Imports fell in Ecuador, what are the implications?

2024-08-29 11:58:15

The drop in imports in Ecuador in the first five months of 2024 reflects a slowdown in domestic consumption and industrial production.

Las imports in Ecuador fell in the first five months of the year. This is demonstrated by the figures published by the Central Bank of Ecuador (ECB), on July 15, 2024.

Between January and May 2024, the total imports In FOB value (not including the cost of sea transport) they reached 11,026.6 million dollars. This represents a decrease of 728.7 million dollars, equivalent to 6.2%, compared to purchases made in the same period of 2023.

ECB data show a reduction in imports in all groups. In this period, fewer products were imported, but there was also a decrease in the value per unit.

Importation of consumer goods

The purchase of consumer goods fell by 3.4% between January and May 2024, compared to the same period last year.

The monthly average of the imports of consumer goods reached 540.6 million dollars. Within this category, the non-durable consumer goods (food, beverages, personal hygiene products and others) accounted for 58%. Then there are durable consumer goods, such as household appliances, furniture, cars and others, with 37%.

Postal traffic accounted for 6% of imports in this period. This includes all purchases by courier.

Importation of raw materials

The group of raw materials It was the sector that had the fewest purchases in the first five months of the year. The reduction was 11.3%. The greatest impact was on agricultural goods.