Ecuador2019 Economic Complexity : -0.76, Rank 110 of 146
2019 Product Exports | Imports: $22.9B | $21.3B, 70 of 225 | 76 of 225
2019 Per Capita Product Exports | Imports: $1.32k | $1.23k, 108 of 219 | 138 of 219
2017 Service Exports | Imports : $2.3B | $3.19B, 87 of 139 | 78 of 139
Overview: In 2019 Ecuador was the number 59 economy in the world in terms of GDP (current US$), 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.
Overview: In March 2021 Ecuador exported $1.88B and imported $1.18B, resulting in a positive trade balance of $699M. Between March 2020 and March 2021 the exports of Ecuador have increased by $835M (79.8%) from $1.05B to $1.88B, while imports increased by $42.5M (3.73%) from $1.14B to $1.18B.
Trade: In March 2021, the top exports of Ecuador were Cut Flowers ($486M), Crustaceans ($386M), Bananas ($335M), Processed Fish ($122M), and Cocoa Beans ($64.3M). In March 2021 the top imports of Ecuador were Packaged Medicaments ($60.2M), Cars ($39.2M), Soybean Meal ($36.8M), Telephones ($36.7M), and Wheat ($31.6M).
Origins: In March 2021 the exports of Ecuador were mainly from Guayaquil-Marítimo ($1.13B), Quito ($506M), Puerto Bolívar ($102M), Tulcán ($48.3M), and Guayaquil-Aéreo ($45.6M), while imports destinations were mainly Guayaquil-Marítimo ($798M), Quito ($155M), Manta ($61.7M), Tulcán ($59.5M), and Guayaquil-Aéreo ($59.3M).
Destinations: In March 2021, Ecuador exported mostly to United States ($383M), China ($219M), Russia ($124M), Spain ($93.6M), and Netherlands ($86.7M), and imported mostly from China ($225M), United States ($179M), Colombia ($114M), Brazil ($57.2M), and Peru ($53.2M).
Growth: In March 2021, the increase in Ecuador's year-by-year exports was explained primarily by an increase in exports to United States ($166M or 76.8%), Russia ($54.6M or 78.4%), and Spain ($47.6M or 103%), and product exports increase in Cut Flowers ($467M or 2.44k%), Crustaceans ($107M or 38.5%), and Precious Metal Ore ($36.7M or 215%). In March 2021, the increase in Ecuador's year-by-year imports was explained primarily by an increase in imports from China ($7.3M or 3.35%), United States ($5.99M or 3.47%), and Brazil ($5.36M or 10.3%), and product imports increase in Woodworking machines ($3.36M or 349%), Hot-Rolled Iron Bars ($2.95M or 52.8%), and Wheat ($2.86M or 9.95%).
EXPORT GROWTH (March 2020 - March 2021): $835M, (79.8%)
IMPORT GROWTH (March 2020 - March 2021): $42.5M, (3.73%)
MAIN EXPORTER (March 2021): Guayaquil-Marítimo, $1.13B
MAIN DESTINATION (March 2021): United States, $383M
This section shows exports and imports data at subnational level for Ecuador. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Ecuador over time.
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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).
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).
Ecuador Exports Services (2017): $2.3B
Ecuador Imports Services (2017): $3.19B
In 2017, Ecuador exported $2.3B worth of services. The top services exported by Ecuador in 2017 were Personal travel ($1.23B), Business travel ($428M), Sea transport ($370M), Embassies and consulates ($129M), and Air transport ($43.5M).
The top services imported by Ecuador in 2017 were Sea transport ($797M), Air transport ($623M), Personal travel ($500M), Reinsurance ($463M), and Audiovisual and related services ($259M).
The top product import tariffs by their MFN Ad Valorem value for Ecuador are Meat and edible offal: of ducks, cuts and offal, excluding fatty livers, fresh or chilled (85.5%) and Meat and edible offal: of ducks, cuts and offal, excluding fatty livers, frozen (85.5%).
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:
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.
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.
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 it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.
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.
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