Imports

In 2022, Ecuador imported $30.5 billion worth of goods from around the world. 2021 imports were worth $25.7 billion. From 2021 to 2022, Ecuador's imports increased by 18.4%.

Ecuador's Main Product Suppliers

The latest country-specific data show that imports from Ecuador are mainly supplied by exporters from the following countries: the United States (25.8% of the global total), mainland China (22.1%), Colombia (6.2 %), Brazil (4.1%), South Korea (3.9%), Peru (3.5%), Canada (2.6%), Mexico (2.49%), Argentina ( 2.48%), Italy (2.47%), Spain (2.3%) and Germany (2%).

Ecuador's Top 10 Imports

1. Mineral fuels including oil: $7.4 billion (24.4% of total imports)

2. Machinery including computers: $2.8 billion (9.3%)

3. Vehicles: $2.6 billion (8.5%)

4. Motors, equipment: $1.9 billion (6.3%)

5. Food industry waste, animal feed: $1.52 billion (5%)

6. Plastics, plastic products: $1.51 billion (5%)

7. Pharmaceuticals: $1.2 billion (3.9%)

8. Iron and steel: $1.0 billion (3.3%)

9. Cereals: $713.2 million (2.3%)

10. Other chemicals: $602.7 million (2%)

Ecuador's top 10 imports account for more than two-thirds (70%) of the total value of products it purchases from other countries.

Between 2021 and 2022, Ecuador's purchases of fossil fuels, including petroleum (up 52.1%), increase the most. This growth is mainly due to increased spending on refined petroleum and high-temperature distilled coal tar. In second place are imports of food industry waste and animal feed (up 32%). Ecuador's imports of automobiles increased by 26.5% compared to 2021.

The worst year-over-year decline in Ecuador's major imports was in pharmaceuticals, which fell by -19.3%.

Digging deeper into the detailed 4-digit HTS codes, Ecuador imported processed petroleum (13.9% of Ecuador's imports), high-temperature distillate coal tar (7.6%), automobiles (3.8%), solid residues including soybean oil cake (3%), dosage mixes of pharmaceuticals (2.7%), liquefied petroleum gas (2.5%), trucks (2.2%), wheat (1.9%), telephony equipment including smartphones (1.8 %), and other imports including smartphones (2.4%). telephone devices including smartphones (1.8%), and then various animal feed preparations (1.4%).

Exports

Ecuador exported 37.8 billion dollars worth of products to the world in 2022. The total value of Ecuador's exports is accelerating year-on-year, growing 43.8% from $26.3 billion in 2021.

Ecuador's Main Trading Partners

The latest country-specific data shows that Ecuador's exports are mainly purchased by importers from the following countries: the United States (27.7% of Ecuador's total), mainland China (17.8%), Panama (13.3%), Chile (3.7%), Colombia (3.3%), Spain (2.94%), Peru (2.92%), Russia (2.8%), Netherlands (2.0%), Italy (1.7%), India (1.54%) and Japan (1.46%).

Ecuador's Top 10 Exports

1. Fossil fuels including oil: $13.1 billion (34.8% of total exports)

2. Fish: $8.5 billion (22.4%)

3. Fruits and nuts: $3.8 billion (10.1%)

4. Ores, slag, ash: $2 billion (5.3%)

5. Meat/seafood products: $1.6 billion (4.2%)

6. Cocoa: $1.1 billion (2.8%)

7. Live trees, plants, cut flowers: $1.0 billion (2.8%)

8. Gemstones, precious metals: $935.5 million (2.5%)

9. Wood: $637.1 million (1.7%)

10. Machinery, including computers: $352.6 million (0.9%)

Ecuador's top ten exports accounted for 87.5% of its total global exports.

Machinery including computers is the fastest growing of the top ten export categories, growing by 390.2% from 2021 to 2022. Ranking second in terms of improved export sales was the ores, slag and ash product category, where Ecuador's exports grew by 86.1 percent. Ecuador's exports of gemstones and precious metals ranked third with a 56.7 percent increase due to increased gold sales.

The smallest increase in Ecuador's top ten export categories was in the Fruits and Nuts product category (up 2% from 2021).

Looking at the more detailed four-digit HTS codes, Ecuador's most valuable export is crude oil (27.7% of Ecuador's total exports). In second place is lobster, including other crustaceans (21.2%), followed by bananas and plantains (9.3%), refined petroleum (5.4%), cured or processed fish and caviar (4%), copper ores and concentrates (3.4%), fresh or dried flowers (2.7%), cocoa beans (2.4%), gold (2.4%), and then precious metal ores and concentrates (1.9%).

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