What to Know About the Ecuadorian Economy

Located in South America, Ecuador counts itself among the top ten GDPs per capita in South America. Ecuador’s economy is supported by several primary industries, and their industries have been steadily growing since the 1950s. In this blog, we’ll go over what you need to know about the Ecuadorian economy and where you can find useful Ecuador export data.

Ecuador’s Economy Over the Years

Ecuador’s economy didn’t really stand out too much on the global stage until around 1950. Before the 1950s, Ecuador primarily engaged in agricultural processing, textile manufacturing, and leather goods. Their primary export was straw hats.

In the 1970s, mining and exporting oil became a more primary economic contributor for Ecuador. In addition to oil and petroleum, Ecuador also counts cocoa and bananas as a primary export. In fact, Ecuador is actually the largest exporter of bananas in the world.

In the 1990s, Ecuador faced an economic crisis when natural disasters and global petroleum price declines crashed their economy. In 2000, they began to accept the US dollar as legal tender, helping them to stabilize their declining local currency. As petroleum prices rose, Ecuador was able to stabilize but their economy is still vulnerable to swings in petroleum prices overall.

Ecuador’s Top Exports

For more context about Ecuador’s economy and how their exporting affects their overall GDP, here are their top exports from last year listed in order of sales volume and percentage of total goods:

• Crude Petroleum
• Crustaceans
• Bananas
• Processed Fish
• Refined Petroleum

As you can see from these top exports and as we outlined earlier, the Ecuadorian economy is highly dependent on petroleum, fishing, and agricultural food products.

Where to Find More Ecuador Export Data

If you’re interested in staying up to date with Ecuador export data and customs data, you can use a database to learn everything you’d want to know. With the right database, you can find opportunities with new customers, see how your competitors supply chain is related to Ecuador export data, and identify new supplier opportunities. You can also see information such as arrival dates, product descriptions, shippers, transportation types, and more. This kind of insight is invaluable, and with a searchable database you can find this information for Ecuador and many more countries.

Read a similar article about Peru export data here at this page.