Chinese imports of raw materials, one of the major trading partners of Ecuador in oil, primarily, fell in August, suggesting that international low prices are not enough to encourage buyers to replenish their stocks in times when seasonal demand declines.
This will reduce shipments to China (the world’s second economy)of raw materials such as iron ore, oil, coal and soybeans, especially at a time when the devaluation of the yuan continues to erode the price advantage enjoyed by foreign suppliers. Imports plunged a 14.3%, well above the decline in July, by 8.6% and came to accumulate 836,100 million yuan (131.298 million dollars).
Exports fell 6.1%, a lower decline than that recorded in July, by 8.9%. Foreign sales in the period totaled 1.2 billion yuan (188.535 million dollars).
EcuadorTimes “The first ecuadorian digital newspaper with bilingual news on the web”