That dollar amount results from a 39.4% increase compared to $22.3 billion five years earlier during 2019.
Year over year, the total value of Ecuadorean exports dropped by -12% from $35.4 billion in 2022.
Ecuador’s Key Trading Partners
The latest available country-specific data shows that 78.9% of products exported from Ecuador were bought by importers in: United States of America (23.8% of the Ecuadorean total), mainland China (18.2%), Panama (14.4%), Chile (3.14%), Peru (3.13%), Russia (3%), Spain (2.74%), Netherlands (also 2.74%), Colombia (2.5%), Italy (2%), United Arab Emirates (1.9%) and Germany (1.3%).
From a continental perspective, 27.6% of Ecuador’s exports by value was delivered to Asian countries while 26.7% was sold to importers in Latin America excluding Mexico but including the Caribbean. Ecuador shipped another 25.6% worth of goods to North America.
Smaller percentages went to buyers in Europe (18.9%), Africa (1%), then Oceania (0.2%) led by New Zealand and Australia.
Given Ecuador’s population of 18.3 million people, its total $31.1 billion in 2023 exports translates to about $1,700 for every resident in the South American nation. That per-capita amount lags the $2,100 dollar average one year earlier in 2022.
Ecuador’s Top 10 Exports
The following export product groups represent the highest dollar value in Ecuadorean global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Ecuador.
- Mineral fuels including oil: US$9 billion (28.9% of total exports)
- Fish: $7.5 billion (24.2%)
- Fruits, nuts: $4.1 billion (13.2%)
- Ores, slag, ash: $1.9 billion (6.2%)
- Gems, precious metals: $1.42 billion (4.6%)
- Meat/seafood preparations: $1.37 billion (4.4%)
- Cocoa: $1.32 billion (4.2%)
- Live trees, plants, cut flowers: $1 billion (3.2%)
- Wood: $533.5 million (1.7%)
- Vegetable/fruit/nut preparations: $319.6 million (1%)
Ecuador’s top 10 exports accounted for 91.6% of the overall value of total Ecuadorean shipments.
Gems and precious metals was the fastest grower among Ecuador’s top 10 export categories, up by 52.7% from 2022 to 2023. Exported gold was the root cause of that percentage increase.
In second place for improving export sales was cocoa via a 24.2% advance.
Ecuador’s shipments of fruits and nuts posted the third-fastest gain in value, up by 8%.
The leading decliner among Ecuador’s top 10 export categories was mineral fuels including oil, pulled down by a -28.4% year-over-year drop.
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 (25.1% of the Ecuadorean total). In second place was lobsters including other crustaceans (23.2%) trailed by bananas and plantains (12.2%), gold (4.5%), preserved or prepared fish and caviar (4.3%), copper ores and concentrates (4%), cocoa beans (3.8%), refined petroleum oils (3.6%), fresh or dried flowers (3.2%), then precious metal ores and concentrates (2.2%).
Products Generating Ecuador’s Largest Trade Surpluses
Overall Ecuador posted a US$230.7 million trade surplus for 2023, plummeting by -90.1% compared to $2.3 billion in black ink one year earlier in 2022.
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$7.4 billion (Down by -11.3% since 2022)
- Fruits, nuts: $4 billion (Up by 8.3%)
- Ores, slag, ash: $1.9 billion (Down by -4.3%)
- Mineral fuels including oil: $1.5 billion (Down by -66.1%)
- Gems, precious metals: $1.4 billion (Up by 53.9%)
- Meat/seafood preparations: $1.4 billion (Down by -13.6%)
- Cocoa: $1.3 billion (Up by 25.4%)
- Live trees, plants, cut flowers: $973.3 million (Down by -4.1%)
- Wood: $477 million (Down by -15.7%)
- Vegetables: $253.1 million (Up by 12.4%)
Ecuador has highly positive net exports under the fish product 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$3 billion (Up by 0.2% since 2022)
- Vehicles: -$2.8 billion (Up by 0.7%)
- Electrical machinery, equipment: -$1.9 billion (Down by -1.3%)
- Food industry waste, animal fodder: -$1.4 billion (Down by -4.3%)
- Pharmaceuticals: -$1.3 billion (Up by 3%)
- Plastics, plastic articles: -$1 billion (Down by -24.4%)
- Iron, steel: -$895 million (Down by -13.4%)
- Cereals: -$657.7 million (Down by -10%)
- Optical, technical, medical apparatus: -$636.1 million (Up by 14.3%)
- Other chemical goods: -$589.3 million (Down by -7.1%)
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 12.8% of its overall Gross Domestic Product for 2023 ($242.6 billion valued in Purchasing Power Parity US dollars). That 12.8% of exports to overall GDP in PPP for 2023 compares to 16.4% for 2022. 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 2023, up from an average 3.19% in 2022 according to International Monetary Fund statistics.
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 April 9, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 9, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 9, 2024
International Trade Centre, Trade Map. Accessed on April 9, 2024
Investopedia, Net Exports Definition. Accessed on April 9, 2024
Wikipedia, Ecuador. Accessed on April 9, 2024
Wikipedia, Gross domestic product. Accessed on April 9, 2024
Wikipedia, List of Companies of Ecuador. Accessed on April 9, 2024
Wikipedia, Purchasing power parity. Accessed on April 9, 2024