Ecuador: The shrimp sector is interested in the agreement with South Korea

Published 2023년 2월 13일

Tridge summary

The shrimp sector is actively monitoring the progress of the trade agreement with South Korea, with hopes to reduce the current 20% tariff. Despite facing a 20% tariff, shrimp exports to South Korea experienced a 43% growth in billing from January to November 2022, as reported by the Central Bank, though the industry attributes this growth mainly to increased volume rather than higher prices. The industry remains cautious, particularly with regards to China, its main market, and is advocating for policies that enhance competitiveness amidst rising production costs and inefficiencies. The negotiation of the trade agreement is advancing slowly due to bureaucratic hurdles, but is seen as a step towards tariff relief and market expansion, providing a long-term benefit for the sector if complemented by necessary policies and efficiencies.

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

Original content

The shrimp sector is especially interested in the trade agreement that is being negotiated with South Korea, a country to which they currently pay a 20% tariff. This sector had a 43% growth in its export billing, between January and November 2022, compared to the same months in 2021. The statistics of the Central Bank show it. However, for the union, the growth in dollars achieved throughout the year was more conservative (31%), and was mainly due to volume, since prices were down. For this year, the industry remains cautious about the behavior of its main market, China, which is showing a slight recovery, explains José Antonio Camposano, president of the National Chamber of Aquaculture. The business opportunity is to become more competitive. Our task of conquering new markets is permanent. But we are at a time to defend the markets where we are present, because the situation as it is today is too difficult. This growth does not reflect the critical situation we are experiencing ...

Source: Primicias