Ecuador’s Top Trading Partners

Ecuador's Top Trading Partners

by Flagpictures.org

Ecuador shipped US$16.8 billion worth of products around the globe in 2016. That figure represents a tiny 0.1% of overall global exports estimated at $16.236 trillion for 2016.

From a continental perspective, 33.8% of Ecuador’s total exports by value in 2016 were delivered to North American trade partners.

Latin American importers (excluding Mexico) and Caribbean nations purchased 26.2% of Ecuadorian shipments while 22.2% worth of products arrived in European countries.

At 16.9%, a smaller portion of Ecuadorian exports were bought by Asian importers.

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 2016. Also shown is each import country’s percentage of total Ecuadorian exports.

  1. United States: US$5.4 billion (32.4% of total Ecuadorian exports)
  2. Chile: $1.2 billion (6.8%)
  3. Vietnam: $1.1 billion (6.6%)
  4. Peru: $934.2 million (5.6%)
  5. Colombia: $810.5 million (4.8%)
  6. Russia: $769.2 million (4.6%)
  7. Panama: $662.3 million (3.9%)
  8. China: $656.4 million (3.9%)
  9. Spain: $547.3 million (3.3%)
  10. Germany: $530.7 million (3.2%)
  11. Italy: $460.9 million (2.7%)
  12. Netherlands: $422.6 million (2.5%)
  13. Japan: $319.6 million (1.9%)
  14. France: $282.1 million (1.7%)
  15. Argentina: $217.6 million (1.3%)

Over four-fifths (85.4%) of Ecuadorian exports in 2016 were delivered to the above 15 trade partners.

Up by 11,578% in value, Vietnam increased its import purchases from Ecuador by the highest percentage from 2009 to 2016. China boosted its Ecuadorian imports by 428.5% trailed by the 192.5% gain from Ecuador’s export sales to Japan.

Leading the decliners was Panama with a -66.3% cutback in Ecuadorian imports from 2009 to 2016, followed by Italy’s -20.4% drop and Peru’s modest -0.6% downtick.

Deficits

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 -$4.6 billion trade deficit with the following countries:

  1. China: -US$1.9 billion (country-specific trade deficit in 2016)
  2. Colombia: -$610.6 million
  3. Brazil: -$527.2 million
  4. South Korea: -$443.7 million
  5. Mexico: -$322.6 million
  6. Panama: -$226.3 million
  7. Bolivia: -$160.2 million
  8. Thailand: -$145.7 million
  9. Hong Kong: -$120.9 million
  10. Switzerland: -$114.1 million

From 2009 to 2016, Ecuadorian trade deficits grew at the fastest pace with the following three countries: Bolivia (up 10,712%), Switzerland (up 317%) and China (up 93.9%).

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 $4.7 billion trade surplus with the following countries:

  1. United States: US$1.3 billion (country-specific trade surplus in 2016)
  2. Vietnam: $1 billion
  3. Chile: $670.9 million
  4. Russia: $601.5 million
  5. Peru: $245.5 million
  6. Italy: $203.1 million
  7. Spain: $190.1 million
  8. Netherlands: $163.3 million
  9. France: $149.3 million
  10. Venezuela: $134.5 million

Among Ecuador’s trading partners that cause the greatest positive trade balances, Ecuadorian surpluses with France (up 154.9%), United States (up 98.9%) and Chile (up 67.2%) grew at the fastest pace from 2009 to 2016.

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 for 2015.

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

  • Corporación Nacional de Telecomunicaciones–CNT EP (telecommunications)
  • Marathon Sports (sport equipment)
  • Ecua-Andino Hats (panama hats)
  • Tiendas Industriales Asociadas S.A.–Tía S.A. (discount retailer)
  • TAME EP Linea Aerea del Ecuador (airliner)
  • 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 April 27, 2017

Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on April 27, 2017

Investopedia, Net Importer Definition. Accessed on April 27, 2017

Forbes 2015 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 27, 2017
Wikipedia, List of Companies of Ecuador. Accessed on April 27, 2017