Ecuador’s Top Trading Partners

Ecuador's Top Trading Partners

by Flagpictures.org

Ecuador shipped US$19.1 billion worth of products around the globe in 2017. That dollar figure represents a tiny 0.1% of overall global exports estimated at $15.952 trillion one year earlier in 2016.

From a continental perspective, 32.8% of Ecuadorian exports by value are delivered to North America while 26.2% are sold to Latin America (excluding Mexico) and Caribbean importers.

Ecuador supplies another 21.7% worth of goods to European customers with 16.9% going to Asia.

A tiny percentage (0.2%) of Ecuadorian export products arrive in Africa.

Ecuador’s Top Trading Partners

Top 15

Below is a list showcasing 15 of Ecuador’s top trading partners. That is, countries that imported the most Ecuadorian shipments by dollar value during 2017. Also shown is each import country’s percentage of total Ecuadorian exports.

  1. United States: US$6.1 billion (31.7% of total Ecuadorian exports)
  2. Vietnam: $1.5 billion (7.6%)
  3. Peru: $1.3 billion (6.7%)
  4. Chile: $1.2 billion (6.5%)
  5. Panama: $935.8 million (4.9%)
  6. Russia: $845.3 million (4.4%)
  7. China: $771.9 million (4%)
  8. Colombia: $763.2 million (4%)
  9. Spain: $600.8 million (3.1%)
  10. Italy: $587.3 million (3.1%)
  11. Germany: $502.2 million (2.6%)
  12. Netherlands: $472.7 million (2.5%)
  13. Japan: $389 million (2%)
  14. France: $279.2 million (1.5%)
  15. Argentina: $270.3 million (1.4%)

Over four-fifths (86%) of overall Ecuadorian exports in 2017 were delivered to the above 15 trade partners.

Up by 41.3% in value, Panama increased its import purchases from Ecuador by the highest percentage from 2016 to 2017. Peru boosted its Ecuadorian imports by 37.3% trailed by the 30.6% gain in Ecuador’s export sales to Vietnam.

There were three decliners: Colombia (down -5.8%), Germany (down -5.4%) and France (down -1%).

Deficits

Overall Ecuador incurred a -$722.8 million trade deficit for 2017 reversing a $609 million positive trade balance during 2016.

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

Ecuador incurred a subtotal -$6.7 billion trade deficit with the following countries:

  1. China: -US$2.9 billion (country-specific trade deficit in 2017)
  2. Colombia: -$839.8 million
  3. Brazil: -$752.1 million
  4. Mexico: -$612.1 million
  5. South Korea: -$541.7 million
  6. Thailand: -$251.3 million
  7. India: -$228.7 million
  8. Bolivia: -$189.4 million
  9. Canada: -$175.4 million
  10. Taiwan: -$152.3 million

Among Ecuador’s trading partners that cause the greatest negative trade balances, Ecuadorian deficits with Argentina (up 210.5%), Paraguay (up 128.3%) and Thailand (up 114.3%) grew at the fastest pace from 2016 to 2017.

These cashflow deficiencies clearly indicate Ecuador’s competitive disadvantages with the above countries, but also represent key opportunities for Ecuador to develop country-specific strategies to strengthen its overall position in international trade.

Surpluses

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

Ecuador earned a subtotal $6 billion trade surplus with the following countries:

  1. United States: US$2.1 billion (country-specific trade surplus in 2017)
  2. Vietnam: $1.3 billion
  3. Chile: $743.2 million
  4. Russia: $674.6 million
  5. Peru: $523.3 million
  6. Italy: $298.3 million
  7. France: $119.7 million
  8. Saudi Arabia: $81.7 million
  9. Belgium: $81.4 million
  10. United Kingdom: $71 million

Among Ecuador’s trading partners that generate the greatest positive trade balances, Ecuadorian surpluses with Italy (up 71.2%), Peru (up 68%) and Vietnam (up 33.4%) grew at the fastest pace from 2016 to 2017.

These positive cashflow streams clearly indicate Ecuador’s competitive advantages with the above countries, but also represent key opportunities for Ecuador to develop country-specific strategies to optimize its overall position in international trade.

Companies

Companies Servicing Ecuadorian Trading Partners

Not one Ecuadorian corporation ranks among Forbes Global 2000.

Wikipedia does list exporters from Ecuador. Selected examples are shown below:

  • Corporación Nacional de Telecomunicaciones–CNT EP (telecommunications)
  • Ecua-Andino Hats (panama hats)
  • Marathon Sports (sport equipment)
  • TAME EP Linea Aerea del Ecuador (airliner)
  • Tiendas Industriales Asociadas S.A.–Tía S.A. (discount retailer)
  • Zhumir Latin Spirit (liquor)


 
See also Ecuador’s Top 10 Exports, 20 Most Valuable Ecuadorian Export Products and Ecuador’s Top 10 Imports

Research Sources:
The World Factbook, Field Listing: Imports – Commodities, Central Intelligence Agency. Accessed on February 14, 2018

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on February 14, 2018

Investopedia, Net Importer Definition. Accessed on February 14, 2018

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 14, 2018

Wikipedia, List of Companies of Ecuador. Accessed on February 14, 2018