In the first half of 2023, Ecuador reported exports valued at US$15.159 billion, marking a 10% decline compared to the same period in 2022.
The decline is attributed mainly to oil exports.
Excluding oil, the total exports amounted to US$11.169 billion, showcasing a 5% increase, as highlighted in the August report by the Ecuadorian Exporters Federation (Fedexpor).
The trade balance for the first six months reflected a positive balance of US$1.130 billion.
This comprised a US$930 million surplus from oil trade and a US$200 million surplus from other exports.
Oil exports from Ecuador totaled US$3.990 billion during this period, a 36% drop from the previous year.
Excluding oil and minerals, exports recorded a 4% rise to US$9.497 billion, making up 63% of the total export value.
Of these non-oil and non-mineral exports, aquaculture and fishing products contributed 50%, the agricultural and agro-industrial sector 40%, with the remainder being manufacturing goods.
Notably, the agricultural and agro-industrial sector experienced a 14% growth over H1 2022.
China was Ecuador’s top export destination, with non-oil and non-mineral exports worth US$2.479 billion, up by 13% from 2022.
It was followed by the European Union (EU) at US$1.969 billion (8% growth), the USA at US$1.932 billion (5% decline), and Russia at US$498 million (7% growth).
Shrimps remained the top export item at US$3.836 billion, showing a 1% rise, primarily exported to China.
Bananas and plantains followed with exports worth US$1.990 billion, predominantly to the EU, marking a 17% increase.
Canned fish exports were US$658 million (2% decline) primarily to the EU, while natural flowers exports to the USA stood at US$522 million, up by 2%.
Lastly, cocoa and its derivatives directed mostly to the EU, totaled US$439 million, a 9% growth.