That dollar amount results from a 74.7% upturn compared to $21.6 billion during 2018.
Year over year, the total value of Ecuadorean exports accelerated by 43.8% from $26.3 billion in 2021.
Ecuador’s Key Trading Partners
The latest available country-specific data shows that 81.2% of products exported from Ecuador were bought by importers in: United States of America (27.7% of the Ecuadorean total), mainland China (17.8%), Panama (13.3%), Chile (3.7%), Colombia (3.3%), Spain (2.94%), Peru (2.92%), Russia (2.8%), Netherlands (2.0%), Italy (1.7%), India (1.54%) and Japan (1.46%).
From a continental perspective, 29.5% of Ecuador’s exports by value were delivered to North American countries while 26.6% were sold to importers in Latin America excluding Mexico but including the Caribbean. Ecuador shipped 26.5% worth of goods to Asia, with another 16.7% going to buyers in Europe.
Tinier percentages went to customers in Africa (0.6%), and Oceania (0.1%) led by New Zealand and Australia.
Given Ecuador’s population of 18 million people, its total $37.8 billion in 2022 exports translates to about $2,100 for every resident in the South American nation.
Ecuador’s Top 10 Exports
The following export product groups represent the highest dollar value in Ecuadorean global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Ecuador.
- Mineral fuels including oil: US$13.1 billion (34.8% of total exports)
- Fish: $8.5 billion (22.4%)
- Fruits, nuts: $3.8 billion (10.1%)
- Ores, slag, ash: $2 billion (5.3%)
- Meat/seafood preparations: $1.6 billion (4.2%)
- Cocoa: $1.1 billion (2.8%)
- Live trees, plants, cut flowers: $1 billion (2.8%)
- Gems, precious metals: $935.5 million (2.5%)
- Wood: $637.1 million (1.7%)
- Machinery including computers: $352.6 million (0.9%)
Ecuador’s top 10 exports accounted for 87.5% of the overall value of its global shipments.
Machinery including computers was the fastest grower among the top 10 export categories, up by 390.2% from 2021 to 2022.
In second place for improving export sales was the ores, slag and ash product category via a 86.1% advance propelled by stronger Ecuadorean revenues from exported copper ores and concentrates.
Ecuador’s shipments of gems and precious metals posted the third-fastest gain in value up by 56.7% in the wake of higher gold sales.
The most modest gain among Ecuador’s top 10 export categories was under the fruits and nuts product category (up 2% from 2021).
The above insights are presented at the two-digit Harmonized Tariff System (HTS) code level.
From the more detailed four-digit HTS code perspective, Ecuador’s most valuable exported products are crude oil (27.7% of the Ecuadorean total). In second place was lobsters including other crustaceans (21.2%) trailed by bananas and plantains (9.3%), refined petroleum oils (5.4%), preserved or prepared fish and caviar (4%), copper ores and concentrates (3.4%), fresh or dried flowers (2.7%), cocoa beans (2.4%), gold (also 2.4%), then precious metal ores and concentrates (1.9%).
Products Generating Ecuador’s Largest Trade Surpluses
Overall Ecuador posted a $7.3 billion trade surplus for 2022, expanding by 1,235% compared to $549.3 million in black ink one year earlier in 2021.
The following types of Ecuadorean product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Fish: US$8.3 billion (Up by 49.9% since 2021)
- Mineral fuels including oil: $5.7 billion (Up by 52.7%)
- Fruits, nuts: $3.7 billion (Up by 2.3%)
- Ores, slag, ash: $2 billion (Up by 86.2%)
- Meat/seafood preparations: $1.6 billion (Up by 20.2%)
- Live trees, plants, cut flowers: $1 billion (Up by 9.3%)
- Cocoa: $1 billion (Up by 14%)
- Gems, precious metals: $915 million (Up by 57.9%)
- Wood: $574.8 million (Up by 13.2%)
- Vegetable/fruit/nut preparations: $253.4 million (Up by 24%)
In addition to the fish product category, Ecuador has highly positive net exports in the international trade of crude oil and, to a much lesser extent, electricity under the mineral fuels-related category.
Products Causing Ecuador’s Worst Trade Deficits
Below are exports from Ecuador that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Ecuador’s goods trail Ecuadorean importer spending on foreign products.
- Machinery including computers: -US$2.5 billion (Down by -2.5% since 2021)
- Vehicles: -$2.4 billion (Up by 18.2%)
- Electrical machinery, equipment: -$1.6 billion (Down by -8.4%)
- Food industry waste, animal fodder: -$1.25 billion (Up by 26.9%)
- Plastics, plastic articles: -$1.18 billion (Down by -2.2%)
- Pharmaceuticals: -$1.05 billion (Down by -27.3%)
- Iron, steel: -$928.5 million (Down by -12.6%)
- Cereals: -$638.3 million (Up by 13.6%)
- Organic chemicals: -$518.1 million (Up by 17.5%)
- Other chemical goods: -$511.2 million (Down by -9.9%)
Ecuador has highly negative net exports and therefore deep international trade deficits for machinery, particularly for computers.
These cashflow deficiencies clearly indicate Ecuador’s competitive disadvantages in the international machinery market, but also represent key opportunities for Ecuador to improve its position in the global economy through focused innovations.
Ecuadorean Export Companies
Not one Ecuadorean corporation ranks among Forbes Global 2000.
Wikipedia does list some 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)
In macroeconomic terms, Ecuador’s total exported goods represent 16.4% of its overall Gross Domestic Product for 2022 ($231 billion valued in Purchasing Power Parity US dollars). That 16.4% of exports to overall GDP in PPP for 2022 compares to 12.6% for 2021. Those percentages suggest an increasing reliance on products sold on international markets for Ecuador’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Ecuador’s unemployment rate averaged 3.8% for 2022, down from an average 4.68% in 2021 according to statistics from the International Monetary Fund.
Ecuador’s capital city is Quito.
See also Ecuador’s Top Trading Partners, Ecuador’s Top 10 Imports, Colombia’s Top Trading Partners, Chile’s Top Trading Partners and Argentina’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook South America: Ecuador. Accessed on May 29, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 29, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 29, 2023
International Trade Centre, Trade Map. Accessed on May 29, 2023
Investopedia, Net Exports Definition. Accessed on May 29, 2023
Wikipedia, Ecuador. Accessed on May 29, 2023
Wikipedia, Gross domestic product. Accessed on May 29, 2023
Wikipedia, List of Companies of Ecuador. Accessed on May 29, 2023
Wikipedia, Purchasing power parity. Accessed on May 29, 2023
