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 | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 22,564 | 17,918 | 25,690 | 33,049 | 30,898 |
Exports of Goods (million USD) | 22,329 | 20,355 | 26,699 | 32,658 | 31,126 |
Imports of Services (million USD) | 4,143 | 2,782 | 4,153 | 5,562 | 5,265 |
Exports of Services (million USD) | 3,252 | 1,804 | 2,070 | 2,887 | 3,201 |
Imports of Goods and Services (Annual % Change) | 0 | -14 | 13 | 4 | n/a |
Exports of Goods and Services (Annual % Change) | 4 | -5 | -0 | 3 | n/a |
Trade Balance (million USD) | 1,027 | 3,475 | 2,993 | 2,544 | n/a |
Foreign Trade (in % of GDP) | 46 | 41 | 51 | 58 | n/a |
Imports of Goods and Services (in % of GDP) | 23 | 20 | 25 | 29 | n/a |
Exports of Goods and Services (in % of GDP) | 23 | 22 | 26 | 29 | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
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
Source: Comtrade, Latest Available Data
To go further, check out our service Import-Export Flows
0.2 bn USD of services exported in 2023 | |
---|---|
51.09% | |
Information servicesInformation services | 1.67% |
42.88% | |
8.02% | |
Telecommunications servicesTelecommunications services | 6.03% |
Postal and courier servicesPostal and courier services | 1.99% |
-1.99% | |
Sea transportSea transport | 321.70% |
FreightFreight | 166.03% |
OtherOther | 155.67% |
Air transportAir transport | 80.75% |
OtherOther | 49.46% |
FreightFreight | 25.12% |
PassengerPassenger | 6.17% |
0.5 bn USD of services imported in 2023 | |
---|---|
58.19% | |
41.18% | |
Information servicesInformation services | 2.50% |
1.34% | |
Postal and courier servicesPostal and courier services | 0.71% |
Telecommunications servicesTelecommunications services | 0.63% |
-0.71% | |
Sea transportSea transport | 293.38% |
FreightFreight | 273.05% |
OtherOther | 20.32% |
Air transportAir transport | 86.73% |
PassengerPassenger | 46.74% |
FreightFreight | 32.59% |
OtherOther | 7.40% |
Source: United Nations Statistics Division, Latest Available Data
Member of Organisation of American States
Member of Latin American and Caribbean Economic System
Associate Member of Mercosur
Member of Organisation of American States
Member of Latin American and Caribbean Economic System
Associate Member of Mercosur
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Latest Update: May 2024