China is the first destination for Ecuador's non-oil products

Published 2023년 2월 20일

Tridge summary

In 2022, Ecuador's non-oil exports to China surged by 57% to USD 5,700.6 million, making China the primary market for Ecuador's non-oil products, surpassing the United States. Shrimp was the leading export to China, contributing USD 3,928.6 million, despite some returns due to Covid-19 sanitary measures. The banana sector anticipates to significantly increase its exports to China due to the forthcoming Free Trade Agreement (FTA) with China, which will likely eliminate tariffs over a period of 10 years. The FTA is projected to boost Ecuador's exports to China by USD 1,000 million per year.

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

Original content

Non-oil exports from Ecuador to China reached the value of USD 5,706 million in 2022. This represented an increase of 57% compared to 2021. With this, the Asian country became the first destination for the country's non-oil products. This result allowed China to surpass the United States, which in 2021 was the first recipient country of non-oil products. Today, it ranks second. The third market is the European Union (EU), which added a value of USD 3,811 million in exports. The EU was between 2016 and 2022 the first market for Ecuador's non-oil exports. Like the US, Europe has been going through an inflationary process since 2022, which has had an impact on a drop in consumption. shrimp boost The main export product to China is shrimp; its shipments to that country represented a value of USD 3,928 million in 2022. With this figure, the sector increased its exports to China by 71.6%, according to the Central Bank. However, the president of the National Aquaculture Chamber, José ...

Source: Primicias