Peru’s exports to Ecuador have reached a historical record in the commercial field, which highlights the relevance of this country in terms of logistics and international relations in general. Currently, Peru is positioned as the 48th economy worldwide in terms of its Gross Domestic Product (GDP) and is considered the most complex as indicated by the Economic Complexity Index (ECI).
This achievement is especially noteworthy, since this new record positions Peru as a major partner in the field of international trade, especially for countries such as Ecuador. The latter has experienced remarkable figures, exceeding USD 1,300 million in exports, which represents an increase of 40% compared to 2021, according to data provided by the Ministry of Foreign Trade and Tourism (Mincetur).
Agricultural goods as a protagonist in Peru’s exports to Ecuador
As indicated by the most recent Bilateral Trade Report, Peru’s exports to Ecuador are mainly due to a significant increase in shipments of agricultural products, which have been responsible for monopolizing up to 46% of the mobilization between both countries.
On the occasion of this interesting commercial phenomenon, Minister Luis Fernando Helguero commented that “Ecuador is Peru’s fifth trading partner in Latin America, and the exchange of goods we have with that country has grown for the second consecutive year. This drives us to continue working to strengthen and enhance our entire foreign trade chain.”
Helguero’s words seem to be quite accurate in the face of the current situation between international trade experienced by both nations, since even in the agricultural sector, Ecuador has become by far the destination par excellence when it comes to exporting products from Peru, especially those destined to serve as food for prawns.
Among other products that equally had a notable acceleration in exports to Ecuador are wheat bran, palm oil, sugar, and tomato paste.
Given the increase in economic income with these products, it is important to note that exports of other goods such as those from the fishing and textile sector have also experienced a relevant advance, far exceeding the figures of last year 2022.
While Peru’s exports to Ecuador and other countries are a good symptom of the stability that this region enjoys, it will always be advisable to have logistics experts who provide first-class advice. At Onus Insurance, we have a team fully trained in cargo insurance and other strategies that not only protect your investment, but also your brand reputation.