Overview In 2020 Ecuador was the number 65 economy in the world in terms of GDP (current US$), the number 67 in total exports, the number 79 in total imports, the number 98 economy in terms of GDP per capita (current US$) and the number 101 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Ecuador are Crude Petroleum ($4.94B), Bananas ($3.83B), Crustaceans ($3.83B), Processed Fish ($1.19B), and Cut Flowers ($835M), exporting mostly to United States ($4.8B), China ($2.94B), Panama ($2.43B), Russia ($929M), and Chile ($823M).

In 2020, Ecuador was the world's biggest exporter of Bananas ($3.83B)

Imports The top imports of Ecuador are Refined Petroleum ($1.64B), Coal Tar Oil ($811M), Broadcasting Equipment ($546M), Packaged Medicaments ($518M), and Cars ($484M), importing mostly from United States ($4.23B), China ($3.8B), Colombia ($1.51B), Peru ($645M), and Brazil ($614M).

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

December, 2021

Historical Data

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Flow
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Top Export (2020): Crude Petroleum, $4.94B

Top Destination (2020): United States, $4.23B

In 2020, Ecuador exported a total of $20.6B, making it the number 67 exporter in the world. During the last five reported years the exports of Ecuador have changed by $1.55B from $19.1B in 2015 to $20.6B in 2020.

The most recent exports are led by Crude Petroleum ($4.94B), Bananas ($3.83B), Crustaceans ($3.83B), Processed Fish ($1.19B), and Cut Flowers ($835M). The most common destination for the exports of Ecuador are United States ($4.8B), China ($2.94B), Panama ($2.43B), Russia ($929M), and Chile ($823M).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Economic Complexity

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Most Specialized Products by RCA Index

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Ecuador has a high level of specialization in Bananas (224), Crustaceans (127), Cut Flowers (80.2), Cocoa Beans (78.2), and Processed Fish (51.4). Specialization is measured using RCA, an index that takes the ratio between Ecuador observed and expected exports in each product.

Export Opportunities by Relatedness

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The top export opportunities for Ecuador according to the relatedness index, are Gold (0.12), Raw Sugar (0.11), Other Oily Seeds (0.1), Insect Resins (0.1), and Coconuts, Brazil Nuts, and Cashews (0.1). 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

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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

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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

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Scale

During the last 20 years Ecuador's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨65th to the 101st⁩ 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.

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