That dollar total reflects a 74.7% advance compared to $21.6 billion during 2018 and a 43.8% upturn from $26.3 billion in 2021.
Ecuador’s official currency is US dollars.
Comprising its leading customers, the top 5 importers for Ecuadorean exported products were the United States of America, mainland China, Panama, Chile and Colombia. Collectively, that international group of customers purchased almost two-thirds (65.8%) of Ecuador’s overall exports in 2022 as measured by dollar value.
Viewed from a continental lens, 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.
Much smaller percentages went to customers in Africa (0.6%), and Oceania (0.1%) led by New Zealand and Australia.
Ecuador’s Top Trading Partners
Below is a list showcasing 25 of Ecuador’s top trading partners. That is, countries that imported the most Ecuadorean shipments by dollar value during 2022. Also shown is each import country’s percentage of total Ecuadorean exports.
- United States: US$10.5 billion (27.7% of Ecuador’s total exports)
- mainland China: $6.7 billion (17.8%)
- Panama: $5 billion (13.3%)
- Chile: $1.4 billion (3.7%)
- Colombia: $1.2 billion (3.3%)
- Spain: $1.11 billion (2.9%)
- Peru: $1.1 billion (2.9%)
- Russia: $1 billion (2.8%)
- Netherlands: $773.4 million (2%)
- Italy: $633.6 million (1.7%)
- India: $582.8 million (1.5%)
- Japan: $551.4 million (1.5%)
- France: $406.9 million (1.1%)
- Germany: $383.5 million (1%)
- Canada: $368.4 million (1%)
- Argentina: $359.1 million (1%)
- Switzerland: $324.7 million (0.9%)
- United Arab Emirates: $301.2 million (0.8%)
- United Kingdom: $286.4 million (0.8%)
- Belgium: $282.2 million (0.7%)
- Mexico: $258.8 million (0.7%)
- Malaysia: $242.9 million (0.6%)
- South Korea: $233.9 million (0.6%)
- Türkiye: $214.1 million (0.6%)
- Finland: $210 million (0.6%)
More than nine-tenths (91.4%) of overall Ecuadorean exports in 2022 were delivered to the above 25 trade partners.
The fastest increases in consumption of exports from Ecuador were posted by importers in: Japan (up 111.7% from 2021), United Arab Emirates (up 101.8%), Canada (up 94.1%), mainland China (up 84.7%), Peru (up 78.2%), then the United States of America (up 63.7%).
There was a trio of double-digit decliners among the leading trade partners. These were India (down -11.5%), Türkiye (down -2.2%), and the United Kingdom (down -0.5%).
Countries Driving Ecuador’s Largest Trade 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.
- Brazil: -US$1 billion (country-specific trade deficit in 2022)
- South Korea: -$951.8 million
- Colombia: -$635.7 million
- Mexico: -$500.7 million
- Canada: -$431.1 million
- Bolivia: -$400.4 million
- Argentina: -$395.4 million
- Thailand: -$241.3 million
- Germany: -$235.7 million
- Taiwan: -$160.1 million
Among Ecuador’s trading partners that cause the greatest negative trade balances, Ecuadorean deficits with Taiwan (up 125.4%), South Korea (up 33.8%) and Argentina (up 24.8%) grew at the fastest pace from 2021 to 2022.
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.
Countries Behind Ecuador’s Best Trade Surpluses
Ecuador posted a total $7.3 billion trade surplus for 2022, expanding by 1,235% compared to $549.3 million in black ink one year earlier in 2021.
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.
- Panama: US$4.9 billion (country-specific trade surplus in 2022)
- United States of America: $2.6 billion
- Chile: $879.8 million
- Russia: $683.9 million
- Netherlands: $502.1 million
- Spain: $404.3 million
- United Arab Emirates: $287.8 million
- Switzerland: $221.9 million
- France: $206.1 million
- Finland: $179.7 million
Among Ecuador’s trading partners that generate the greatest positive trade balances, Ecuadorean surpluses with the United States of America (up 265.9%), Spain (up 230.2%), then the United Arab Emirates (up 173.3%) grew at the fastest pace from 2021 to 2022.
The listed 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 Servicing Ecuadorean Trading Partners
Not one Ecuadorean 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 , 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 June 1, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 1, 2023
International Trade Centre, Trade Map. Accessed on June 1, 2023
Investopedia, Net Exports Definition. Accessed on June 1, 2023
Wikipedia, Ecuador. Accessed on June 1, 2023
Wikipedia, List of Companies of Ecuador. Accessed on June 1, 2023
