Trading Partner Portal: Ecuador
Overview
Trade Overview
Ecuador is located in northwestern South America and, per its namesake, is dissected by the equator. Ecuador is one of 17 ‘megadiverse’ countries in the world, as it is home to many endemic plants and animals, including those of the Galapagos Islands.
Ecuador’s economy is highly dependent on commodities, including petroleum and agricultural products; most notably bananas and cut flowers. The population of Ecuador in 2024 was approximately 18.3 million and nominal GDP totaled at $121 billion.
U.S. – Ecuador Trade
The U.S. exported $7.75 billion to Ecuador in 2024, with Ecuador ranking 40th in U.S. export markets. Petroleum and coal products made up $4.0 billion of the total. This was followed by chemicals ($663 million), oil and gas ($538 million), computer and electronic products ($437 million), and processed foods ($373 million). Two-way trade between the two countries totaled $16.11 billion.
With a ranking of 39th in U.S import markets, the U.S. imported $8.54 billion worth of products in 2024. Over $3.5 billion of which was made up of oil and gas. This was followed by agriculture products ($1.72 billion), livestock & livestock products ($1.27 billion), processed foods ($569 million), and primary metal manufactures ($476 million).
California – Ecuador Trade
In 2024, California exported $377 million to Ecuador. Petroleum and coal made up $192 million of the total. This was followed by computer and electronic products ($55 million), chemicals ($19 million), fabricated metal products ($18 million), and processed foods ($14 million).
Imports from Ecuador into California totaled $4.32 billion in 2024 with the top import being oil and gas at $3.45 billion. Other top imports included livestock & livestock products ($411 million), agricultural products ($369 million), processed foods ($54 million), and fish and other marine products ($21 million).
FDI – Ecuador
Ecuadorian FDI into the U.S. totaled $13 million in 2023, and U.S. FDI into Ecuador totaled $906 million the same year.
Trade Agreements
Trade Agreements
Ecuador is the only country in Latin America along the Pacific that does not currently have a free trade agreement with the U.S. The “mini” trade deal brings the two countries a step closer to achieving an FTA.
>According to Politico, the new pact contains three chapters on trade facilitation, good regulatory practices and anti-corruption. It’s similar to the “mini deal” the U.S. concluded recently with Brazil. It also includes a fourth chapter on small and medium sized enterprises, which make up the bulk of Ecuador’s business community. Separately, the United States recently added roses to the list of imported goods eligible for duty-free treatment under its Generalized System of Preferences program. That has provided a major boost for one of Ecuador’s top export industries.
USTR Agrees to Explore New Trade Talks with Ecuador
Politico, November 1, 2022
United States and Ecuador update Trade and Investment Council Agreement with New Protocol on Trade Rules and Transparency
U.S. Trade Representative, December 8, 2020
FACT SHEET: U.S. – Ecuador 2020 Protocol on Trade Rules and Transparency
U.S. Chamber Welcomes Signing of Trade Protocol between the U.S. and Ecuador
U.S. Chamber, December 8, 2020
Events