ecuador's total exports to Russia and Eurasian countries, with bananas being its top product. In response, the government is actively seeking new markets in Europe, North America, Asia, and Africa to mitigate the impact. However, exporters express skepticism about finding new buyers that can match the volume soon. Meanwhile, Ecuador is also looking for alternatives to Russian fertilizers and pesticides, with potential sources including China, Colombia, and the United States. Ecuador's exports to Ukraine, mainly bananas and flowers, have seen steady growth in the past three years. The article also touches on the difficulties Ecuadorian exporters face in terms of competitiveness and the need for cost reduction or tax deferral.