China and Ecuador open a new trade route

Photo: MINCETUR Perú Flickr.

According to a report by Yahoo Finance, on February 21, 2025, the Republic of Ecuador and the People’s Republic of China inaugurated a new trade route through the port of Chancay, connecting the city of Guayaquil with Shanghai. This route will boost exports, as outlined in the trade agreement signed between both countries in 2023 and implemented in 2024. The route will be led by the Chinese company Cosco Shipping, whose CEO, Tao Weidong, stated that Ecuador’s integration into the port was a major step in building a trade route network in Latin America.

This Guayaquil port will become a new point within the WSA5 route, which reaches Chancay from the north, passing through the port of Buenaventura in Colombia. Additionally, according to Javier Lanza, CEO of Contecon, the company managing the Guayaquil port, there will be a reduction in the time it takes for goods to reach their destination, decreasing from between 35 and 55 days to just 27. This change will lead to a reduction in logistics costs across the sector.

Furthermore, this new trade route and the reduced transit times are expected to benefit the export of various products, including bananas, one of Ecuador’s most economically significant fruits. Another product that will benefit from shorter shipping times is shrimp. Regarding this, Richard Salazar, Executive Director of the Banana Marketing and Export Association, stated that China is Ecuador’s main destination in Asia, thanks to a two-percentage-point tariff reduction. He also noted that Ecuador’s foreign trade, and banana exports in particular, will be boosted by this new partnership.

Moreover, according to the head of the banana trade association, in 2024, 4% of the total exported banana boxes were destined for the People’s Republic of China, a figure they expect to triple or even quadruple in the coming years. Additionally, China’s Consul General in Guayaquil, Gao Zhenting, reported that in 2024, the volume of trade in goods between China and Ecuador increased by 2.3% year-on-year.

Main Source:

Ecuador abre una nueva ruta comercial con China a través del puerto de Chancay, en Perú – Yahoo! Finanzas

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