OVERVIEW
Ecuador, nestled along South America’s Pacific coast, is a country of striking contrasts. From the snow-capped peaks of the Andes to the lush Amazon rainforest and the world-famous Galápagos Islands, its landscapes embody biodiversity and natural wonder. Ecuadorian culture blends Indigenous traditions with Spanish colonial heritage, expressed through vibrant festivals, artisanal crafts, and a cuisine that celebrates seafood, plantains, and the beloved ceviche.
Since dollarizing its economy in 2000, Ecuador has pursued stability while relying heavily on natural resources. Petroleum, agriculture, and fisheries remain central, but the country is also diversifying into manufacturing and services. Quito, the capital, is known for its UNESCO-listed historic center and growing business sector, while Guayaquil thrives as the nation’s commercial hub, and Cuenca stands out for its architecture and artisanal exports.
In 2023 Ecuador ranked:
- 63rd in terms of GDP, valued at $119B out of 195 economies
- 65th in terms of total exports, worth $36.7B, out of 226 countries
- 109th in terms of GDP per capita, with current US$, out of 196 economies
- 105th in Economic Complexity Index (Trade)
ECONOMIC COMPLEXITY RANKING
EXPORT
In 2023, Ecuador’s principal exports were:
- Crude Petroleum – $12B
- Crustaceans – $7.04B
- Bananas – $4.77B
- Gold – $1.48B
- Processed Fish – $1.35B
Top destinations for Ecuadorian exports:
- China – $7.95B
- United States – $7.66B
- Panama – $4.46B
- Japan – $1.22B
- Peru – $1.01B
Ecuador was the world’s largest exporter of crustaceans and bananas in 2023
IMPORT
In 2023, Ecuador imported a total of $29.2B, ranking 72nd globally. Main imports included:
- Refined Petroleum – $4.4B
- Coal Tar Oil – $1.91B
- Cars – $1.35B
- Packaged Medicaments – $789M
- Soybean Meal – $654M
Key suppliers were:
- United States – $8.11B
- China – $5.85
- Colombia – $2.03B
- Peru – $1.16B
- Brazil – $1.14B
YEARLY TRADE
Between 2018 and 2023, Ecuador’s exports grew from $23.2B to $36.7B, an increase of $13.5B. From 2022 to 2023, exports rose by 0.87% (+$317M), showing resilience despite global market volatility.
CURIOSITY CORNER
Beyond petroleum and bananas, Ecuador’s cultural exports are unique. The country is famous for Panama hats (which, despite the name, originate from Ecuador), woven from toquilla straw and prized worldwide for their craftsmanship. Ecuador is also renowned for its fine cacao, considered among the best in the world, forming the basis of premium chocolates exported globally. These products highlight how Ecuador’s fertile climate and artisanal traditions translate into internationally recognized symbols of heritage and quality.
CONCLUSIONS
In 2023, Ecuador stood out as a resource-rich economy balancing petroleum exports with agricultural and fisheries strength. Its trade profile reflected reliance on commodities but also diversification into processed goods. Long-term opportunities lie in renewable energy, sustainable tourism, and value-added agriculture, leveraging its biodiversity and strategic Pacific location.
Culturally, Ecuador’s hats, cacao, and artisanal crafts showcase how tradition and creativity coexist, reinforcing the nation’s appeal to investors, partners, and visitors alike.
