Crowe Horwath Ecuador

Spanish exports to Ecuador soar

Jaime Cevallos , El universo
Crowe Horwath Ecuador
Barcelona -

Spanish exports to Ecuador totaled 472.5 million euros ($ 579.3 million) in the first 11 months of 2017, representing a growth of 56.1% compared to the same period of 2016, according to the latest report of foreign trade disclosed by the Ministry of Economy, Industry and Competitiveness.

In this way, the reactivation of exports to the Ecuadorian market is confirmed, especially since the multi-party trade agreement signed between Ecuador and the European Union entered into force on January 1 of last year.

Despite the rebound, Ecuador remains a minority destination for Spain among Latin American countries with which the European Union maintains free trade agreements. In fact, Spanish exports to Mexico totaled 2,204.7 million euros ($ 5,154.1 million) in the first eleven months of last year; Exports to Chile stood at 1,255.2 million euros ($ 1,538.2 million), Colombia at 895.8 million ($ 1,097.2 million) and sales to Peru represented 827.2 million ($ 1,013). , 8 million).

Ecuadorian products

On the other hand, imports of Ecuadorian products in Spain (exports from an Ecuadorian point of view) stood at 558.3 million euros - some $ 684.6 million - between January and November 2017, a 16.4 % more than in the same period of 2016.

The report, however, also shows that imports from Ecuador are minority in Spain with respect to other Latin American countries with which the European Union maintains free trade agreements.

In this section, Mexico stands out again with 3,841.7 million euros ($ 4,708.3 million), Peru with 1,992.7 million ($ 2,442.2 million), Chile with 1,681.2 million ($ 2,060.4 million) and Colombia with 938.1 million ($ 1149.7 million).

At present, the balance of exports and imports between Ecuador and Spain is favorable to the Andean country with 85.8 million euros ($ 105.1 million). (I)