What is made in Ecuador

Economy in Ecuador

The Ecuadorian Economy, Inflation Rate & Unemployment Rate

Ecuador's economy is the eighth largest in Latin America and has seen average annual growth of 4 to 6% with an annual inflation rate of 3% in recent years. The unemployment rate has been falling in recent years: from 7.6% in 2010 and 6% in 2011 to just under 5% in the years since 2012.

The main export goods

The economy of Ecuador is mainly based on oil exports:

  • the oil sector accounts for around 59% of all exports,
  • Bananas,
  • Shrimp,
  • Gold and
  • other agricultural natural products,

and remittances from nearly one million Ecuadorian emigrants employed abroad.

Ecuador is the world's largest exporter of bananas and a major exporter of shrimp. Exports of non-traditional products such as flowers and canned fish have grown rapidly in recent years.

trade balance

The overall trade balance is positive and has grown strongly in recent years.

Positive trade balance with:

  • the USA,
  • Chile,
  • The European Union,
  • Bolivia,
  • Peru,
  • Brazil and
  • Mexico.

Negative goods traffic:

  • with Argentina,
  • Colombia and
  • Asia.

Agriculture in Ecuador

In agriculture, Ecuador is an important producer of bananas and cut flowers. The country takes first place in the world in terms of production and export. In addition, Ecuador is the eighth largest producer of cocoa and exports the following goods from agricultural production:

  • shrimp
  • Sugar cane
  • cotton
  • Corn
  • Palm oil
  • Oil palm hearts
  • coffee
  • Wood (especially precious woods from the rain and cloud forests)

Products from the industrial sector of Ecuador

Ecuador's industry is largely geared towards supplying the domestic market and is concentrated in and around Guayaquil, the country's largest industrial center.

In Quito, the capital and business center of the country, industry has grown considerably in recent years. Generally only a small number of products are manufactured industrially for export. These include:

  • Canned goods,
  • Spirits,
  • Jewelry and
  • Furniture.

Tourism in Ecuador

In recent years, tourism has become an important industry in Ecuador. This income is not only important for the local economy, but above all for nature conservation, as many national parks and nature reserves can only be protected thanks to this income.

Explore the unique nature in Ecuador and the Galapagos in small tour groups: