Ecuador: Shipping Market 2022

Shipping Market Size in Ecuador

In 2021, the Ecuadorian shipping market was finally on the rise to reach $X for the first time since 2016, thus ending a four-year declining trend. Overall, consumption, however, continues to indicate a abrupt decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Shipping Production in Ecuador

In value terms, shipping production stood at $X in 2021 estimated in export price. In general, production, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 when the production volume increased by 34%. Shipping production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Shipping Exports

Exports from Ecuador

In 2021, overseas shipments of ships, vessels, ferry-boats for the transport of persons decreased by -75.8% to X units, falling for the second year in a row after four years of growth. Over the period under review, exports showed a deep setback. The most prominent rate of growth was recorded in 2019 when exports increased by 68% against the previous year. As a result, the exports reached the peak of X units. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, shipping exports dropped dramatically to $X in 2021. In general, exports, however, saw prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of 86% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Greece (X units) was the main destination for shipping exports from Ecuador, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Greece was relatively modest.

From 2012 to 2021, the average annual growth rate of value to Greece was relatively modest.

Export Prices by Country

In 2021, the average shipping export price amounted to $X per unit, increasing by 10% against the previous year. Overall, the export price enjoyed a significant increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by 233%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Greece.

From 2012 to 2021, the rate of growth in terms of prices for Chile amounted to 0.0% per year.

Shipping Imports

Imports into Ecuador

In 2021, supplies from abroad of ships, vessels, ferry-boats for the transport of persons decreased by -75% to X units, falling for the sixth consecutive year after four years of growth. In general, imports faced a sharp contraction. The growth pace was the most rapid in 2015 when imports increased by 185%. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, shipping imports dropped remarkably to $X in 2021. Over the period under review, imports faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 when imports increased by 242%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Bahamas (X units) was the main shipping supplier to Ecuador, accounting for a approx. 100% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Bahamas totaled -33.1%.

In value terms, Bahamas ($X) constituted the largest supplier of shipping to Ecuador, comprising 99% of total imports. The second position in the ranking was held by Panama ($X), with a 0.8% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Bahamas stood at -8.9%.

Import Prices by Country

In 2021, the average shipping import price amounted to $X per unit, picking up by 3% against the previous year. Over the period under review, the import price saw a significant expansion. The most prominent rate of growth was recorded in 2016 when the average import price increased by 83% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Bahamas ($X per unit), while the price for Panama totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahamas (+40.6%).

Source: IndexBox Market Intelligence Platform

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