Exporting to Ecuador
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, 2019)
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
0.1%
(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.
