The chief non-petroleum export of Ecuador, the Banana, fell in sales in the first trimester of 2012 by 10% ompared to the first trimester of last year.
The fall is generally attributed to the world financial situation and the unusually strong rains Ecuador experienced this winter.
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The President of Ecuador, President Correa, announced yesterday that the GDP of Ecuador grew 4.87% in the first trimester of 2012 compared to the first trimester of 2011.
It’s true, this place is hopping, the crisis in Europe and the US seems a long way away. people have money, cash, credit, and they’re buying.
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Before considering coming to work in Ecuador, you may be tempted to ask, how much can you make as an executive or manager in a company in Ecuador?
Well, as you can imagine in a country where the minimum wage is $285 a month… not much.
Managers in small and medium sized businesses can expect to make around $600 a month.
Doctors fresh out of college often make around $800 a month.
Teachers also make around $6-800 a month.
General Managers of businesses in Ecuador were recently reported by the Comercio to average $14,400 a year.
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Ecuador’s neighbors, Colombia and Peru, announced this week that they had signed free trade agreements with the EU.
This puts a bit of pressure on Ecuador, in that exporters from Colombia and Peru will be able to enter the EU with more competitive pricing than Ecuador.
For the time being, maybe Ecuador can get by financing their government with oil proceeds, and the rich earth the Ecuadorians are lucky to have, but sooner or later they’re going to have to focus on building export industries in order to compete with their neighbors.
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The IESS, or the Social Security Establishment in Ecuador, funds 37% of their budget with oil revenues.
If the price of Oil falls under $79 a barrel the government may issue 12 year 7.5% earning bonds in order to help pay the pensions owed through the Ecuadorian Social Security system.
Currently, the price of oil is at $81.
I personally wouldn’t touch these bonds with a 10 foot pole, the risk-reward just doesn’t add up for me based on other more interesting investment opportunities available locally.
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