The China-Ecuador Free Trade Agreement (FTA) has served as a key driver for sustained trade expansion between the two countries since its implementation in 2023, with Ecuador exports to China becoming increasingly diversified.
China and Ecuador signed the FTA on May 11, 2023, and it went into effect on May 1, 2024. Ecuador is China's 27th free trade partner and its fourth in Latin America.
According to the General Administration of Customs of China, trade between the two countries reached 3.915 billion U.S. dollars in the first quarter of this year, up 34.17 percent year on year. Of that, China's imports from Ecuador rose 42.8 percent to 2.339 billion dollars.
Ecuador has remained a major supplier of shrimp to China. In the first quarter, Ecuador's shrimp exports to China came in at 1.09 billion dollars (roughly 7.9 billion yuan), accounting for more than 70 percent of China's total shrimp imports.
"The FTA has not only allowed Ecuador to deepen its trade relationship with China and export our shrimp, but also enabled us to bring in China's top-tier technologies, making our production more efficient. Some shrimp farms have automated their production processes and adopted advanced telecommunications and clean energy technologies, boosting productivity and their capacity to supply the Chinese market," said Jose Antonio Camposano, executive president of the National Chamber of Aquaculture.
Ecuador is also one of the world's top growers and exporters of roses, known for their large buds and vibrant colors. With the FTA in effect, Ecuadorian flower growers are seeking to expand their presence in China.
"We really hope to boost our exports to China. With zero tariffs, we are now more competitive," said Haus, an Ecuadorian rose grower.
Beyond shrimp and flowers, more Ecuadorian goods, such as cocoa, yellow pitaya, and tuna, are entering the Chinese market at a faster pace. At the same time, Chinese machinery, electrical equipment, automobiles and components are gaining increasing influence in Ecuador.
Since the FTA came into effect a year ago, economic and trade cooperation between the two countries has continued to deepen, fueling a rapid increase in exports of various quality Ecuadorian products to China, according to Andres Robalino Jaramillo, vice minister of the country's Ministry of Production, Foreign Trade, Investments and Fisheries.
"China is the world's second-largest economy, with a population of 1.4 billion and huge purchasing power. Signing an FTA with China opens up new development prospects for us. We believe we will achieve even more in the coming years," he said.
Free trade agreement drives sustained trade expansion between China, Ecuador
Free trade agreement drives sustained trade expansion between China, Ecuador
