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2023
Flag → Flag
Exports $80.2MRnk 39 / 174
2023
Flag → Flag
Top Product $35.4MCrustaceans
2023
Flag → Flag
Exports $847MRnk 45 / 142
2023
Flag → Flag
Top Product $371MRefined Petroleum
2023
Flag
Economic Complexity (ECI) ECI -0.85Rnk 104 / 132
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag  
GDP$119BCURRENT US$
Rnk 63 / 195
2013-2023
Flag
GDP GROWTH23.1%CURRENT US$
Rnk 131 / 195
2023
Flag
 GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
Flag
GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
GDP PC $6,610CURRENT US$
Rnk 109 / 195
2013-2023
Flag
GDP PC GROWTH8.19%CURRENT US$
Rnk 141 / 195
2023
Flag
GDP PC$33,121CURRENT US$
Rnk 41 / 196
2013-2023
Flag
GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195

About

Ecuador-South Korea Trade: In 2023, Ecuador exported $80.2M to South Korea. The main products that Ecuador exported to South Korea were Crustaceans ($35.4M), Scrap Copper ($23.3M), and Bananas ($15.1M). Over the past 5 years the exports of Ecuador to South Korea have decreased at an annualized rate of 6.95%, from $115M in 2018 to $80.2M in 2023.

In 2023, Ecuador did not export any services to South Korea.

South Korea-Ecuador Trade: In 2023, South Korea exported $847M to Ecuador. The main products that South Korea exported to Ecuador were Refined Petroleum ($371M), Coal Tar Oil ($73.2M), and Cars ($71M). Over the past 5 years the exports of South Korea to Ecuador have increased at an annualized rate of 0.74%,  from $817M in 2018 to $847M in 2023.

In 2023, South Korea did not export any services to Ecuador.

Comparison: In 2023,  Ecuador ranked 104 in the Economic Complexity Index (ECI -0.85), and 65 in total exports ($37.3B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B).

Latest Trends

December, 2021

About

Overview In December 2021, Ecuador exported $10.6M and imported $41.4M from South Korea, resulting in a negative trade balance of $30.8M. Between December 2020 and December 2021 the exports of Ecuador have increased by $3.98M (60.1%) from $6.62M to $10.6M, while imports increased by $399k (0.98%) from $41M to $41.4M.

Trade In December 2021, the top exports of Ecuador to South Korea were Crustaceans ($5.4M), Scrap Copper ($1.24M), Bananas ($615k), Scrap Aluminium ($214k), and Laboratory Reagents ($40k). In December 2021 the top imports of Ecuador from South Korea were Vaccines, blood, antisera, toxins and cultures ($3.45M), Cars ($3.38M), Iron Structures ($3.28M), Hot-Rolled Iron ($3.02M), and Non-fillet Frozen Fish ($1.41M).

Origins In December 2021 the exports of Ecuador were mainly from Guayaquil-Marítimo ($10.5M), Quito ($44.8k), and Guayaquil-Aéreo ($5.63k), while imports destinations were mainly Guayaquil-Marítimo ($25.4M), Quito ($7.58M), Manta ($7.5M), Guayaquil-Aéreo ($763k), and Cuenca ($148k).

Growth In December 2021, the increase in Ecuador's year-by-year exports to South Korea was explained primarily by an increase in product exports in Crustaceans ($1.51M or 38.9%) and Scrap Aluminium ($46.3k or 27.6%). In December 2021, the increase in Ecuador's year-by-year imports  from South Korea was explained primarily by an increase in product imports  in Vaccines, blood, antisera, toxins and cultures ($2.19M or 175%), Non-fillet Frozen Fish ($1.35M or 2.62k%), and Cars ($1.19M or 54.5%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (December 2020 - December 2021)$3.98M(60.1%)
IMPORT GROWTH (December 2020 - December 2021)$399k(0.98%)
MAIN EXPORTER (December 2021)Guayaquil-Marítimo$10.5M

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 to explore the exports or imports behavior of Ecuador over time.

To check South Korea and Ecuador trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore South Korea and Ecuador Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Ecuador exported $80.2M to South Korea. The main products exported from Ecuador to South Korea were Crustaceans ($35.4M), Scrap Copper ($23.3M), and Bananas ($15.1M). During the last 5 years the exports of Ecuador to South Korea have decreased at an annualized rate of 6.95%, from $115M in 2018 to $80.2M in 2023.

In 2018, South Korea exported $847M to Ecuador. The main products exported from South Korea to Ecuador were Refined Petroleum ($371M), Coal Tar Oil ($73.2M), and Cars ($71M). During the last 5 years the exports of South Korea to Ecuador have increased at an annualized rate of 0.74%, from $817M in 2023 to $847M in 2018.

Exports from Ecuador (Flag) to South Korea (Flag) (2023)

Exports from South Korea (Flag) to Ecuador (Flag) (2023)

Market Competitiveness

Color
Ecuador
Top DestinationUnited States$8.34B
South Korea
Top DestinationChina$162B

This map shows whether countries import more from Ecuador or South Korea. Each country is colored based on the difference in imports they receive from Ecuador and South Korea or the difference in the growth in imports.

In 2023, countries that imported more from Ecuador than South Korea included Panama ($4.38B), Russia ($924M), and Peru ($1.15B).

In 2023, countries that imported more from South Korea than Ecuador included China ($162B), United States ($118B), and Hong Kong ($28.8B).

Difference in imports from South Korea (Flag) and Ecuador (Flag) (2023)

Comparative Advantage Ecuador - South Korea

Flow
Scale

This chart compares trade between Ecuador and South Korea by product, considering products traded by both, Ecuador and South Korea.

During 2023, Ecuador had a large net trade with South Korea in the exports of Animal Products ($36.1M), Metals ($24.6M), and Vegetable Products ($15.5M).

During 2018, South Korea had a large net trade with Ecuador in the exports of Mineral Products ($444M), Transportation ($113M), and Machines ($96.9M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Ecuador South Korea+$132MCrude Petroleum
Top Product Potential South Korea Ecuador+$34.9MCars

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Ecuador and South Korea. This means that a dot/product with the flag of Ecuador indicates it has a comparative advantage over South Korea. Similarly, a dot/product with the flag of South Korea indicates it has a comparative advantage over Ecuador.

Product Space of Ecuador (Flag) and South Korea (Flag) (2023)

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