QUITO -- Ecuador posted a $190 million trade deficit in July, according to central bank data.
Exports fell 28.3% yoy, on the back of a 48% yoy decline in oil exports and an 8.0% yoy decline in non-oil exports. Imports, on the other hand, were down 22.7% yoy, following a 33.1% yoy decline in fuel imports and a 20.0% yoy decline in non-oil imports.
On a 12-month rolling basis, the trade deficit widened to 2.6% of this year’s projected GDP from 2.5% last month.
Analysts expect the import tariffs implemented by the government alongside the deceleration in economic activity to continue contributing to a slowdown in non-oil imports, and palliate a sharper deterioration of the current account deficit.