Published On : 08-Jul-2021
Encompassing the Amazon Jungle, Ecuador is situated in South America. It is shortly known as ECU. In March 2021, Ecuador trade balance (in surplus) decreased by 19.5 million USD approximately to meet the demand of consumption goods in the country. As per Ecuador's economic condition, Ecuador Import Export Data plays a crucial role in maintaining the country’s high-end trade relations at global level. Amid covid-19, Ecuador is one of the rare South American countries which are running in surplus. Such accurate custom data Ecuador speaks high of import-export business scope in the country.
The slope of Ecuador’s current economic conditions also highlights the possibility of a deficit in the Balance of Trade for upcoming years. The reason being, due to the baseline impact of COVID-19, the demand for consumer goods in the country has been increasing persistently. Thereafter, causing the country to import more.
Custom Ecuador data with Cybex.in experts help to examine that Ecuador’s total economy is only 6% focused towards the agricultural sector. Hence, the export of agricultural products to other countries by Ecuador is reasonably less. Whereas, 32% of GDP is focused on the industrial sector. And the rest is the service sector.
Henceforth, the scope of benefiting from international trade for the country is seemingly less. In 2019, Ecuador's in-country population was 17 million only. With a 1.7% population growth rate, the native demand for consumer goods and agricultural goods has been increasing. As a consequence, the country’s willingness to maintain a surplus in upcoming years is questionable.
According to 2017’s Import Data Ecuador, the country made 19.3 billion USD worth of imported goods. To your surprise, the exported goods value was as well $19.3 billion. In 2019, Ecuador import export data gap crafted a surplus. Till today, the country has maintained this surplus. Check out the following list to find what are Ecuador’s imports and exports:
Among the top 10 list of Ecuador’s Exports, 3 main exported commodities are: Mineral fuels, Fish, and Fruits & Nuts.
Here’s Ecuador’s main exports with in-depth detail on growth rate, worth, and total coverage:
For more information on Ecuador’s main import, export, importing & exporting companies, trading partners, HS Codes, and product descriptions, visit www.cybex.in.
