2016, a complicated year for the Ecuadorian banana

Weakness of the Russian market, a delay in the signing of a trade agreement with the European Union, the threat by El Niño climate phenomenon: the banana industry, the first non-oil export product of Ecuador awaits a difficult year in 2016.

The sector is not immune to the blows suffered by the Ecuadorian economy, dollarized since 2000, by the appreciation of the US dollar and the drastic fall in oil prices, so far, a source of half of foreign exchange from exports.

Russia, which buys 95% of Ecuadorian bananas, is experiencing economic downturns for the rapid devaluation of the ruble and a lower purchasing power, but is still the first customer of the country, taking 23% of its production. (I)

Source: http://www.eluniverso.com/noticias/2016/01/22/nota/5360287/2016-ano-complicado-banano-ecuador