Foods For Trade - B2B Country Profile

Ecuador has substantial petroleum resources, which have accounted for 40% of the country's export earnings and one-fourth of central government budget revenues in recent years. Consequently, fluctuations in world market prices can have a substantial domestic impact. In the late 1990s, Ecuador suffered its worst economic crisis, with natural disasters and sharp declines in world petroleum prices driving Ecuador's economy into free fall in 1999. Real GDP contracted by more than 6%, with poverty worsening significantly. The banking system also collapsed, and Ecuador defaulted on its external debt later that year. The currency depreciated by some 70% in 1999, and, on the brink of hyperinflation, the MAHAUD government announced it would dollarize the economy. A coup, however, ousted MAHAUD from office in January 2000, and after a short-lived junta failed to garner military support, Vice President Gustavo NOBOA took over the presidency. In March 2000, Congress approved a series of structural reforms that also provided the framework for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and growth returned to its pre-crisis levels in the years that followed. Under the administration of Lucio GUTIERREZ - January 2003 to April 2005 - Ecuador benefited from higher world petroleum prices, but the government has made little progress on economic reforms necessary to reduce Ecuador's vulnerability to petroleum price swings and financial crises.

Economy Statistics

Exports:	$7.56 billion (2004 est.) [?] This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Close
Export Commodities:	petroleum, bananas, cut flowers, shrimp [?] This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value. Close
Export Partners:	US 42.9%, Panama 14.3%, Peru 7.9%, Italy 4.6% (2004) [?] This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value. Close
Imports:	US 42.9%, Panama 14.3%, Peru 7.9%, Italy 4.6% (2004) [?] This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Close
Import Commodities:	vehicles, medicinal products, telecommunications equipment, electricity [?] This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value. Close
Import Partners:	US 16.5%, Colombia 14.1%, China 9.2%, Venezuela 7.1%, Brazil 6.5%, Chile 4.6%, Japan 4.5%, Mexico 4.3% (2004) [?] This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value. Close

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Ecuadorian American Chamber of Commerce
Address:	1390 Brickell Avenue, Suite # 220 Miami, FL 33131 United States
Phone:	(305) 539-0010
Fax:	(305) 539-8001
Website:	http://www.ecuachamber.com/

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