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16.08.2007

Foreign commerce and foreign debts payment

Ecuador economics depends greatly on foreign commerce. In 1990s the country managed to preserve positive foreign-trade balance that is to provide export overbalance over import.
Oil is the basic is the basic export item in Ecuador. Raw oil share in the export is mainly predetermined by its prices at the world market and is liable for swing changes. Thus, in 1977 oil provided one third of all export income of Ecuador, in 1983 – three fourths, in 1986 – about a half, and in 1993 – 40 %. Bananas, sea food product, coffee and cocoa are other essential export items, and their importance can also change due to the prices and weather conditions. The main import items are crops and semi-finished crops products, raw materials, chemicals, machines and transport equipment. The USA is the principal trade partner of Ecuador. In 1990s, commerce with Germany, Chile and Japan, as well as with the Andes group partners of Ecuador has considerably grown.
External debt of Ecuador in 1997 made 13,2 billion dollars and was one of the highest in Latin American. If the present state of things continues, percent debt payments within the next years will take up about 4 % of national produce or about 16 % of export profits. Ecuador continues negotiations with the International Monetary Fund and other lending organizations on the foreign debt restructuring mechanism and payment terms revision.

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