Colombia has recovered much of its export trade to Ecuador in 2010 following the resolution of recent diplomatic problems, newly released statistics show.
National statistics agency DANE confirmed that exports to the neighboring state increased some 50% in September 2010 on figures for the same month in 2009. A total Ecuadorean monthly export volume of US$171 million was recorded, placing the country third highest in a list of Colombian export partners behind the US and the Netherlands. Medicines, petrol and trucks were the three most popular Colombian goods with importers based in its smaller neighbor.
Trade between the two countries had suffered from numerous diplomatic disputes ensuing from Colombia’s 2008 air raid on FARC members in Ecuadorean territory. Things have been steadily improving in 2010, however, with Ecuador removing trade barriers in February and full diplomatic relations were recently restored.
Imports of Ecuadorian goods also substantially increased through 2010, with October 2010’s figures showing a 32.2% jump on same month in 2009 up to a total value of $66.7 million. President of the National Association of Exporters, Javier Díaz Molina, told newspaper La Republica that he welcomed the “extraordinary figures” but cautioned that it would be difficult to improve much further on these historic highs because Ecuador “is such a relatively small market.”