The Federation of Exporters hopes that Ecuador will reach a trade agreement with the United States, since US$ 285 million are lost each year.
Ecuador's trade balance in 2024 closed with a historically positive result. The country recorded a trade surplus of US$ 6,678 million, the highest figure recorded since dollarization was implemented, according to data from the Ecuadorian Federation of Exporters (Fedexpor). This means that there were more exports than imports.
The positive balance of trade was driven by the good performance of the non-oil sector, whose exports totaled US$ 24,849 million. Meanwhile, imports contracted 5% compared to 2023 due to lower domestic demand, Fedexpor reported at an event held on Tuesday, February 18.
The main destinations for Ecuadorian exports are:
- European Union: With a 25% share, it accounted for US$ 5.513 billion in exports, which meant a growth of 38%.
- United States: Accounts for 21% of the market. Exports amounted to US$ 4.584 billion, with a growth of 15%.
- China: It accounts for 17% of the market. US$ 3,731 million were exported, which was 14% less than in 2023.
- Andean Community: It has a 6% share, with exports of US$ 1,278 million in 2024, which turned out to be 11% more than the previous year.
What is expected for 2025
The outlook for 2025 is for non-oil and non-mining exports to increase by 3% in volume and single digits in value.
For the Federation, this year represents a scenario of "uncertainties", since there are several factors, internal and external, that could influence the performance of the export sector, which are related to tariff policies, weather conditions, the price of cocoa beans, among others.
The impact of the presidential election results in Ecuador is also being evaluated, as the 13th of April will determine who will govern the country for the next four years and, with it, what the vision of foreign trade policy will be.
Similarly, it is expected to learn how the European Union will behave following the elections in several countries of the community.
The United States, the key player
The Federation of Exporters hopes that Ecuador will be included in the list of countries eligible to negotiate a free trade agreement (FTA) with the United States.
Felipe Rivadeneira, president of Fedexpor, mentioned that the Office of the U.S. Trade Representative (USTR) set a deadline for defining the list until April 1; that is, 12 days before the elections in Ecuador.
Rivadeneira reiterated that the country must work to achieve a trade agreement with the United States, which requires a good relationship with the Donald Trump administration.
He regretted that Ecuador did not sign the FTA with Washington in 2005, which has limited the expansion of Ecuadorian exports due to tariff barriers that reduce competitiveness.
According to data from the union, Ecuador loses US$ 285 million each year in exports due to not having an agreement with the US. In addition, in 2024, Ecuadorian products paid US$ 88.4 million in tariffs to enter that market.
