Ecuador is one of the world´s leading producers and exporters of bananas, including plantain. Ecuador´s banana industry is one of the most important contributors to the country´s economic growth, after petroleum. This industry is expected to continue growing and thus creating more business opportunities as the demand for banana remains high. This is attracting a significant number of buyers, traders, and investors from all over the world looking to incorporate a company in Ecuador.
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Company Formation in Ecuador? Ecuador´s Banana Exports Around the World
Banana exports represent approximately 2% of Ecuador´s total GDP and about 35% of the country´s agriculture output. Ecuador is the dominant exporter country in this industry, with the main importers of Ecuadorian bananas being the United States and the European Union. The government has also made the exportation process easier, relaxing their export rules and has implemented policies to make international trade in this sector ‘more friendly’.
Seasonal Prices
In 2018, banana prices began higher than in previous years. However, prices are expected to stabilize in the middle of the year as summer comes along in the northern hemisphere. This price growth is due to a lower production rate cause by low temperatures and low luminosity compared to previous seasons. In Ecuador, there is also a mandatory minimum official price to be paid to farmers.
Required Documentation: Banana Exports in Ecuador
To be able to export bananas from Ecuador, it is necessary to register in the banana unit of Ecuador UNIBANANO:
- Fill the form Annex 5
- Present the updated tax identification number, with the wholesale activity of bananas
- Submit a copy of the Trademark Title
- Letter of authorization to use the trademark
- Copy of the Deed of Incorporation of the company
- Copy of the appointment of the legal representative
- Attach the contract or commitment to purchase fruit with legalized or apostilled outside with its proper translation (please note this must contain: Price, #boxes, validity, market)
- Be up to date with the IRI and the Superintendence of Companies.
Ready to Start your Banana Export Company in Ecuador?
Ecuador is the world´s largest exporter of bananas, and the demand around the world is growing significantly, bringing with it many business opportunities. Banana production mostly depends on two aspects: natural resources and labor force. The country has a strong labour pool and the right climate to produce some of the world’s best bananas, making it an attractive investment opportunity.
At Biz Latin Hub we have a team of local experts that have the knowledge of the Ecuadorian and Latin American business environment. Contact us now and learn more about how we can help you.
Learn more in the video below about how to form a company in Ecuador.
