Overview: In 2018 Ecuador was the number 59 economy in the world in terms of GDP (current US$), the number 70 in total exports, the number 72 in total imports, and the number 102 most complex economy according to the Economic Complexity Index (ECI). In 2018, Ecuador exported $22.1B and imported $23.1B, resulting in a negative trade balance of -$916M. In 2018, Ecuador's exports per capita were $1.3k and its imports per capita were $1.35k.
In 2018 Ecuador exported a total of $22.1B, making it the number 70 exporter in the world. During the last five reported years the exports of Ecuador have changed by -$4.74B from $26.9B in 2013 to $22.1B in 2018.
In 2018 Ecuador imported $23.1B, making it the number 72 trade destination in the world. During the last five reported years the imports of Ecuador changed by -$3.67B from $26.7B in 2013 to $23.1B in 2018.
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).
This section shows forecasts for total product exports and imports for Ecuador. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*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 TM8043: AAP.CE N° 46 Acuerdo de Complementación Económica N° 46 Celebrado entre la República de Cuba y la República de Ecuador61: AAP.CE N° 59 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay, Colombia, Ecuador y Venezuela68: AAP.CE Nº 65 Acuerdo de Complementación Económica Nº 65 entre la República de Chile y la República del Ecuador72: AAP.R N° 29 Acuerdo de Alcance Parcial de Renegociación N° 29 Celebrado entre la República del Ecuador y los Estados Unidos Mexicanos79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay82: AR.CEYC N° 7 Acuerdo de Cooperación e Intercambio en las Áreas Cultural, Educacional y Científica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, México, Panamá, Paraguay, Perú, Uruguay)83: AR.PAR N° 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador México Panamá Paraguay Perú Uruguay Venezuela)136: Most Favoured Nation duty rate treatement219: Preferential tariff for European Union countries (AA) Association Agreement229: Preferential tariff for Guatemala311: Preferential tariff for The Andean Community ( Spanish: Comunidad Andina, CAN)
During the last 20 years Ecuador's economy has become relatively less complex, moving from the 75th to the 102nd 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.
Ecuador has a high level of specialization in Bananas (200), Crustaceans (101), Cut Flowers (78.5), Cocoa Beans (60.8), and Processed Fish (56.9). Specialization is measured using RCA, an index that takes the ratio between Ecuador observed and expected exports in each product.
The top export opportunities for Ecuador according to the relatedness index, are Other Oily Seeds (0.12), Coconuts, Brazil Nuts, and Cashews (0.12), Gold (0.12), Rubber (0.12), and Molluscs (0.12). 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.
Ecuador
