Exporting to Ecuador

Ecuador is situated on South America's west coast. It is bordered by Colombia, Peru and the South Pacific Ocean. The country has a population of over 17 million people (IMF, 2019) and was the UK's joint 89th largest trading partner in the year up until June 2019 (ONS, 2019).

Growth in imports

In 2017, Ecuador’s demand for imports grew by 14.3%, and continued to grow at a rate of 7.5% in 2018 (IMF, 2019). This highlights a growing demand for international goods and services which UK businesses looking to export there could benefit from.

Demand for goods and services

In the year to June 2019, the top goods exported from the UK to Ecuador were beverages, cars, medicinal and pharmaceutical products, specialised machinery and other consumer products (ONS, 2019). The top services imported by Ecuador from the rest of the world were transport, travel, insurance and pension, personal, cultural and recreational, as well as financial services (ITC Trade Map, 2019). If you operate in any of these industries, Ecuador could be a good market for you.

Ease of doing business

129th

out of 190 countries (World Bank, 2020)

Currency

US dollars

Business language

Spanish

You are likely to need a translator

GDP per capita

$6,367

UK is $41,030 (IMF, 2019)

Economic growth

1.4%

(IMF, 2019)

Time zone

GMT -5

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.