[News] Ecuador's exports to the European Union have increased by 11%, according to that bloc

[#Steeven.™]

In between there is a bilateral trade agreement.

An 11% increase in Ecuador's exports to the European Union (EU) is the result of the Trade Agreement that has been in force since 2017.

This was stated in a press release by authorities of the European bloc, which is made up of 27 countries.

Between January and August 2020, compared to the same period in 2019, there was a drop in exports of -0.53%.

The EU attributed it to the confinement as a result of the coronavirus as well as the logistical difficulties derived from the pandemic.

However, Ecuador maintained a trade surplus with that block of more than $ 1,200 million in the first eight months of this year.

Mechanical machinery, pharmaceutical products, paper, vehicles and medical equipment were the most demanded goods by Ecuador.

Minerals, wood, mechanical machinery, copper, natural pearls were the most sold from the country.

Edible fruit had the highest growth with 82%, products from the milling industry increased by 69% as well as those of animal origin with 31%.

The services market, intellectual property and public procurement are areas in which there is business opportunity for the EU.

The EU mentioned that it is supporting Ecuador to improve its practices in order to put an end to illegal, unreported and unregulated fishing so that it cannot enter its territory.