The banana industry in Ecuador is one of the most important contributors to the country's economic growth, thanks to the fact that Ecuador has been one of the world's leaders in banana production and banana export over the decades. Today, banana exports represent over 2% of Ecuador's total GDP and about 35% of the country's agricultural output, therefore banana is also acknowledged as Ecuador's main exported product after petroleum. As the global demand for banana remains high, business opportunities in Ecuador's banana industry are expected to flourish further in the near future. Banana production is mainly depended on two major aspects, natural resources, and labor force. Thankfully, Ecuador is blessed with both aspects, plus business-friendly trade policies. There are different types of bananas grown and exported from the country; the most widely grown variety is Cavendish. Cavendish bananas account for more than half of the global banana production and export.

ECUADOR'S BANANA INDUSTRY STATISTICS

Ecuador has been dominating global banana exports for decades. More than 65% of the bananas grown in Ecuador is exported to the European Union, Russia, and the USA. Bananas exported from Ecuador is well-known around the world for their quality, taste, and nutrition. The government of Ecuador has also relaxed their export rules in recent years to make it more trade friendly. According to the recent figures from ITC (International Trade Centre), Ecuador exported US$ 2.7 billion worth or equivalent of 6.2 million tonnes of bananas to the global market in 2016, representing over 25.2% of the world's total banana exports in the same year, making Ecuador once again the world's largest banana exporter. Ecuador's Ministry of Foreign Trade also suggests that the banana sector had led Ecuadorian exports in 2016 with 40.6%. Russia, the USA, Germany, Italy, and Argentina are currently some of the top importers for Ecuadorian bananas. Russia has been the largest importer of Ecuador's bananas industry for years, and amount of banana shipments to Russia still growing. Ecuador exported US$59 million worth of bananas to Russia in the first half of 2017, 9.2% more than in the same period last year, according to the South American country's trade mission. Bananas have become Ecuador's biggest export to Russia, overtaking shrimp, frozen fish and fruit puree.


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