That dollar total reflects a 39.4% advance compared to $22.3 billion 5 years earlier during 2019 but a -12% decline from $35.4 billion in 2022.
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 another South American trade partner, Peru. Collectively, that international group of customers purchased over three-fifths (62.7%) of Ecuador’s overall exports in 2023 as measured by dollar value.
Viewed from a continental lens, 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 with 18.9% going to Europe.
Tinier percentages went to buyers in Africa (1%), then Oceania (0.2%) 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 2023. Also shown is each import country’s percentage of total Ecuadorean exports.
- United States: US$7.4 billion (23.8% of Ecuador’s total exports)
- mainland China: $5.7 billion (18.2%)
- Panama: $4.5 billion (14.4%)
- Chile: $978.4 million (3.1%)
- Peru: $974.8 million (3.1%)
- Russia: $923.6 million (3%)
- Spain: $854 million (2.7%)
- Netherlands: $852.9 million (2.7%)
- Colombia: $776 million (2.5%)
- Italy: $629.3 million (2%)
- United Arab Emirates: $600.8 million (1.9%)
- Germany: $415.8 million (1.3%)
- India: $409.8 million (1.3%)
- Canada: $346.8 million (1.1%)
- Switzerland: $342.3 million (1.1%)
- France: $331.8 million (1.1%)
- Malaysia: $325.4 million (1%)
- Belgium: $290.1 million (0.9%)
- United Kingdom: $283 million (0.9%)
- Argentina: $257 million (0.8%)
- Japan: $227.1 million (0.7%)
- Indonesia: $209.2 million (0.7%)
- Mexico: $203.5 million (0.7%)
- Türkiye: $202.8 million (0.7%)
- Finland: $183.2 million (0.6%)
More than four-fifths (82.4%) of overall Ecuadorean exports in 2023 was delivered to the above 25 trade partners.
The fastest increases in consumption of exports from Ecuador were posted by importers in: the United Arab Emirates (up 100.5% from 2022), Malaysia (up 37.1%), Indonesia (up 27%), Germany (up 22.1%), then the Netherlands (up 18%).
The severest decliners among the leading trade partners listed above were buyers in: Japan (down -54.7% from 2022), Chile (down -28.1%), Colombia (down -27.6%), India (down -24.7%) and the United States of America (down -24.5%).
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.
- Colombia: -US$1.5 billion (country-specific trade deficit in 2023)
- Brazil: -$1.1 billion
- United States of America: -$884.1 million
- South Korea: -$773 million
- mainland China: -$728.2 million
- Japan: -$551 million
- Mexico: -$535.2 million
- Bolivia: -$449.7 million
- Canada: -$330.9 million
- Thailand: -$302.2 million
Among Ecuador’s trading partners that cause the greatest negative trade balances, Ecuadorean deficits with Japan (up 255.1%), Colombia (up 53.9%) and Thailand (up 4.1%) grew at the fastest pace from 2022 to 2023.
In addition, Ecuador went from earning a US$1.2 billion surplus in 2022 trading with the United States of America to incurring the -$884.1 million deficit for 2023 listed above.
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 US$230.7 million trade surplus for 2023, shrinking by -90.1% compared to $2.3 billion in black ink one year earlier in 2022.
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 $7.7 billion trade surplus with the following countries.
- Panama: US$4.4 billion (country-specific trade surplus in 2023)
- Russia: $766.5 million
- Netherlands: $667.1 million
- United Arab Emirates: $582.1 million
- Chile: $406.1 million
- Switzerland: $227.5 million
- Malaysia: $223.8 million
- Belgium: $169.9 million
- Finland: $146.6 million
- Algeria: $135.5 million
Among Ecuador’s trading partners that generate the greatest positive trade balances, Ecuadorean surpluses with Algeria (up 150.8%), United Arab Emirates (up 104.5%) and the Netherlands (up 67.9%) grew at the fastest pace from 2022 to 2023.
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 December 8, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on December 8, 2024
International Trade Centre, Trade Map. Accessed on December 8, 2024
Investopedia, Net Exports Definition. Accessed on December 8, 2024
Wikipedia, Ecuador. Accessed on December 8, 2024
Wikipedia, List of Companies of Ecuador. Accessed on December 8, 2024