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Ecuador is located in the northwest of South America. It is bordered by Colombia in the northeast, Peru in the southeast, and the Pacific Ocean in the west. Ecuador has four types of terrain throughout its territory: the western coastal area, the central mountainous area, the eastern Amazon River basin area, and the Galapagos Islands. The Andes Mountains run through the north and south. The equator crosses the northern part of the country (the word "Ecuador" means "equator" in Spanish), so it is known as the "country on the equator."
The official language is Spanish. In the central mountainous area and some parts of the eastern Amazon region, some indigenous people use Quechua and other native dialects.
**【Petroleum】**
The petroleum industry is its largest economic pillar. In 2022, Ecuador's crude oil production was 175 million barrels, a decrease of 1.7% year-on-year. The export value of crude oil was 10.03 billion U.S. dollars, an increase of 37.9% year-on-year, accounting for 30.7% of Ecuador's total export value.
The Ecuadorian state-owned petroleum company also owns three major refineries: the Esmeradas refinery, the La Libertad refinery, and the Shushufindi integrated industrial refinery (the Amazon refinery and the Shushufindi liquefied petroleum and natural gas plant).
**【Minerals】**
In 2022, Ecuador's mineral export value was 2.78 billion U.S. dollars, an increase of 32.6% year-on-year, lower than the 99.1% increase in 2021. Among them, the export value of copper and its concentrates and gold and its concentrates were 1.29 billion U.S. dollars and 830 million U.S. dollars respectively. More than half of Ecuador's mineral products are exported to China, and 11.1% and 10.3% of mineral products are exported to the United States and Switzerland respectively. Mineral products rank fourth among Ecuador's main export products, after petroleum, shrimp, and bananas, accounting for 8.5% of Ecuador's total export value. The largest mining company in Ecuador is Empresa Nacional Minera (ENAMI EP).
**【Banana cultivation】**
Ecuador is the fifth largest banana producer and the largest exporter in the world. In 2022, Ecuador's banana exports fell in both volume and price. The export value was 3.27 billion U.S. dollars, a decrease of 6.3% year-on-year. The export volume was 354.6 million boxes (about 18 kilograms per box), a decrease of 6.6% year-on-year. Some of the larger companies in Ecuador's banana cultivation and trading fields are Dole of the United States and Rey Banano del Pacífico.
**【Aquatic product fishing and aquaculture】**
In 2022, Ecuador's shrimp export value was 7.29 billion U.S. dollars, an increase of 37% year-on-year. Among them, exports to China were 3.93 billion U.S. dollars. China is Ecuador's largest export destination for shrimp.
**【Flower cultivation】**
Ecuadorian flowers are exported globally. There are more than 600 export enterprises. The main export markets are the United States and Europe, and a small amount is exported to Asian countries. In 2022, Ecuador's flower export volume was 164,000 tons, and the export value was 950 million U.S. dollars.
**【Cocoa cultivation and processing】**
Los Ríos, Manabí, Guayas, and Esmeraldas are major producing provinces. The cocoa production of these four provinces accounts for 24.9%, 22.1%, 16.8%, and 12.7% of Ecuador's national total respectively. In 2022, Ecuador's cocoa and its processed products had an export value of 1.01 billion U.S. dollars, an increase of 7.4% year-on-year. From January to September 2023, Ecuador's cocoa export value reached 720 million U.S. dollars, an increase of 45.5% year-on-year, becoming the product with the fastest export growth during the same period. It is mainly exported to the United States, the Netherlands, Mexico, Malaysia, Indonesia and other places.
**【Forestry】**
Ecuador is rich in forestry resources. The area of natural forests accounts for 40% of the country's land area, and the area of planted forests accounts for 1% of the country's land area. The main tree species are balsa, pine, teak, eucalyptus, etc. Wood is mainly exported to China, the United States, and the European Union. According to statistics from the Central Bank of Ecuador, in 2022, Ecuador's wood export value was 650 million U.S. dollars.
**【Foreign trade】**
In 2022, Ecuador's total import and export of goods was 62.98 billion U.S. dollars. Among them, the export value was 32.66 billion U.S. dollars, the import value was 30.32 billion U.S. dollars, and there was a surplus of 2.34 billion U.S. dollars. In 2023, Ecuador's export value of goods was 31.13 billion U.S. dollars, and the import value was 29.12 billion U.S. dollars.
From the perspective of commodity structure, in 2022, among Ecuador's exported goods, exports of raw materials and primary products such as crude oil, shrimp, bananas, flowers, cocoa, and wood accounted for nearly 80%, and industrial manufactured goods accounted for about 20%. Among imported goods, raw materials account for about 36%, consumer goods and capital goods each account for about 20%, and fuel accounts for about 24%. According to statistics from the Central Bank of Ecuador, in 2022, Ecuador's top three trading partners in goods were the United States, China, and Panama.
From January to July 2024, Ecuador's total export value was 19.71 billion U.S. dollars, an increase of 11.17% year-on-year. The main export trading partners are the United States, China, Panama, the Netherlands, Chile, etc. The total import value was 15.45 billion U.S. dollars, a decrease of 5.63% year-on-year. The main import trading partners are the United States, China, Colombia, South Korea, Brazil, etc.
**【Blooming Trade Data】**
Ecuadorian customs data is updated periodically with reliable data sources. The data covers detailed information of importers, detailed information of exporters, cargo information, freight information, and key price and volume information such as commodity trading volume, transaction amount, and transaction unit price, helping you easily grasp the latest import and export market information of Ecuador.
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