These are the countries with which Ecuador seeks to establish trade agreements

There are at least 10 markets with which there is interest and progress. China, the United States and Mexico are on the list. How much trade do they represent?

The current Government, led by President Guillermo Lasso Mendoza, has as one of its main goals:the signing of trade agreements with ten countries, which in turn are some of the main powers on a global scale, in the next three years.

For the president, reaching these commercial instruments will promote investments and, consequently, the generation of employment. In addition to expanding the exchange of products that already exist with these nations.

Currently, according to information from the Ministry of Production, Foreign Trade, Investments and Fisheries (Mpceip),Ecuador has about ten trade agreements in forceamong which are the European Free Trade Association (EFTA), Chile, the European Union (EU), Guatemala and the United Kingdom.

1. Mexico

With this country there is already progress towards reaching an agreement. In fact, in January, authorities from both countries met in Mexico for the VI round of negotiations that concluded with positive progress. Until now,Ecuador has closed thirteen working groups and keeps eight open related to telecommunications, financial services, general services, trade defense, competition, intellectual property, market access, and origin.

“My business was growing and I wanted to scale markets and needed the help of mentors… We wanted to learn how the other markets behaved,” says Zamriver.

In March, a new round of face-to-face negotiations is planned in Quito, in which it is hoped that the tables will be closed.

The commercial exchange of the non-oil basket between Ecuador and Mexico is asymmetric.That is, the Andean country buys more than it sends.Between January and November 2021, Ecuador exported $145 million in cocoa, canned fish, and metal manufacturing; while it purchased $626 million, mainly, in non-durable consumer goods.

January to November	Imports	Exports	Non-oil trade balance
2020	$500 million	$82 million	– $418 million
2021	$626 million	$145 million	– $481 million

2. China

The intention to sign an agreement with this country was finalized during the last trip of President Guillermo Lasso. by signing a Memorandum of Understanding to begin negotiations for a Free Trade Agreement.

Although Ecuador maintains a deficit non-oil trade balance with China, with the possibility of an agreement there is the expectation of doubling the number of shipments of products such as shrimp, bananas, cocoa, chocolate andsnacks.In addition, there is an opening for the entry of pitahaya fruit.

Between January and November of the previous year,The total trade balance with China was in deficitat $1,593 million, with a surplus in the oil trade balance of $257 million anda deficit in the non-oil trade balance of $1,851 million.

Year (January to November)	<b>Imports</b>	<b>Exports</b>	<b>Non-oil trade balance</b>
2019	$3,793 million	$2,462 million	– $1,331 million
2020	$3.25 billion	$2,721 million	– $529 million
2021	$4,699 million	$2,848 million	– $1,851 million

3. United States

With $3,509 million exported between January and November 2021,The northern country concentrates 22% of the country's non-oil exports.In the last three years, with this destination, Ecuador has had a favorable non-oil trade balance. In the eleven months of 2021 alone, there was a surplus of $1.14 billion.

The main products exported to the North American nation are shrimp, bananas, flowers, fresh fish and cocoa. Of these products, The crustacean is one of those with the greatest participation in that country. In fact, in the last year, the shrimp sector strengthened itself in this destination with the shipment of a greater volume, including value-added shrimp. The United States, for aquaculture activity, is the second commercial destination.

Since August 2021, Ecuador has a protocol to the Trade and Investment Council Agreement in force with that country. The instrument, signed between both countries in 2020, began a stage of deepening the commercial relationship with a view to negotiating a broader trade agreement in the future.

January to November	Exports	<b>Imports</b>	<b>Non-oil trade balance</b>
2019	$2,403 million	$2,126 million	$277 million
2020	$2,943 million	$1,141 million	$1,202 million
2021	$3,509 million	$2,369 million	$1.14 billion

4. Panama

Ecuador sends to Panama products such as canned fish, medicines, beverages, leather, plastic and rubber manufactures, paper and cardboard manufactures, among others.

Until November 2021,Imports from Panama exceeded exports from Ecuador. Last year, $53 million in non-oil goods were shipped, while $56 million was purchased. With that country, in 2021, theupdate of the Terms of Reference to begin the process towards a Partial Scope Agreement between both nations.

January to November	Imports	Exports	Non-oil Trade Balance
2020	$48 million	$36 million	– $12 million
2021	$56 million	$53 million	– $3 million

5. Canada

Coffee beans, shrimp, broccoli, flowers and minerals and metals are among the Ecuadorian products that are exported to Canada.Some $172 million were sold to this destination until November 2021.

Canada is a market of 38 million inhabitants, more than double the population of Ecuador.

With this country, in the period from January to November of the previous year, a deficit was recorded in the non-oil trade balance of $223 million. This is $104 million more than 2020 and $25 million additional to the deficit recorded in 2019, the pre-pandemic year.

Ecuador buys mostly raw materials from Canada.

January to November	Non-oil trade balance
2019	– $198 million
2020	– $119 million
2021	– $223 million

6. Costa Rica

Costa RicaIt is another of the countries that appear on the list of nationswith which it seeks to strengthen bilateral relations through broad trade agreements.

Although the amount of exports is not high, compared to other countries on the list, there is a negative balance for Ecuador in the non-oil balance. The country imports more than it exports. Citing the period of January and November 2021,Ecuador sent $19 million in fishing products, chemicals, textiles, minerals, canned tuna, among others.Meanwhile, Costa Rica sent $55 million to Ecuador, in that same period, in raw materials, capital and consumer goods.

With this country, Ecuador signed a Memorandum of Understanding on Fisheries and Aquaculture Cooperation that was signed in February 2021. The objective of the document was to promote joint actions aimed at the conservation and sustainable use of fishing and aquaculture resources.

January to November	Exports	Imports	Non-oil trade balance
2020	$28 million	$37 million	– $9 million
2021	$19 million	$55 million	– $36 million

7. Russia

Russia is another of the countries with which Ecuador has a positive balance in its non-oil trade balance.Driven, mainly, by the shipment of bananas; This nation captures 6% of the non-oil supply with products such as shrimp, coffee, fresh fish and flowers.

In the last three years, the surplus has gone from $662 million in 2019 to $700 million at the end of January 2021.

In September 2021, the Minister of Production Julio José Prado met with the ambassador of the Russian Federation in Ecuador, with whom he exchanged information to motivate a possible bilateral agreement on trade matters.

January to November	Imports	Exports	Non-oil trade balance
2019	$132 million	$794 million	$662 million
2020	$115 million	$843 million	$727 million
2021	$201 million	$902 million	$700 million

8. South Korea

The non-oil trade balance with South Korea remained negative for Ecuador in the last year.Through 2021, the gap was -$230 million; a figure higher than that of 2020, but lower than 2019. Minerals and metals, shrimp and bananas are part of the basket of products that are marketed to the Asian nation.

South Korea captured $74 million from shrimp exports from Ecuador alone (almost 65% of what was sent to that country), about $24 million more when compared to January and November 2017.

January to November	Non-oil trade balance
2019	– $317 million
2020	– $154 million
2021	– $230 million

9. Japan

Japan is one of the main destinations for Ecuadorian broccoli.Between January and November 2021, Ecuador sent $54 million in this product alone to that country, a high figure considering that in 2017 sales were $33 million.

Driven by broccoli and bananas, exports to this destination reached $195 million in 2021. However, Ecuador's purchases from Japan exceed the amount exported. In recent years there has been adeficit in the non-oil balance. For example, in 2021, the deficit was $189 million since imports in that year reached $384 million due to the acquisition of raw materials and capital goods.

Japan is a market of 125 million inhabitants.

January to November	Imports	Exports	Non-Oil Trade Balance
2019	$493 million	$171 million	– $322 million
2020	$303 million	$191 million	– $112 million
2021	$384 million	$195 million	– $189 million

10. Dominican Republic

Ecuador and Dominican RepublicThey signed a Memorandum of Understanding in 2020 during the government of Lenin Moreno, through which a type of roadmap was established to promote and promote trade exchanges, investments and the productive chain of the two countries.

With this nation,Ecuador maintains a positive non-oil trade balance.In 2021, $92 million was exported, about $12 million more than 2020. The main export products to the Dominican Republic are unstemmed black tobacco, raw palm oil, fresh cut roses, among others.

January to November	Non-oil trade balance
2019	$50 million
2020	$64 million
2021	$72 million