Ecuador's exports hit a new high in the first half of the year

The foreign trade statistics report recently released by the Central Bank of Ecuador shows that the country's total commodity exports in the first half of this year reached 19.571 billion US dollars, a year-on-year increase of 4%, setting a new historical high for the same period, with a trade surplus of 2.339 billion US dollars. In recent years, Ecuador's exports have maintained a steady growth trend, with a total export value of 37.152 billion US dollars in 2025, a year-on-year increase of 7.9%, the highest level in history.

By category, Ecuador's oil exports in the first half of the year reached 4.92 billion US dollars, a year-on-year increase of 14%, mainly driven by the rise in average crude oil prices; Non oil exports reached 14.651 billion US dollars, accounting for the dominant position in exports. The Central Bank of Ecuador stated that the overall growth rate of non oil exports has slowed down due to a significant decline in cocoa and cocoa product exports. Excluding cocoa, non oil exports increased by 12% year-on-year, highlighting the resilience of the industry.

In recent years, Ecuador has actively promoted the diversification and transformation of its export structure. For a long time, oil has been the country's largest single export product, and with the rapid development of non oil industries, the trade structure continues to optimize. In 2025, shrimp exports will surpass oil for the first time and become the largest export category. In the first half of this year, shrimp products continued to lead non oil exports, with an export value of 4.698 billion US dollars, a year-on-year increase of 10%; The export value of mineral products and bananas was 2.634 billion US dollars and 2.361 billion US dollars respectively, an increase of 41% and 6% year-on-year. Ecuadorian economic analyst Alberto Buerno stated that the shrimp industry has strategic value for Ecuador's economic development. Its industrial chain drives the development of related industries such as feed, logistics, and transportation, and its economic radiation effect is prominent. Industry expert Gabriel Luna believes that sustained industrial investment, increased production capacity, diversified market layout, and expansion of high value-added products are important reasons for the rapid growth of the country's shrimp industry over the past decade.

To consolidate the foundation of export growth, Ecuador has launched multiple policy measures. In February of this year, Ecuador launched the integration process of government agencies related to foreign trade, further improving administrative efficiency, deepening strategic cooperation, and exploring emerging markets. The country continues to expand the coverage of free trade agreements and has signed free trade agreements with countries such as China, Costa Rica, and South Korea in recent years. In July of this year, a free trade agreement was reached with Canada, which included more export products in the duty-free access list of these countries. Recently, the international credit rating agency Standard&Poor's upgraded Ecuador's long-term sovereign credit rating from "B -" to "B", with the optimization of foreign trade structure and stable export performance being important factors in the rating upgrade.

The Chinese market is an important engine for Ecuador's export growth. In May of this year, the China Ecuador Free Trade Agreement celebrated its second anniversary of entry into force, and the benefits of tariff reductions and trade facilitation measures continue to empower bilateral trade between China and Ecuador. According to data from the General Administration of Customs of China, the bilateral trade volume between China and Ecuador will reach 17.33 billion US dollars in 2025, a year-on-year increase of 24%. Among them, Ecuador's exports to China will be 9.55 billion US dollars, an increase of 19.3%. In the first quarter of this year, Ecuador exported 2.663 billion US dollars to China, a year-on-year increase of 13.8%.

The Ecuador China Free Trade Agreement not only expands market access, but also reshapes our export strategy to Asia, "said Magali Kesedo, President of the Ecuador China Chamber of Commerce. The significant growth in exports of non oil products such as shrimp, bananas, minerals, and flowers not only creates opportunities for export diversification, but also drives the private sector to absorb more employment. The next step for the Chamber of Commerce will be to promote further integration of the industrial chain among small and medium-sized export entities, enhance product added value, and better match the demand of the Chinese market. Luis Salvador, Director of the Asia, Oceania and Africa Department of the Ministry of Production, Foreign Trade and Investment of Ecuador, stated that the entry into force of the Ecuador China Free Trade Agreement marks a "new stage" in bilateral relations, and efforts will be made to promote the export of more products such as blueberries and avocados to China in the future.

The upgrade of logistics channels such as Peru's Qiankai Port provides new impetus for Ecuador's export growth. In February 2025, the route from Guayaquil Port in the country to the seaport of Chancay in Peru was officially opened, reducing the shipping time between the two ports to 27 days. Jose Hidalgo, Executive Chairman of the Ecuadorian Banana Exporters Association, stated that the new logistics corridor significantly improves transportation efficiency and creates a competitive advantage for expanding the Asian market for fresh products such as bananas. The Ecuadorian Maritime Chamber of Commerce believes that Qiankai Port has opened up a new path for export transportation and improved the overall efficiency of the regional logistics chain.