Ecuador: Wheat Market 2024

Wheat Market Size in Ecuador

In 2022, after five years of growth, there was significant decline in the Ecuadorian wheat market, when its value decreased by -15.5% to $X. Overall, consumption, however, recorded a remarkable increase. As a result, consumption reached the peak level of $X, and then dropped notably in the following year.

Wheat Production in Ecuador

In value terms, wheat production surged to $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 160%. Wheat production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In 2022, the average wheat yield in Ecuador rose sharply to X tons per ha, with an increase of 11% on the previous year's figure. Overall, the yield enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 when the yield increased by 113% against the previous year. Over the period under review, the average wheat yield hit record highs at X tons per ha in 2020; however, from 2021 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of wheat production in Ecuador rose notably to X ha, growing by 5.5% against 2021. Overall, the harvested area, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2020 when the harvested area increased by 117% against the previous year. The wheat harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

Wheat Exports

Exports from Ecuador

Wheat exports from Ecuador dropped significantly to X kg in 2022, declining by -45.4% against the previous year's figure. Over the period under review, exports recorded a pronounced setback. The most prominent rate of growth was recorded in 2021 when exports increased by 2,700% against the previous year. As a result, the exports attained the peak of X kg, and then contracted rapidly in the following year.

In value terms, wheat exports fell markedly to $X in 2022. Overall, exports recorded a mild curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 6,500% against the previous year. As a result, the exports attained the peak of $X, and then dropped rapidly in the following year.

Exports by Country

The United States (X kg) was the main destination for wheat exports from Ecuador, accounting for a 97% share of total exports. It was followed by the Netherlands (X kg), with a 1.9% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +14.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-33.9% per year) and Bahrain (0.0% per year).

In value terms, the United States ($X) remains the key foreign market for wheat exports from Ecuador, comprising 84% of total exports. The second position in the ranking was taken by the Netherlands ($X), with an 8.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-16.8% per year) and Bahrain (0.0% per year).

Export Prices by Country

The average wheat export price stood at $X per ton in 2022, dropping by -7.1% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable increase. The pace of growth appeared the most rapid in 2021 when the average export price increased by 136% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+25.9%).

Wheat Imports

Imports into Ecuador

In 2022, after three years of growth, there was significant decline in purchases abroad of wheat, when their volume decreased by -7.9% to X tons. Overall, imports, however, showed a prominent increase. The growth pace was the most rapid in 2014 with an increase of 33% against the previous year. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, wheat imports contracted significantly to $X in 2022. In general, imports, however, showed resilient growth. The pace of growth was the most pronounced in 2021 when imports increased by 53%. As a result, imports attained the peak of $X, and then contracted significantly in the following year.

Imports by Country

Canada (X tons), the United States (X tons) and Argentina (X tons) were the main suppliers of wheat imports to Ecuador, together accounting for 79% of total imports.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +33.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) constituted the largest supplier of wheat to Ecuador, comprising 49% of total imports. The second position in the ranking was held by the United States ($X), with a 24% share of total imports. It was followed by Argentina, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Canada stood at +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.4% per year) and Argentina (+29.7% per year).

Import Prices by Country

The average wheat import price stood at $X per ton in 2022, declining by -10.3% against the previous year. Overall, the import price recorded a slight contraction. The growth pace was the most rapid in 2021 when the average import price increased by 29% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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