In 2023, Ecuador’s non-oil and non-mining exports grew 3%. However, it was the lowest increase in the last seven years.
A container ship in Puerto Bolívar, located in the province of El Oro.
Ecuador achieved a growth of 5% in the value of its non-oil exports and 3% in its non-oil and non-mining exports in 2023.
The country’s non-oil exports reached a value of USD 22,175 million, while non-oil and non-mining exports closed at USD 18,792 million, according to the Ecuadorian Federation of Exporters (Fedexpor), based on data from the Central Bank.
The 3% growth is low, considering that in 2021 and 2022, the value of non-oil and non-mining exports grew 14%, explained José Erazo, technical director of Fedexpor, at a union event, this February 20.
On the other hand, Ecuador’s total exports decreased 5% in value, due to the impact of the fall in the price of crude oil and oil production.
In total, the country exported USD 31,126 million in value, while imports reached USD 29,128 million, with which the country closed with a favorable trade balance of USD 1,998 million.
Performance by sector
The aquaculture and fishing sector had the worst performance in 2023, with a 2% drop in exports. The value exported by this industry was USD 9,033 million, according to Fedexpor.
The reduction in this sector responded, in particular, to the drop in shrimp prices, explained Erazo. Also, adverse weather conditions that affected the export volume of fresh fish.
On the other hand, the agricultural and agroindustrial sector grew 13% due to a recovery in banana exports and a significant increase in the price of cocoa beans, which rose 74% compared to the average between 2017 and 2021, the export union detailed.
The agricultural and agroindustrial sector exported a value of USD 7,753 million in 2023, according to ECB data, analyzed by Fedexpor.
Meanwhile, the manufacturing sector decreased 9%, with a value of USD 2,006 million. This behavior responded to adjustments in the economic policies of countries in the region, which reduced the demand for Ecuadorian products.
For their part, service exports reached USD 1,369 million, with an increase of 2%. In this sector, activities such as freight transportation and technology consulting stand out.
For 2024, Fedexpor does not foresee growth for Ecuadorian exports, due to a slowdown in international prices for export products.
“We hope to sustain the same export volume as in 2023. If we grow between 1% and 3% it will be positive,” said Felipe Ribadeneira, president of Fedexpor.
Exports to the European Union grew
China was the first market for Ecuador’s non-oil non-mining exports, with a value of USD 4,348 million.
However, shipments to that market grew by just 0.1%. The main export product to China is shrimp, which was affected in 2023 with falling prices.
Non-oil and non-mining exports to the European Union grew 14%, reaching a value of USD 3,990 million, which leveraged the general growth of exports.
The technical director of Fedexpor, José Erazo, explained that this growth responded to a preference for the consumption of Ecuadorian products, such as bananas, shrimp and flowers.
Erazo highlighted that seven years after the signing of the trade agreement with the European Union, non-oil and non-mining exports have grown by USD 1,000 million.
For 2016, before the treaty came into force, the value of these exports was USD 2,828 million.
The markets that fell
For their part, non-oil and non-mining shipments to the United States fell 1%, for a value of USD 3,979 million.
This responded to a reduction in consumption in that country, as a consequence of inflation. One of the products affected was Ecuadorian shrimp.
This is the first reduction of this type of exports in the United States in the last seven years.
The market with the biggest drop was the Andean Community, with a drop of 19%. The value of non-oil and non-mining exports to the Community was USD 1,152 million. Manufactures are the main type of product exported to that market.
