Ecuador is quite open to foreign trade, which accounts for 51% of its GDP. The country is the 71st largest exporter in the world and the 75th largest importer. Ecuador has been a member of the WTO since 1996, and is a member of the Andean Community and the Latin American Integration Association. The country mainly exports petroleum oils (32.2%), crustaceans (20%), bananas (13.1%), fish and caviar (4.7%), and flowers (3.5%). Its main imports include petroleum oils (9.6%), oils and other products of the distillation of high temperature coal tar (6.2%), motor vehicles (3.4%), medicaments (3.3%), and oilcake and other solid residues (2.8%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by an estimated 8% in 2022 and is expected to increase by 2.6% in 2023, while the volume of imports of goods and services increased by an estimated 6.2% in 2022 and is expected to increase by 3.1% in 2023.
Ecuador's main trade partners are the United States, China, Panama, Colombia, Russia, Chile, Brazil, and South Korea. Additionally, the country has intensified its trade relations with Russia and Iran in recent years. In May 2017, Ecuador became the fifth country in the world to terminate all its bilateral investment treaties. According to the government, Ecuador chose to cancel all agreements because they failed to deliver promised investment, they have cost Ecuadorians billions of dollars and posed a serious threat to the country's capacity to regulate corporate activities. Nevertheless, the government argues that such decision should not discourage trade nor investment. Ecuador is a member of the Andean Community and has free trade agreements with the EU, the UK, Guatemala, Chile, Mexico, and Mercosur.
In 2021, imports of goods stood at USD 25,6 billion while exports totalled USD 26,6 billion. Concerning the trade of services, the imports amounted to USD 4,5 billion in 2021, while the exports were equal to USD 2,1 billion. As a result, Ecuador recorded a positive trade balance of USD 3,2 billion. The country's over-dependence on oil export revenues has been a persistent concern in Ecuador, as it causes the economy to be vulnerable to external shocks, so more volatile oil prices tend to significantly affect their trade balance.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 20,010 | 23,177 | 22,564 | 17,959 | 25,687 |
Exports of Goods (million USD) | 19,122 | 21,628 | 22,329 | 20,227 | 26,699 |
Imports of Services (million USD) | 3,198 | 3,846 | 4,059 | 2,685 | 4,540 |
Exports of Services (million USD) | 2,068 | 3,110 | 3,207 | 1,649 | 2,115 |
Imports of Goods and Services (Annual % Change) | 12 | 4 | 0 | -14 | 13 |
Exports of Goods and Services (Annual % Change) | 1 | 1 | 4 | -5 | -0 |
Trade Balance (million USD) | 254 | -203 | 1,027 | 3,499 | 3,261 |
Foreign Trade (in % of GDP) | 42 | 46 | 46 | 41 | 51 |
Imports of Goods and Services (in % of GDP) | 22 | 24 | 23 | 20 | 25 |
Exports of Goods and Services (in % of GDP) | 21 | 23 | 23 | 22 | 26 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2021 |
---|---|
United States | 24.0% |
China | 15.3% |
Panama | 14.9% |
Chile | 4.2% |
Russia | 3.7% |
See More Countries | 37.9% |
Main Suppliers (% of Imports) |
2021 |
---|---|
China | 23.5% |
United States | 22.1% |
Colombia | 7.0% |
Brazil | 3.9% |
South Korea | 3.6% |
See More Countries | 40.0% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
1.8 bn USD of services exported in 2020 | |
---|---|
38.80% | |
Personal travelPersonal travel | 32.55% |
Business travelBusiness travel | 6.25% |
36.55% | |
Sea transportSea transport | 32.54% |
OtherOther | 16.56% |
FreightFreight | 15.98% |
Air transportAir transport | 4.01% |
FreightFreight | 2.05% |
OtherOther | 1.81% |
PassengerPassenger | 0.14% |
8.48% | |
6.49% | |
4.14% | |
3.54% | |
Computer servicesComputer services | 3.51% |
Information servicesInformation services | 0.03% |
1.40% | |
Telecommunications servicesTelecommunications services | 1.28% |
Postal and courier servicesPostal and courier services | 0.11% |
0.37% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.29% |
Audiovisual and related servicesAudiovisual and related services | 0.09% |
0.24% | |
Franchises and similar rightsFranchises and similar rights | 0.24% |
2.8 bn USD of services imported in 2020 | |
---|---|
40.07% | |
Sea transportSea transport | 27.42% |
FreightFreight | 25.63% |
OtherOther | 1.79% |
Air transportAir transport | 10.95% |
FreightFreight | 5.44% |
PassengerPassenger | 4.50% |
OtherOther | 1.01% |
Road transportRoad transport | 1.71% |
FreightFreight | 1.71% |
14.65% | |
Personal travelPersonal travel | 13.17% |
Business travelBusiness travel | 1.48% |
12.82% | |
ReinsuranceReinsurance | 12.82% |
9.66% | |
5.58% | |
5.40% | |
Computer servicesComputer services | 5.24% |
Information servicesInformation services | 0.16% |
5.01% | |
Franchises and similar rightsFranchises and similar rights | 5.01% |
3.80% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 3.69% |
Audiovisual and related servicesAudiovisual and related services | 0.11% |
2.68% | |
0.32% | |
Telecommunications servicesTelecommunications services | 0.30% |
Postal and courier servicesPostal and courier services | 0.02% |
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: September 2023