Flag Ecuador

Econ Complexity (2018): -0.7, Rank 102 of 137

Product Exports (2018): $22.1B, Rank 70 of 222

Exports Per Capita (2018): $1.3k, Rank 180 of 219

Product Imports (2018): $23.1B, Rank 72 of 221

Imports Per Capita (2018): $1.35k, Rank 199 of 219

Service Exports (2017): $2.3B, Rank 87 of 139

Service Imports (2017): $3.19B, Rank 78 of 139

GDP (2018): $108B, CURRENT US$
Rank 59 of 196

GDP growth (2008 - 2018): 75.5%, CURRENT US$
Rank 49 of 196

GDP PC (2018): $6,345, CURRENT US$
Rank 98 of 196

GDP PC GROWTH (2008 - 2018): 49.3%, CURRENT US$
Rank 47 of 196

Overview: In 2018 Ecuador was the number 59 economy in the world in terms of GDP (current US$), the number 70 in total exports, the number 72 in total imports, the number 98 economy in terms of GDP per capita (current US$) and the number 102 most complex economy according to the Economic Complexity Index (ECI)

Exports: The top exports of Ecuador are Crude Petroleum ($7.97B), Bananas ($3.37B), Crustaceans ($3.24B), Processed Fish ($1.23B), and Refined Petroleum ($947M), exporting mostly to United States ($6.69B), Peru ($1.66B), China ($1.5B), Chile ($1.49B), and Panama ($1.24B).

In 2018, Ecuador was the world's biggest exporter of Bananas ($3.37B)

Imports: The top imports of Ecuador are Refined Petroleum ($2.89B), Coal Tar Oil ($1.31B), Cars ($1.15B), Packaged Medicaments ($554M), and Petroleum Gas ($514M), importing mostly from United States ($5.31B), China ($4.11B), Colombia ($1.86B), Panama ($1.06B), and Brazil ($920M).

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

Latest Trends (August, 2020)

#permalink to section

Overview: In August 2020 Ecuador exported $1.46B and imported $1.13B, resulting in a positive trade balance of $326M. Between August 2019 and August 2020 the exports of Ecuador have increased by $330M (29.2%) from $1.13B to $1.46B, while imports decreased by $-254M (-18.3%) from $1.39B to $1.13B.

Trade: In August 2020, the top exports of Ecuador were Cut Flowers ($370M), Bananas ($283M), Crustaceans ($247M), Processed Fish ($101M), and Cocoa Beans ($67.2M). In August 2020 the top imports of Ecuador were Passenger and Cargo Ships ($109M), Packaged Medicaments ($68.4M), Telephones ($55.7M), Cars ($32.5M), and Soybean Meal ($31.7M).

Origins: In August 2020 the exports of Ecuador were mainly from Guayaquil-Marítimo ($915M), Quito ($376M), Puerto Bolívar ($52.6M), Tulcán ($40.7M), and Guayaquil-Aéreo ($39M), while imports destinations were mainly Guayaquil-Marítimo ($663M), Manta ($158M), Quito ($155M), Tulcán ($63.9M), and Guayaquil-Aéreo ($58.4M).

Destinations: In August 2020, Ecuador exported mostly to United States ($307M), China ($133M), Russia ($80M), Spain ($65.2M), and Netherlands ($60.1M), and imported mostly from China ($280M), United States ($124M), Bahamas ($109M), Colombia ($108M), and Mexico ($42.1M).

Growth: In August 2020, the increase in Ecuador's year-by-year exports was explained primarily by an increase in exports to United States ($88.2M or 40.4%), Switzerland ($29.2M or 1.84k%), and Finland ($25.9M or 1.8k%), and product exports increase in Cut Flowers ($259M or 233%), Bananas ($43.2M or 18.1%), and Precious Metal Ore ($40.3M or 572%). In August 2020, the decrease in Ecuador's year-by-year imports was explained primarily by an decrease in imports from China ($-72.3M or -20.5%), United States ($-59.9M or -32.7%), and Japan ($-27.7M or -52.7%), and product imports decrease in Cars ($-39.5M or -54.9%), Delivery Trucks ($-32.7M or -63.4%), and Hot-Rolled Iron ($-12.3M or -71.7%).

Flow
Value
Depth

EXPORT GROWTH (August 2019 - August 2020): $330M, (29.2%)

IMPORT GROWTH (August 2019 - August 2020): $-254M, (-18.3%)

MAIN EXPORTER (August 2020): Guayaquil-Marítimo, $915M

MAIN DESTINATION (August 2020): United States, $307M

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.

Comparison in Time

#permalink to section
Flow
Value

This section shows the differences between Ecuador's total subnational aggregate trade throughout time. To explore different subnational trade comparisons in time, visit Ecuador's subnational profiles.

Explore Ecuador's Subnational Data

Yearly Exports

#permalink to section
Value
Depth

Top Export (2018): Crude Petroleum, $7.97B

Top Destination (2018): United States, $6.69B

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.

The most recent exports are led by Crude Petroleum ($7.97B), Bananas ($3.37B), Crustaceans ($3.24B), Processed Fish ($1.23B), and Refined Petroleum ($947M). The most common destination for the exports of Ecuador are United States ($6.69B), Peru ($1.66B), China ($1.5B), Chile ($1.49B), and Panama ($1.24B).

Explore Visualizations

Yearly Imports

#permalink to section
Value
Depth

Top Import (2018): Refined Petroleum, $2.89B

Top Origin (2018): United States, $5.31B

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.

The most recent imports of Ecuador are led by Refined Petroleum ($2.89B), Coal Tar Oil ($1.31B), Cars ($1.15B), Packaged Medicaments ($554M), and Petroleum Gas ($514M). The most common import partners for Ecuador are United States ($5.31B), China ($4.11B), Colombia ($1.86B), Panama ($1.06B), and Brazil ($920M).

Explore Visualizations

Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

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).

Trade Forecasts

#permalink to section

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.

Explore Forecasts

Tariffs by Product

#permalink to section

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.

Explore Tariff 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 TM80
43: AAP.CE N° 46 Acuerdo de Complementación Económica N° 46 Celebrado entre la República de Cuba y la República de Ecuador
61: AAP.CE N° 59 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay, Colombia, Ecuador y Venezuela
68: AAP.CE Nº 65 Acuerdo de Complementación Económica Nº 65 entre la República de Chile y la República del Ecuador
72: AAP.R N° 29 Acuerdo de Alcance Parcial de Renegociación N° 29 Celebrado entre la República del Ecuador y los Estados Unidos Mexicanos
79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia
81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay
82: 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 treatement
219: Preferential tariff for European Union countries (AA) Association Agreement
229: Preferential tariff for Guatemala
311: Preferential tariff for The Andean Community ( Spanish: Comunidad Andina, CAN)

Economic Complexity

#permalink to section

Economic Complexity Ranking

#permalink to section
Scale

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.

Explore Rankings

Most Specialized Products by RCA Index

#permalink to 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.

Most Complex Products by PCI

#permalink to section

The highest complexity exports of Ecuador according to the product complexity index (PCI) are Aluminium tubes and pipes (0.63), Machines to clean, sort, mill seed, grain, dry legumes (0.51), Stoves, ranges/barbecues,etc, non-electric, iron/steel (0.44), Uncoated paper and paperboard nes (0.38), and Particle board, similar board, wood, ligneous material (0.12). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

#permalink to section

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.

Diversification Frontier

#permalink to section
Filter
Depth

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.