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Business Profile
Economy: Ecuador’s economy rests on the twin pillars of oil and agriculture. Ecuador is the world’s largest exporter of bananas and also grows coffee, cocoa, palm oil and sugar in significant quantities. The timber industry yields valuable hardwoods; Ecuador is also a leading producer of balsawood. Fishing is another important sector: seafood exports expanded rapidly to the point where Ecuador is now the world’s second largest producer of shrimps. The industrial sector is dominated by oil – new discoveries tripled Ecuador’s known reserves during the 1990s – and in August 1997 work began to expand the trans-Ecuadorean pipeline. This will further increase exports which already account for the bulk of the country’s foreign exchange earnings. Gold, silver, copper and other metals are mined. The other main components of the industrial sector are food processing, chemicals and textiles. Ecuador pursued an essentially isolationist foreign and trade policy for many years until a broad programme of economic reform was finally instituted during the 1990s. In November 1992, Ecuador withdrew from OPEC and in August 1995 joined the World Trade Organisation. However, during the late 1990s, low oil and agricultural commodity prices, poor decision-making and other external factors triggered an economic crisis in 1999 (and a resultant political crisis), from which Ecuador is now recovering.
Ecuador is a member of the main regional integration bodies: the Andean Union and ALADI (Asociación Latinoamericana de Integración). The USA is the largest single trading partner, accounting for over 40 per cent of Ecuadorian exports and supplying around one third of imports. Other significant trading partners are Japan, Colombia, Germany, Italy and Korea (Rep).
Commercial Information: The following organisation can offer advice: Federación Nacional de Cámaras de Comercio del Ecuador. This chamber usually swaps location (between Quito and Guayaquil) every two years. Until March 2002 it was in Quito (see address below) and from March 2002 until March 2004 it will be in Guayaquil: Francisco de Orellana y Miguel Alciras, Ciudadela Kennedy Norte, Edificio La Cámaras, Guayaquil (tel: (4) 268 2771; fax: (4) 268 2725). From April 2005, it will move back to the Quito site: Amazonas y República, Edificio las Cámaras, Piso 6, Quito (tel: (2) 443 5863 or 244 3787; fax: (2) 243 5862; e-mail: ccq@ccq.org.ec; website: www.ccq.org.ec).
Conferences/Conventions: For more information, contact Centro de Exposiciones Quito de la Federación Ecuatoriana de la Pequeña y Mediana Industria, Avenidas Amazonas no 34-332 y Av Atahualpa, Quito (tel: (2) 245 3129 or 245 4428; fax: (2) 449 846; e-mail: cexpaq@porta.net; website: www.capeipi.com).
Copyright © 2003 Columbus Publishing Ltd.
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