Ecuador: Shrimp leads non-oil exports for the first time

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Ecuador: Shrimp leads non-oil exports for the first time

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Between January and October this year, Ecuador exported shrimp for USD 2.17 billion, an amount that placed this product for the first time, ahead of bananas, whose sales abroad generated USD 2.15 billion.

Shrimp exports accounted in the first 10 months of this year 21 per cent of the value of non-oil exports, and made this product the most important of this group, according to a report by the Central Bank of Ecuador (BCE).

The National Aquaculture Chamber (CNA) informed that although they had already foreseen the situation, they were expecting it to happen by the end of 2014.

According to Jose Antonio Camposano, head of the CNA, shrimp sales volumes “soared” to some extent due to external factors such as a drastic drop in production from Asian competitors, particularly Thailand, El Comercio reported.

On the other hand, Ecuador and the European Union (EU) predict that in 2016, the free trade agreement (FTA) they have just signed in the Belgian capital will be in force, negotiation that had ended in June.

“We firmly believe that the agreement we have reached is of great importance for the future of the country, Ecuador, especially when considering the importance of the European market for us, the most important for our exports, regardless of oil” said Minister of Foreign Trade, Francisco Rivadeneira.

In addition, the Ecuadorian government confirmed that the European Parliament (EP) approved the extension of duty preferences, allowing the country to continue exporting its products to the EU market without restrictions for two more years.

The Ecuadorian Federation of Exporters (Fedexpor) was pleased with the continuation of duty preferences, since its end would have meant a country’s loss of about USD 70 million a month in duty costs, El Telégrafo reported.

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