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Andean Group - February 2019

Economic Highlights

ECUADOR | Exports up. On 2 February Ecuador’s exporters’ association (Fedexpor) released a report which showed that, based on data from the central bank (BCE), Ecuador’s exports totalled over US$44bn in 2018, up 16% on 2017. The Fedexpor report, however, notes that despite the increase in exports, the trade balance for 2018 closed with a deficit of US$508m – with imports still representing 51% of the trade balance. Non-oil products accounted for the majority of trade, representing 59% of total exports and 80% of imports. Ecuador’s top-five exports products were shrimps (+5%), bananas and plantains (+5%), canned fish (+8%), flowers (-3%), and cocoa (+9%). Exports to the European Union (EU) recorded a growth of around 3%, becoming the main commercial block to which 26% of non-oil exports are destined. Exports to the US fell by 1%, a figure equivalent to US$13m. The US is still the main destination (by country) for non-oil exports, with a 20% share.

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