Ecuador2020 Economic Complexity : -1.01, Rank 101 of 127
2020 Product Exports | Imports: $20.6B | $17.7B, 67 of 226 | 79 of 226
2020 Per Capita Product Exports | Imports: $1.17k | $1k, 104 of 219 | 144 of 219
2020 Service Exports | Imports : $1.66B | $2.52B, 50 of 65 | 50 of 65
Overview In 2020, Ecuador was the number 65 economy in the world in terms of GDP (current US$), the number 67 in total exports, the number 79 in total imports, the number 107 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
Overview In December 2021 Ecuador exported $1.55B and imported $1.83B, resulting in a negative trade balance of $288M. Between December 2020 and December 2021 the exports of Ecuador have increased by $54.1M (3.62%) from $1.49B to $1.55B, while imports increased by $416M (29.3%) from $1.42B to $1.83B.
Trade In December 2021, the top exports of Ecuador were Crustaceans ($519M), Bananas ($322M), Processed Fish ($109M), Cocoa Beans ($76.4M), and Gold ($53.4M). In December 2021 the top imports of Ecuador were Cars ($81.7M), Soybean Meal ($74M), Packaged Medicaments ($66.2M), Telephones ($58.4M), and Vaccines, blood, antisera, toxins and cultures ($49.2M).
Origins In December 2021 the exports of Ecuador were mainly from Guayaquil-Marítimo ($1.25B), Puerto Bolívar ($71.6M), Tulcán ($64.5M), Guayaquil-Aéreo ($59.4M), and Quito ($44.2M), while imports destinations were mainly Guayaquil-Marítimo ($1.21B), Quito ($238M), Manta ($119M), Tulcán ($112M), and Guayaquil-Aéreo ($69.1M).
Destinations In December 2021, Ecuador exported mostly to United States ($309M), China ($279M), Russia ($87.6M), Colombia ($79.5M), and Spain ($62.6M), and imported mostly from China ($545M), United States ($205M), Colombia ($159M), Brazil ($105M), and Peru ($74.7M).
Growth In December 2021, the increase in Ecuador's year-by-year exports was explained primarily by an increase in exports to Netherlands ($27.1M or 56.9%), Switzerland ($26.8M or 258%), and Qatar ($24.8M or 1.45k%), and product exports increase in Cut Flowers ($177M or 56.4%), Gold ($14M or 46.4%), and Copper Ore ($11.9M or 24.4%). In December 2021, the increase in Ecuador's year-by-year imports was explained primarily by an increase in imports from Bolivia ($14.2M or 99.4%), Canada ($8.17M or 65.9%), and South Korea ($4.74M or 19.8%), and product imports increase in Soybean Oil ($7.92M or 117%), Coated Flat-Rolled Iron ($6.89M or 39.6%), and Hot-Rolled Iron ($6.4M or 39.7%).
EXPORT GROWTH (December 2020 - December 2021): $54.1M, (3.62%)
IMPORT GROWTH (December 2020 - December 2021): $416M, (29.3%)
MAIN EXPORTER (December 2021): Guayaquil-Marítimo, $1.25B
MAIN DESTINATION (December 2021): United States, $309M
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 (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).
Ecuador Exports Services (2020): $1.66B
Ecuador Imports Services (2020): $2.52B
In 2020, Ecuador exported $1.66B worth of services. The top services exported by Ecuador in 2020 were Personal travel ($589M), Sea transport ($589M), Other government services ($117M), Business travel ($113M), and Financial services ($74.8M).
The top services imported by Ecuador in 2020 were Sea transport ($764M), Personal travel ($367M), Reinsurance ($357M), Air transport ($305M), and Financial services ($155M).
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.
The highest complexity exports of Ecuador according to the product complexity index (PCI) are Steel Wire (1.13), Iron Stovetops (0.36), Aluminium Pipes (0.19), Particle Board (0.15), and Small Iron Containers (0.12). 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 (0.12), 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.
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 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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