Overview In 2019 Ecuador was the number 59 economy in the world in terms of GDP (current US$), the number 70 in total exports, the number 76 in total imports, the number 95 economy in terms of GDP per capita (current US$) and the number 110 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Ecuador are Crude Petroleum ($7.85B), Crustaceans ($3.89B), Bananas ($3.43B), Processed Fish ($1.2B), and Refined Petroleum ($947M), exporting mostly to United States ($6.76B), China ($2.85B), Panama ($1.92B), Chile ($1.5B), and Peru ($993M).

In 2019, Ecuador was the world's biggest exporter of Bananas ($3.43B)

Imports The top imports of Ecuador are Refined Petroleum ($2.97B), Coal Tar Oil ($1.17B), Cars ($855M), Packaged Medicaments ($528M), and Soybean Meal ($401M), importing mostly from United States ($4.72B), China ($3.77B), Colombia ($1.96B), Panama ($975M), and Brazil ($880M).

Location Ecuador borders Colombia and Peru by land and Costa Rica by sea.

July, 2021

Historical Data

#permalink to section

Yearly Exports

#permalink to section
Value
Compare to
Depth

Top Export (2019): Crude Petroleum, $7.85B

Top Destination (2019): United States, $6.76B

In 2019, Ecuador exported a total of $22.9B, making it the number 70 exporter in the world. During the last five reported years the exports of Ecuador have changed by -$3.99B from $26.9B in 2014 to $22.9B in 2019.

The most recent exports are led by Crude Petroleum ($7.85B), Crustaceans ($3.89B), Bananas ($3.43B), Processed Fish ($1.2B), and Refined Petroleum ($947M). The most common destination for the exports of Ecuador are United States ($6.76B), China ($2.85B), Panama ($1.92B), Chile ($1.5B), and Peru ($993M).

Explore Visualizations

Yearly Imports

#permalink to section
Value
Compare to
Depth

Top Import (2019): Refined Petroleum, $2.97B

Top Origin (2019): United States, $4.72B

In 2019 Ecuador imported $21.3B, making it the number 76 trade destination in the world. During the last five reported years the imports of Ecuador changed by -$5.7B from $27B in 2014 to $21.3B in 2019.

The most recent imports of Ecuador are led by Refined Petroleum ($2.97B), Coal Tar Oil ($1.17B), Cars ($855M), Packaged Medicaments ($528M), and Soybean Meal ($401M). The most common import partners for Ecuador are United States ($4.72B), China ($3.77B), Colombia ($1.96B), Panama ($975M), and Brazil ($880M).

Explore Visualizations

Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Ecuador Exports Services (2019): $3.35B

Ecuador Imports Services (2019): $4.14B

In 2019, Ecuador exported $3.35B worth of services. The top services exported by Ecuador in 2019 were Personal travel ($1.93B), Transportation ($621M), Business travel ($354M), Other business services ($143M), and Government services, n.i.e. ($142M).

The top services imported by Ecuador in 2019 were Transportation ($1.62B), Personal travel ($1.07B), Insurance services ($344M), Other business services ($265M), and Personal, cultural, and recreational services ($176M).

Tariffs by Product

#permalink to section

The top product import tariffs by their MFN Ad Valorem value for Ecuador are Vermouth and other flavoured grape wines - pack < 2l (189k%) and Vermouth and other flavoured grape wines - pack < 2l (169k%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

*The tariffs applied to imports for Ecuador are:
23: AAP.AG N° 02 - Acuerdo de Alcance Parcial para la Liberación y Expansión del Comercio Intrarregional de Semillas Suscrito por el Art. 12 del TM80
43: AAP.CE N° 46 Acuerdo de ComplementaciĂłn EconĂłmica N° 46 Celebrado entre la RepĂșblica de Cuba y la RepĂșblica de Ecuador
61: AAP.CE N° 59 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay, Colombia, Ecuador y Venezuela
68: AAP.CE NÂș 65 Acuerdo de ComplementaciĂłn EconĂłmica NÂș 65 entre la RepĂșblica de Chile y la RepĂșblica del Ecuador
72: AAP.R N° 29 Acuerdo de Alcance Parcial de RenegociaciĂłn N° 29 Celebrado entre la RepĂșblica del Ecuador y los Estados Unidos Mexicanos
79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia
81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay
82: AR.CEYC N° 7 Acuerdo de CooperaciĂłn e Intercambio en las Áreas Cultural, Educacional y CientĂ­fica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, MĂ©xico, PanamĂĄ, Paraguay, PerĂș, Uruguay)
83: AR.PAR N° 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador MĂ©xico PanamĂĄ Paraguay PerĂș Uruguay Venezuela)
136: Most Favoured Nation duty rate treatement
219: Preferential tariff for European Union countries (AA) Association Agreement
229: Preferential tariff for Guatemala
311: Preferential tariff for The Andean Community ( Spanish: Comunidad Andina, CAN)

Economic Complexity

#permalink to section

Most Specialized Products by RCA Index

#permalink to section

Ecuador has a high level of specialization in Bananas (191), Crustaceans (113), Cut Flowers (78.1), Cocoa Beans (55.3), and Processed Fish (53). Specialization is measured using RCA, an index that takes the ratio between Ecuador observed and expected exports in each product.

Most Complex Products by PCI

#permalink to section

The highest complexity exports of Ecuador according to the product complexity index (PCI) are Wire of alloy steel except stainless steel (1.36), Aluminium tubes and pipes (0.42), Stoves, ranges/barbecues,etc, non-electric, iron/steel (0.37), Articles of asbestos-cement & cellulose fibre cement (0.33), and Particle board, similar board, wood, ligneous material (0.2). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

#permalink to section

The top export opportunities for Ecuador according to the relatedness index, are Gold (0.13), Coconuts, Brazil Nuts, and Cashews (0.13), Other Oily Seeds (0.12), Coffee (0.11), and Perfume Plants (0.11). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Ecuador is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.

Relatedness Space

#permalink to section

This network shows the products most related to the production structure of Ecuador. These are products that tend to be co-exported with the products that Ecuador exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

#permalink to section
Filter
Depth

The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.

Economic Complexity Ranking

#permalink to section
Scale

During the last 20 years Ecuador's⁩ ⁚economy has become relatively less complex, moving from the ⁩⁚76th to the 110th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

Explore Rankings