15 models of EU cars entered the country

Ecuadornews:

Automotive companies are preparing to exhibit their new products in the EuroShow 2018. The commercial agreement increased competition.

More than 18,000 visitors are expected at the second edition of the EuroShow 2018, which will take place from May 4 to 6, 2018, on Paseo San Francisco, in Cumbayá.

In this event, brands such as Audi, BMW, BMW Motorrad, Citroen, Ford, Fiat, Mercedes Benz, Mini, Peugeot, Porsche, Skoda and Volvo will present more than 50 models of European cars.

The entry of these firms into the Ecuadorian market was facilitated thanks to the commercial agreement between Ecuador and the European Union (EU) in force since January 2017.

Genaro Baldeón, president of the Association of Automotive Companies of Ecuador (Aeade), said that this agreement has allowed to generate a framework of stability in the country and a favorable business climate.

“Without the agreement we would have had a decrease in exports of $ 470 million, but we have increased by $ 330 million,” said Baldeón.

The country’s automotive offer now has more innovation and technology, with 15 new models entering the market.

The participation in sales of vehicles of origin of the EU went from 2.4% in 2016 to 4% in 2017.

In the first quarter of 2018 this portion reached 6%.

According to figures from the association, 65% of vehicles entering from the EU are sold at a value of less than $ 30,000; 23% is offered between $ 30.00 and $ 60,000; while 11% exceeds $ 60,000.

At a global level, trade between Ecuador and the EU grew by 17% ($ 800 million). Non-oil exports to the European bloc grew by $ 330 million in 2017, which left a trade balance favorable for Ecuador of $ 1,116 in the trade balance, said the director of the Aeade. Fruits, fish and crustaceans are the most popular products.

With data from the Ecuadorian Federation of Exporters, Baldeón said the agreement meant a saving of $ 400 million for that sector. On the side of imports from Ecuador, they concentrate on raw materials (32%) as pharmaceutical and chemical products; followed by capital goods, consumer goods, fuels and lubricants. (I)

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/modelos-autos-ue-ecuador