The latest report of the Central Bank of Ecuador (ECB) shows an 11.43% decrease in the generation of foreign currency in commercial operations with the seven biggest importers of Ecuadorian products: Spain, Italy, the Netherlands, Germany, France, Belgium, and Greece.
From January to April, Ecuador exported 108 million less than in the same period of 2018. The most significant decrease was registered with Italy, with a reduction of 34.3%, equivalent to 87.9 million dollars. The 7 aforementioned nations made purchases for 837 million in the period between January and April.
The most affected export product has been bananas, as it isn't only imported for domestic consumption. The fruit is rerouted through the ports of the Mediterranean to Eastern European countries that are big consumers of bananas.
The executive president of Acorbanec (Banana Marketing and Export Association), Richard Salazar, said that said markets were receiving cheaper fruit from Central America, which is competing with the Ecuadorian fruit and gaining ground in that market.