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
2019 Service Exports | Imports : $3.35B | $4.14B, 44 of 69 | 37 of 69
Overview In 2019 Ecuador was the number 59 economy in the world in terms of GDP (current US$), 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
Overview In July 2021 Ecuador exported $1.76B and imported $1.71B, resulting in a positive trade balance of $46.1M. Between July 2020 and July 2021 the exports of Ecuador have increased by $158M (9.88%) from $1.6B to $1.76B, while imports increased by $636M (59.1%) from $1.08B to $1.71B.
Trade In July 2021, the top exports of Ecuador were Crustaceans ($455M), Cut Flowers ($446M), Bananas ($263M), Processed Fish ($109M), and Cocoa Beans ($48.2M). In July 2021 the top imports of Ecuador were Packaged Medicaments ($87.3M), Cars ($81M), Soybean Meal ($66.4M), Wheat ($51.3M), and Delivery Trucks ($50.2M).
Origins In July 2021 the exports of Ecuador were mainly from Guayaquil-Marítimo ($1.09B), Quito ($451M), Puerto Bolívar ($62.5M), Tulcán ($57.5M), and Guayaquil-Aéreo ($41.8M), while imports destinations were mainly Guayaquil-Marítimo ($1.13B), Quito ($233M), Manta ($119M), Tulcán ($113M), and Guayaquil-Aéreo ($59.6M).
Destinations In July 2021, Ecuador exported mostly to United States ($349M), China ($232M), Spain ($110M), Russia ($96.3M), and Colombia ($81.5M), and imported mostly from China ($483M), United States ($187M), Colombia ($185M), Brazil ($74.3M), and Peru ($57.8M).
Growth In July 2021, the increase in Ecuador's year-by-year exports was explained primarily by an increase in exports to Spain ($43.9M or 66.7%), United States ($37.5M or 12.1%), and Belarus ($31.9M or 301%), and product exports increase in Cut Flowers ($240M or 116%), Crustaceans ($187M or 69.9%), and Precious Metal Ore ($25.1M or 136%). In July 2021, the increase in Ecuador's year-by-year imports was explained primarily by an increase in imports from China ($175M or 56.5%), Colombia ($80.2M or 76.6%), and United States ($50.5M or 37.1%), and product imports increase in Cars ($48.6M or 150%), Soybean Meal ($40.4M or 156%), and Delivery Trucks ($32M or 176%).
EXPORT GROWTH (July 2020 - July 2021): $158M, (9.88%)
IMPORT GROWTH (July 2020 - July 2021): $636M, (59.1%)
MAIN EXPORTER (July 2021): Guayaquil-Marítimo, $1.09B
MAIN DESTINATION (July 2021): United States, $349M
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 (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).
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:
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 a country currently specializes in.
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.
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.