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Ecuador Sees Reduction in Trade Deficit

Article Summary:

Ecuador reduced its trade deficit by 63.8% in 2011 to about $ 717.3 million the previous year, by an increase in crude oil prices, according to its Central Bank.

Photo Credit: Revista Summa

Original Article Text From Revista Summa via Google Translate :

Ecuador Reduced Its Trade Deficit

The trade balance has been the Achilles heel of the Ecuadorian economy dollarized since 2000 due to a flood of imports of luxury goods that do not have a massive demand from the impoverished Ecuadorian population.

In 2010 the trade deficit was U.S. $ 1,979 million, the Central Bank in a report published provisional figures on its website.

But the oil trade balance, 2011 was a surplus of U.S. $ 7,826 million compared to U.S. $ 5,630 million a year earlier.

Meanwhile, the non-oil trade balance deficit grew by 12.3% to U.S. $ 8,543 million, mainly due to increased prices of raw materials and consumer goods.

“The oil trade balance showed a positive balance (…) due to increased 35% in prices of oil and its derivatives,” the source added. The smallest member of OPEC also reduced import volume of fuels and lubricants, however, grew in value or price affecting the balance.

Link to Original Article:

From Revista Summa

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