Ecuador is an oil rich nation, the revenues from which contribute to a major chunk of the nation’s economy. The oil sector dominates Ecuador’s export earnings and generates an equal share of public sector revenue. As per the Central Bank, Ecuador posted a trade deficit of $8.4 million in December 2009 compared to $555 million in December 2008. The country posted a trade deficit of $54 million in November 2009.
The Central Bank further reported that exports grew 58% to $1.42 billion in December 2009 from $900 million in December 2008. However, imports fell by 2% to $1.43 billion in December 2009 from $1.46 billion in December 2008. Exports of oil products accounted for $828 million in December 2009, while non-oil exports reached $594 million. Ecuador also posted a trade deficit of $332 million in 2009 in contrast to a surplus of $910 million in 2008. It is forecasted that Ecuador will post a trade surplus of $265 million in 2010.
Ecuador has targeted $1 billion worth of exports to India by 2010. While the value of exports to India was worth $110 million in 2007, it increased to $120 million by 2008. India exports organic chemicals, vehicles and accessories, steel, iron and pharmaceutical products to Ecuador, and imports tropical wood, crude oil, tea, coffee and scrap iron. Ecuador also exports power to Colombia and Venezuela, mainly due to the Paute Dam which supplies 35% of Ecuador’s electricity needs.
Ecuador Trade: Exports and Imports
Ecuador’s total exports in 2009 were worth $13.63 billion, down from $19.15 billion in 2008. Its primary export commodities include petroleum, bananas, shrimps, cacao, coffee, hemp, fish products and wood. The following chart shows the distribution of Ecuador’s export partners.
Ecuador’s total imports were worth $14.23 billion in 2009, down from $17.79 billion in 2008. Its primary import commodities include industrial materials, lubricants and non durable consumer goods. The following chart shows the distribution of Ecuador’s import partners.