Ecuador’s banana sector benefit from China free trade opportunity

Ecuador’s banana sector benefit from China free trade opportunity, the country received free trade agreement with China recently.

It means that increasing quantities of Ecuador’s banana export to China, in multiple opportunities, on continuers basis. Look at this recent article from FRESHPLAZA

According to China’s State Council, the long-awaited free trade agreement between China and Ecuador went into force on May 1, marking a significant step toward greater bilateral trade. Under the terms of the FTA, around 90% of the items traded between China and Ecuador will be free of tariffs, with approximately 60% of them enjoying zero tariffs immediately.

Bananas, one of Ecuador’s key agricultural exports to China, are among the goods whose tariffs will be gradually eliminated over 10 years.

In January, Jose Antonio Hidalgo, executive director of the Ecuadorian Banana Exporters Association, stated that the FTA should allow the industry to double its exports to China.

In 2023, China imported a total of 1.77 million metric tons of bananas, of which the Philippines and Vietnam supplied the majority with export volumes of 686,000 and 506,000 metric tons, respectively.

Meanwhile, Ecuador ranked third, shipping 266,000 metric tons and increasing its export volume by 33% compared with 2022. .... See more from FRESHPLAZA here.

China and Ecuador, meanwhile, the free trade progress have been made by both governments, China free trade agreement with Ecuador have taking effect on May 2024. More trade opportunities expanding between two countries. Look at another recent article from EQUAPAK.

As Ecuador's new Free Trade Agreement (FTA) with China comes into full effect..."This FTA will eventually change how our industry trades with China to long-term contracts, and the tariff will be reduced every year, which is an opportunity for our country.

The difference with the EU is that China is a spot market compared to Europe which has long term contract relationships, which means that we can depend on this area completely.

I think this situation will change," explains Jorge Alex Serrano,( from Jasafrut based in El Guabo, El Oro in Ecuador.) Jasafrut exports the banana brands Equapak and pacific Bananas. ....See more from EQUAPAK here

In conclusion, Ecuador’s banana expanding opportunity in China is an example of Free Trade Agreement (FTA), certainly, Ecuador banana sector will take the chance at full, to all the available to benefit. Ecuador’s banana sector expands advances new opportunities into Chinese market under FTA.

Free Trade Agreement shall produce mutual benefits to each Party and contribute to the expansion and development of international trade, to achieve reduction, or elimination of tariffs on qualified goods.

Today, in total, China has signed off 22 FTAs, which involve a total of 29 countries and regional blocs (including ASEAN, comprising 10 nations).

Bananas overseas suppliers to the Chinese market face certain challenges, importantly, how do you come to contact professional bananas import companies or importers from China? how do you know the reliability of those bananas Chinese importers?

How to contact certified Chinese importers for bananas from overseas supplier? China.org© specialized in supporting Overseas suppliers exporting their products or services into China. Let us know, you will get direct contact with Chinese importers for importing bananas from overseas into China.