Ecuador’s exports grew 31% until November 2021

RIO DE JANEIRO, BRAZIL – In January-November 2021, Ecuador‘s exports increased 31.3%, driven by a 77.5% growth in oil shipments and 15.6% growth in non-oil foreign sales. Both types of exports exceeded their 2021 numbers.

In figures, the above translates into US$24.2 billion in total exports, of which US$15.9 billion correspond to non-oil shipments and US$8.3 billion to oil sales. In 2020 Ecuadorian sales between January and November reached US$18.4 billion, and in 2019 that figure reached US$20.3 billion.

The General Manager of the Ecuadorian Central Bank, Guillermo Avellán Solines, commented on these results “good economic news. Despite the logistical difficulties at the international level, the export sector consolidated in 2021. That is the result of the growth of non-oil exports, the recovery of oil production and the increase in the price of crude oil”.

Shrimp sales grew 32.8% among traditional shipments, while tuna and fish sales grew 12.4%. Traditional exports (bananas, cocoa, coffee) increased 12.4%, while non-traditional exports increased 20.5% (mining products, canned fish, natural flowers, wood).

On the other hand, Ecuador’s imports rose 41.3%, with imports of consumer goods, capital goods, and raw materials up 20%. In total, foreign purchases meant an outlay of US$21.5 billion, well above the US$15.2 billion in 2020 and US$19.9 billion in 2019.

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