Ecuador's Minister of Production, Foreign Trade, Investment, and Fisheries, Luis Jaramillo, announced on Wednesday that negotiations with the United States regarding the potential reduction or elimination of the 10% tariff on Ecuadorian products are progressing positively. 

"The fact that we are at the negotiation table with the United States is an achievement. We're making progress and reaching significant milestones, and we anticipate announcements soon," Jaramillo stated in a press conference. While he did not provide specific details regarding the negotiations, he expressed optimism about future developments. 

He highlighted the goal of eliminating the 10% tariff on all products, although there might be opportunities for selective reductions. "We are currently in that process," he emphasised. 

In 2024, Ecuador's trade balance with the United States recorded a deficit of $644.5 million, with exports totalling $7.024 billion and imports amounting to $7.668 billion. However, when excluding oil and its derivatives, Ecuador enjoyed a trade surplus of $2.306 billion, with exports reaching $5.043 billion against imports of $2.737 billion. 

After oil, Ecuador's primary exports to the United States in 2024 included shrimp (valued at $1.546 billion), bananas ($512 million), and cocoa and its derivatives ($484 million).