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FAS/Nairobi forecasts an increase in corn and wheat production in marketing year (MY) 2023/24, to 3.18 million metric tons (MT) and 310,000 MT respectively due to increases in harvested area as farmers respond to high crop prices by planting more wheat and corn.
In 2022, the Government of Ecuador continued to support floor prices for local production of corn, rice, and wheat as well as began subsidizing the price of fertilizers for small producers.
Ecuador’s National Customs Service (SENAE) announced on February 2, 2023, that Distiller’s Dried Grains with Solubles (DDGS) will no longer be subject to a 12 percent value added tax.
Despite continued economic constraints, U.S. – Ecuador bilateral agricultural and related product trade rose to $4.5 billion in 2022. In addition, U.S. agricultural and related product exports to Ecuador reached a record $741 million.