The winning sectors in 2022 were shrimp, mining, and coffee and its products. Meanwhile, banana exports fell 6%.
In 2022, exports from Ecuador reached USD 32,658 million, which represented a growth in dollars of 22% compared to 2021.
The foregoing has to do with a rising price scenario that was seen throughout the past year, since in terms of volume exports fell 1.3%, according to the Central Bank of Ecuador (BCE).
Thus, oil exports grew 35% in value, closing at USD 11,587 million, due to the increase in the price of oil in the international market.
Ecuadorian oil sold for USD 86 per barrel in 2022; that is, USD 24 per barrel more than the 2021 average.
But the national oil production did not keep up with those good prices. This is because Ecuador extracted 481,000 barrels per day in 2022, only 2% more than in 2021.
Banana performed poorly
Shrimp remains the star product of non-oil exports, with USD 7,289 million, which meant a growth of 37% in value.
However, the president of the National Aquaculture Chamber, José Antonio Camposano, explains that this increase is mainly due to an increase in production and not so much in prices.
Behind shrimp is the banana sector, which closed with a 6% drop in value, compared to 2021.
Banana exports were affected by three factors, details Richard Salazar, executive director of the Banana Exporters Association (Acorbanec).
One of them is Russia’s invasion of Ukraine, which caused a drop in prices due to oversupply, as banana consumption in countries affected by the war fell.
In addition, the La Niña weather phenomenon affected production, and there was a decrease in purchases by the United States and Europe.
On the other hand, coffee and its preparations was one of the winning sectors in 2022, as exports grew 54% in value. This industry exported USD 120 million.
Nontraditional
Regarding non-traditional products, mining exports had the greatest weight with USD 2,775 million. This represented an increase of 33%.
The National Chamber of Mining has reported that 2023 will also be a good year for exports in the sector. Although, the biggest challenge will be to face the illegal mining that persists in 16 provinces of Ecuador.
Other exports with significant growth in dollars were vehicles, fruit juices and preserves, pharmaceuticals and vegetable oil.
A minor surplus
Ecuador’s trade balance closed 2022 with a surplus of USD 2,324 million. This means that more dollars entered the country for exports than those that left for imports.
Total imports in 2022 were USD 30,334 million, which represents an increase of 27.3% compared to 2021.
Most of that growth is due to an increase in the cost of fuel imports, which reached a record high last year.
For this reason, the trade balance surplus was lower than that of 2021, when it closed at USD 2,868 million. In other words, there was a reduction in the positive trade balance of 19%.