Ecuador increases restrictions on imports of cars for 2015

The Committee of Foreign Trade (Comex) announced a new cut in import quotas for vehicles in the country. According to resolution 049-2014, adopted on December 29, 2014, the agency approved a new system of quotas for imports of cars and assembly parts, reducing quotas by up to 57%.

The importer company Automotores y Anexos S.A, which works with Nissan and Renault brands, said that the import quota amount is reduced from USD 92 million to USD 50 million. Similarly, for Negocios Automotrices Neohyundai S.A., which sells Hyundai vehicles, the quota dropped from $ 82 million to $ 46 million. Ie, a cut of 44%. While for General Motors (Chevrolet), the quota of imported vehicles decreased from USD 63 million to USD 27 million, ie 57%.

The cut also applies to the parts and pieces of vehicles or CKD, for the assembly of cars in the country.

This new import restriction was implemented from January 1 and will be valid until December 31 of this 2015, according to the resolution of the Comex.