Trade Profile

flag Ecuador Ecuador: Trade Profile

Foreign Trade in Figures

Ecuador is quite open to foreign trade, which accounts for 51% of its GDP (World Bank, latest data available). The country has been a member of the WTO since 1996 and is a member of the Andean Community and the Latin American Integration Association. Petroleum products are by far the country’s main export, accounting for USD 8.9 billion in 2023. Other major exports include shrimps, bananas, concentrate of lead and copper, and cacao. As per imports, in 2023, they were led by petroleum products (USD 6.7 billion), motor cars, soybean oil, medicaments, and metals (data Ministry of Production, Foreign Trade, Investment, and Fisheries).

Official government data show that, in 2023, the main destinations of Ecuador’s exports were the U.S. (USD 7.3 billion), China (USD 5.6 billion), Panama (USD 4.4 billion), Chile (USD 978 million), and Peru (USD 975 million). As per imports (excluding petroleum products), they came chiefly from China, the United States, the EU, Colombia, and Brazil. Ecuador, as a member of the Andean Community alongside Peru, Colombia, and Bolivia, joined the Comprehensive Trade Agreement with the European Union in January 2017. Additionally, Ecuador has signed free trade agreements with Chile, the United Kingdom, and the European Free Trade Association (2020), comprising Switzerland, Norway, Liechtenstein, and Iceland. Moreover, the country successfully negotiated free trade agreements with Costa Rica and the People's Republic of China in 2023, pending final passage in the National Assembly.

According to data by WTO, the country’s merchandise exports totaled USD 32.6 billion in 2022, whereas imports stood at USD 33 billion. Concerning services, exports reached USD 2.8 billion vis-à-vis USD 5.5 billion in imports. As per the latest figures from the Ministry of Production, Foreign Trade, Investment, and Fisheries, Ecuador’s exports decreased by 2.4% year-on-year in 2023, to USD 31.2 billion; whereas imports (excluding petroleum products) reached USD 20.1 billion (+4.5%).

 
Foreign Trade Indicators 20192020202120222023
Imports of Goods (million USD) 22,56417,91825,69033,04930,898
Exports of Goods (million USD) 22,32920,35526,69932,65831,126
Imports of Services (million USD) 4,1432,7824,1535,5625,265
Exports of Services (million USD) 3,2521,8042,0702,8873,201
Imports of Goods and Services (Annual % Change) 0-14134n/a
Exports of Goods and Services (Annual % Change) 4-5-03n/a
Trade Balance (million USD) 1,0273,4752,9932,544n/a
Foreign Trade (in % of GDP) 46415158n/a
Imports of Goods and Services (in % of GDP) 23202529n/a
Exports of Goods and Services (in % of GDP) 23222629n/a

Source: WTO – World Trade Organisation ; World Bank - Latest available data.

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Main Partner Countries

Main Customers
(% of Exports)
2022
United States 27.7%
China 17.6%
Panama 14.1%
Chile 3.8%
Colombia 3.0%
See More Countries 33.7%
Main Suppliers
(% of Imports)
2022
United States 25.9%
China 22.0%
Colombia 6.2%
Brazil 4.0%
South Korea 3.7%
See More Countries 38.1%

Source: Comtrade, Latest Available Data

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Main Products

35.4 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 30.6%
Crustaceans, whether in shell or not, live, fresh,...Crustaceans, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine, even smoked, incl. crustaceans in shell cooked by steaming or by boiling in water; flours, meals and pellets of crustaceans, fit for human consumption 22.6%
Bananas, incl. plantains, fresh or driedBananas, incl. plantains, fresh or dried 10.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.8%
Prepared or preserved fish; caviar and caviar...Prepared or preserved fish; caviar and caviar substitutes prepared from fish eggs 4.2%
See More Products 27.7%
33.1 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 13.9%
Oils and other products of the distillation of...Oils and other products of the distillation of high temperature coal tar; similar products in which the weight of the aromatic constituents exceeds that of the non-aromatic constituents 7.6%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.8%
Oilcake and other solid residues, whether or not...Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil 2.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.7%
See More Products 69.1%

Source: Comtrade, Latest Available Data

 

To go further, check out our service Import-Export Flows

 
 

Main Services

Source: United Nations Statistics Division, Latest Available Data

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Commercial Policy

International Economic Cooperation
Member of the World Trade Organization (WTO)
Member of Community of Andean Nations

Member of Organisation of American States

Member of Latin American and Caribbean Economic System

Associate Member of Mercosur

Assessment of Commercial Policy
Country’s commercial policy
Barriers to exchanges
Barriers to exchanges
Sanitary and phytosanitary barriers
Average Customs Duty (Excluding Agricultural Products)
10.29%
 
 

Trade Compliance

International Conventions
Member of the World Trade Organization (WTO)
International Economic Cooperation
Member of Community of Andean Nations

Member of Organisation of American States

Member of Latin American and Caribbean Economic System

Associate Member of Mercosur

Useful Resources
Corporación Aduanera Ecuatoriana (only in Spanish)
 
 
 

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Latest Update: May 2024