The year 2023 was consolidated as the second best record of the last decade in the commercial relationship between Ecuador and Spain, surpassed by a difference of just 2.49% achieved in 2022. In this way, the European country closed with a total of exports of 574,366 (thousands of EUR) and imports of 897,677 (thousands of EUR), last year.
In general, it is a bilateral relationship that has presented a surplus trend for Ecuador, an indicator that in 2023 stood at 323,311 (thousands of EUR) “Bilateral trade currently presents a very interesting and complementary facet, which makes “both countries become high-level trade partners with potential for expansion.”
In 2023, the European country was positioned as the tenth supplier and sixth customer of the South American country, with slight falls compared to 2022. While, in trade relations with the European Union it was the second trading partner, Spanish exports to the Ecuadorian market presented a slight annual drop of 0.32%, reaching 574,366 (thousands of EUR); while Ecuadorian exports to Spain fell by 1.11%, totaling 897,677 (thousands of EUR).
The Multiparty Trade Agreement between Ecuador and the European Union is, according to the analyst, the central axis in the expansion and diversification of bilateral trade. The alliance, which came into force in 2017, “is promoting commercial relations in a very important way and generating greater rapprochement and interaction between companies from Spain and Ecuador, with mutual benefits for both countries, which is why it is of great interest to all.” “ensure unrestricted compliance with and respect for the terms of the Agreement.”
The Spanish market
For Ecuador, Spain is a destination of interest mainly for canned fish and shrimp, which represent 68.5% of total exports to that country. The remaining percentage includes other products such as tropical fruits, flowers, frozen fish, canned fruit, fish fillets, wood, cocoa, among others of interest.
The Ecuadorian market
Ecuador is an attractive destination for Spanish exports of frozen fish, automobiles, fuels, lubricants, olive oil, pharmaceuticals, as well as products: crop protection, chemicals, various foods, air conditioning, ceramic flooring, among others.