Ecuador expects Spain to overtake Russia as its export destination in the coming months

MADRID, 5 Oct. (EUROPA PRESS) -

The Minister of Production, Foreign Trade, Investments and Fisheries of Ecuador, Julio José Prado, foresees that in the coming months Spain can compete to be the third destination for Ecuadorian exports in the coming months.

This was stated during his speech at the Ecuador open for business forum, which began this Wednesday in Madrid. Prado estimates that Spain, which is currently the fifth export destination, ahead of Russia, with whom transactions are declining as a result of the war. In this way, Spain could compete with Colombia to occupy that third position.

"As trade with Spain grows, I could dare to say that within the next few months, between now and the end of the year, Spain could undoubtedly surpass Russia, and almost, almost begin to compete with Colombia to be the third destination of Ecuador's individual exports", the minister reaffirmed.

During his speech, Prado reviewed with Spanish investors some macroeconomic figures of the Andean country, such as the high level of international reserves or the boost in Foreign Direct Investment.

During 2021, Ecuador's Gross Domestic Product (GDP) registered a growth of 4.2%, driven largely by activities related to oil refining, trade and transportation, among others.

This year, the evolution of the Ecuadorian economy has been slowed down by the social mobilizations that took place in June 2022. In this way, the GDP registered a growth of 1.7% year-on-year during the second quarter, while, with respect to the preceding quarter, the economy recorded growth of 0.1%. The Central Bank's growth forecast for 2023 is 3.1%.