Ecuadorian bananas make headway in China thanks to new trade deal

Ecuadorian bananas have been one of the first to benefit from the new trade agreement with China, which came into force on 1 May. Richard Salazar, executive director of the Ecuadorian Banana Marketing and Export Association (Acorbanec), reported that the first banana shipments arrived in China between 5 and 8 June, after a sea voyage of some 35 to 38 days.

 

Thanks to this agreement, the tariff applied to Ecuadorian bananas was reduced by 1%, from 10% to 9%, with plans to completely eliminate these tariffs by 2033. Salazar highlighted a 4% increase in banana exports to China from January to May, totalling 5.2 million boxes. However, rising spot prices have held back more significant growth.

 

During the first quarter of 2024, bananas were the second most exported product from Ecuador to China, generating 37 million dollars, representing an increase of 13% in revenue and 9% in volume.