Ecuador Import and Export Analysis
It is nearly impossible for a Latin American country to not be involved in extensive trade with the United States and its enormous consumer market. Ecuador is no exception. Located snugly between Colombia and Peru, Ecuador has a 1398-mile-long coastline. Most export goods produced in Ecuador are meant for the American consumer market. Agricultural items such as bananas, plantains and seafoods are the main exports to the United States. North America is a major market for Ecuadorian agricultural produce.
Trade between the US and Ecuador is also helped by the latter’s adoption of the United States Dollar (USD) as its official currency. Ecuador suffered a massive financial crisis in the 1990s, culminating only in the year 2000 when the government adopted the USD as its official currency. By the time the switch happened, the older Ecuadorian currency, the Sucre, had reached a value of 25, 000 per USD. The switch helped large industrial sectors such as finance, oil, transportation, telecom and tourism. Although, small traders of agricultural produce suffered due to loss of price control.
Bananas and Other Exports
Ecuador was ranked as the largest exporter of Bananas in 2020. The nation corners about 30% of banana export production. In many parts of Ecuador, Banana plantations go on for as far as the eyes can see. However, the Russia-Ukraine war has caused massive problems for Banana traders in Ecuador. The warring nations account for about 20% of Ecuador’s Banana exports. Due to international sanctions, banana shipments are rotting on Ecuadorian shores. Businesses have lost revenue, workers have lost jobs. The situation is extremely worrisome. Agricultural importers from the US, Western Europe and South America must research if it would be viable to absorb buyer-less Ecuadorian banana exports. A good place to start and finish your in-depth research would be with The Trade Vision’s expertly crafted Ecuador Export datasets.
Ecuador’s top export commodities are -
• Crude Oil ($4.94 billion)
• Bananas ($3.83 billion)
• Crustaceans ($3.83 billion)
• Processed Fish ($1.19 billion)
• Cut Flowers ($835 million)
Leading export partners are -
• United States ($4.8 billion)
• China ($2.94 billion)
• Panama ($2.43 billion)
• Russia ($929 million)
• Chile ($823 million)
Ecuador Import Analysis
Developing markets around the world are great places for import and export trade. Ecuador can prove to be just the opportunity that you need to expand your operations. To begin exporting your goods to Ecuador, you need to access the most accurate Ecuador import data. Be it any product, The Trade Vision’s experts have accumulated the most extensive database of import export data from around the world.
Meanwhile, here are Ecuador’s top import commodities-
• Refined Petroleum ($1.64 billion)
• Coal Tar Oil ($811 million)
• Broadcasting Equipment ($546 million)
• Packaged Medicaments ($518 million)
• Cars ($484 million)
The leading import partners are -
• United States ($4.23 billion)
• China ($3.8 billion)
• Colombia ($1.51 billion)
• Peru ($645 million)
• Brazil ($614 million)
The Ecuadorian development story came to a standstill when oil prices started plummeting in 2014. Experts have said that despite deficit, the government kept spending incessantly for electoral gains. After an IMF bailout, expenditure cuts, the Covid-19 pandemic and the election of a new government, Ecuador now has to deal with export losses caused by the Russia-Ukraine crisis. The government must look to improve the fiscal structure and invest in industrial development to alleviate Ecuadorian traders’ worries.
The Trade Vision is an international trade research company. We provide you with actionable analytics that steer clear of the noise. Contact us now at mywishplan@thetradevision.com or call +1(307)7573116, to get started.
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