Weekly Report - 3 February 2011 (WR-11-05)

ECUADOR | Tackling the trade deficit. Ecuador is aiming to reduce imports by US$1.5bn over the next two years as part of a bid to bring the trade deficit down from 12% of GDP to 8% by 2014, the production minister, Nathalie Cely, announced. It also aims to increase the volume of exports to 14% of GDP. The trade deficit totalled US$1.21bn in the first 10 months of 2010, Cely said. Controlling the import of cars, tyres, white goods and mobile phones will save between US$500 and US$650m, she said. The government first announced its plans to re-introduce import substitution industrialization last October [WR-10-42].

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