Ecuador imported US$30.9 billion worth of goods from around the globe in 2023, expanding by 38% compared to $22.4 billion in 2019.

From 2022 to 2023, total spending on Ecuadorean imports fell -6.5% starting with $33 billion worth of imported products during 2022.

Ecuador’s official currency is US dollars.

Ecuadorean Major Product Suppliers

The latest available country-specific data shows that 79.4% of products imported from Ecuador was supplied by exporters in: United States of America (26.8% of the Ecuadorean total), mainland China (20.7%), Colombia (7.4%), Brazil (4%), Peru (3.5%), South Korea (2.8%), Italy (2.7%), Japan (2.5%), Spain (2.4%), Mexico (2.39%), Canada (2.2%) and Germany (2%).

Applying a continental perspective, about a third (33.5%) of Ecuador’s total imports by value in 2023 were purchased from Asian countries. Another 31.4% worth of imported goods originated from North America, with 21.8% coming from suppliers in fellow Latin American nations excluding Mexico but including the Caribbean.

Providers in Europe furnished 12.7% worth of total Ecuadorean imports.

Tinier percentages were bought from exporters in Africa (0.4%) and Oceania (0.2%) mostly Australia and New Zealand.

Given Ecuador’s population of 18.3 million people, its total $$30.9 billion in 2023 imports translates to roughly $1,700 in yearly product demand from every person in the northwestern South American nation. That dollar amount equals the average $1,700 per capita one year earlier in 2022.

Ecuador’s Top 10 Imports

The following product groups represent the highest dollar value in Ecuador’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Ecuador.

1. Mineral fuels including oil: US$7.5 billion (24.1% of total imports)
2. Machinery including computers: $3.1 billion (10%)
3. Vehicles: $2.8 billion (9%)
4. Electrical machinery, equipment: $2.1 billion (6.7%)
5. Food industry waste, animal fodder: $1.6 billion (5.2%)
6. Pharmaceuticals: $1.3 billion (4.3%)
7. Plastics, plastic articles: $1.2 billion (3.9%)
8. Iron, steel: $912.6 million (3%)
9. Cereals: $664.3 million (2.2%)
10. Optical, technical, medical apparatus: $655.8 million (2.1%)

Ecuador’s top 10 imports cost more than two-thirds (70.5%) of the overall value of its product purchases from other countries.

Ecuadorean purchases of optical, technical and medical apparatus (up 13.7%) increased by the greatest percentage from 2022 to 2023.

In second place were imports of pharmaceuticals (up 2.5%).

Ecuador’s imports of vehicles caused a modest 0.5% increase compared to 2022.

The severest year-over-year decline among leading Ecuadorean imports was the -25.9% drop for plastics (both as materials and items made from plastic).

Please note that the results listed above are at the 2-digit Harmonized Tariff System (HTS) code level.

Information presented below is from the more granular 4-digit HTS codes perspective.

Drilling down on the detailed 4-digit HTS codes, Ecuador spent the most on imports of processed petroleum oils (13.6% of Ecuadorean imports), high-temperature distilled coal tar oils (7.5%), cars (4.5%), medication mixes in dosage (3.3%), solid residues including soya bean oilcake (3.2%), phone devices including smartphones (2.3%), trucks (2.1%), petroleum gases (2%), wheat (1.7%), then miscellaneous animal feed preparations (1.3%).

Ecuador’s Main Fuel Imports

In 2023, Ecuadorean importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Processed petroleum oils: US$4.2 billion (down -8.8% from 2021)
2. Coal tar oils (high temperature distillation): $2.3 billion (down -8.2%)
3. Petroleum gases: $607.6 million (down -25.2%)
4. Electrical energy: $285.3 million (up 930.2%)
5. Petroleum oil residues: $36.6 million (down -35.5%)
6. Petroleum jelly, mineral waxes: $13.4 million (down -28.1%)
7. Coal, solid fuels made from coal: $7.5 million (down -48.4%)
8. Peat: $3.8 million (down -31%)
9. Natural bitumen, asphalt, shale: $636,000 (down -0.3%)
10. Asphalt/petroleum bitumen mixes: $479,000 (down -17.6%)

Among these import subcategories, Ecuadorian purchases of electrical energy (up 930.2%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuels-related products among Ecuadorean businesses and consumers.

Ecuador’s Main Machinery Imports

In 2023, Ecuadorean importers spent the most on the following 10 subcategories of machines including computers.

1. Computers, optical readers: US$377.8 million (up 0.5% from 2021)
2. Refrigerators, freezers: $270.2 million (up 31.6%)
3. Heavy machinery (bulldozers, excavators, road rollers): $167 million (down -18.1%)
4. Liquid pumps and elevators: $148.7 million (up 2.6%)
5. Centrifuges, filters and purifiers: $139.2 million (down -6.3%)
6. Printing machinery: $132.8 million (up 4.6%)
7. Air or vacuum pumps: $109.5 million (up 2.6%)
8. Air conditioners: $104.1 million (up 45.5%)
9. Taps, valves, similar appliances: $101.2 million (down -3.2%)
10. Piston engine parts: $98.3 million (down -8.1%)

Among these import subcategories, Ecuadorian purchases of air conditioners (up 45.5%), refrigerators and freezers (up 31.6%) then printing machinery (up 4.6%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Ecuadorean businesses and consumers.

Ecuador’s Main Vehicles Imports

In 2023, Ecuadorean importers spent the most on the following 10 subcategories of vehicles.

1. Cars: US$1.4 billion (up 11.2% from 2021)
2. Trucks: $650.3 million (down -7.7%)
3. Automobile parts/accessories: $294.8 million (down -5.7%)
4. Motorcycles: $166.3 million (down -24.5%)
5. Tractors: $132.8 million (down -4.8%)
6. Public-transport vehicles: $61.7 million (up 52.5%)
7. Motorcycle parts/accessories: $29 million (down -26.6%)
8. Chassis fitted with engine: $28.6 million (up 65.3%)
9. Trailers: $15 million (down -17.8%)
10. Bicycles, other non-motorized cycles: $13 million (down -51.2%)

Among these import subcategories, Ecuadorian purchases of chassis fitted with engine (up 65.3%), public-transport vehicles (up 52.5%) then cars (up 11.2%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Ecuadorean businesses and consumers.

Ecuador’s Main Electrical Imports

In 2023, Ecuadorean importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.

1. Phone devices including smartphones: US$704.5 million (up 18% from 2021)
2. Insulated wire/cable: $158.3 million (down -9.8%)
3. TV receivers/monitors/projectors: $148.8 million (down -35%)
4. Lower-voltage switches, fuses: $115.4 million (down -0.02%)
5. Electrical converters/power units: $109.2 million (up 15.7%)
6. Electrical/optical circuit boards, panels: $71.2 million (up 4.6%)
7. Electric water heaters, hair dryers: $60.4 million (down -9.3%)
8. Unrecorded sound media: $53.3 million (up 53.8%)
9. Microphones/headphones/amplifiers: $53 million (up 2.6%)
10. Electric motors, generators: $47.5 million (down -22.4%)

Among these import subcategories, Ecuadorian purchases of unrecorded sound media (up 53.8%), phone devices including smartphones (up 18%) then electrical converters or power units (up 15.7%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Ecuadorean businesses and consumers.
 

See also Ecuador’s Top Trading Partners, Ecuador’s Top 10 Exports, 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 12, 2024

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 12, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 12, 2024

International Trade Centre, Trade Map. Accessed on May 12, 2024

Investopedia, Net Exports Definition. Accessed on May 12, 2024

Wikipedia, Ecuador. Accessed on May 12, 2024

Wikipedia, List of Companies of Ecuador. Accessed on May 12, 2024