Ecuador has decided to impose a 27% tariff on Mexico, which would affect products that depend on cocoa in the pharmaceutical and food industries. This will lead to an increase in costs that will be passed on to consumers in both countries, with Mexico City, Jalisco, and Chihuahua being the main destinations for these imports.
In the pharmaceutical sector, medicines and products that contain cocoa extracts, such as creams and dermatological treatments, could experience a price increase due to the imposition of these tariffs. These products benefit from the antioxidant and anti-inflammatory properties of cocoa, making them popular in the pharmaceutical industry.
On the other hand, in the food sector, products like chocolate will be directly affected by this measure. Skin creams, burn treatments, and wound healing products could also see an increase in their prices due to the rising cost of cocoa imported from Ecuador.
In 2023, Mexico purchased cocoa beans, raw or toasted, worth $60.8 million from Ecuador. Additionally, mixed or unmixed products, therapeutic or preventive preparations, constituted the main item exported by Mexico to Ecuador, valued at $68.2 million that same year.
After the imposition of temporary tariffs of 27% by Ecuador on Mexican products until the signing of a Free Trade Agreement between both nations, it is expected that products such as artisanal and gourmet chocolate, which depend on Ecuadorian cocoa, will see a significant increase in their costs. In summary, products like medicines, creams, and chocolate will be the most affected by this measure and could experience a rise in their prices in the markets of both countries.
