Oil was not the only enemy of Ecuadorian finances. Mining also experienced a significant drop in 2015. Gold and silver were the most affected commodities.
According to the new report by the Central Bank, the export of gold increased from 1,026 million dollars in 2014 to 652.1 million from January to November 2015 (374 million less).
The reason? According to the Chamber of Mines of Ecuador, there are two factors that influenced the 36.4% drop in exports. The first: the price.
As it happens with oil, falling prices affected a large number of countries. Especially, says former Minister of Energy Fernando Santos Alvite, those that do not have a large-scale mining industry. Peru and Colombia, despite the world stage by the lack of demand from China, fared better in 2015.