Business in Ecuador. Ecuadorian economy. Foreign trade

Course summary (Doing business in Ecuador):

Doing business in Ecuador: Guayaquil and Quito. Exports and imports. FDI. Sectors: industrial, fashion and accessories, software, flowers, ...

The Ecuadorian economy is the 8th largest economy of Latin America after Brazil, Mexico, Argentina, Chile, Colombia, Venezuela, and Peru. The dollarization creates an advantage in negotiation under strong currency (since January of 2.000, the United States of America Dollar is the official currency).

Ecuador is member of the Andean Community and has been associated with Mercosur. UNASUR (headquarters of the Union of South American Nations), is based in Quito.

Thanks to its geographical location, Ecuador has an adequate luminosity and a suitable climate for the growth of many agricultural products. Besides, Ecuador has an international reputation as a reliable supplier of seafood and aquaculture products and the manufacturing industry is known for its strengths in design, quality and reliability.

Example of the course Doing business in Ecuador (English):

Ecuador exports to more than 150 countries. Ecuador’s major foreign markets are the United States of America, Peru, Colombia, Chile, Venezuela, Italy, Panama and Russia. Ecuador exports more than US$ 14 thousand millions, around 50% belong to the pretroleum sector and the other 50% to non traditional and traditional exports.
The Ecuadorian economy is based on oil, manufacturing, commerce, and agricultural production.

Ecuador is the world’s largest exporter of: bananas, palm of hearts, balsa wood, passion fruit juice and roses. Ecuador is renowned by its high-quality food products, including cocoa, coffee, aromatic and medicinal plants, etc.

Major suppliers of Ecuador (2009): Latin America excluding Andean Community 37%, United States 25%, Andean Community 22% Asia 19%, and European Union 10%.

The port of Guayaquil handles a majority of foreign trade of Ecuador, is considered as the economic capital of the nation. Other important ports are Esmeraldas, Manta and Puerto Bolívar (banana). A larger bulk of trade takes advantage of ocean routes. Every year, there are over 2.500 vessels that leave from Ecuadorian ports.

Ecuador enjoys a strategic position that provides direct access to East Asia markets and to the West coast of the United States. Its proximity to the Panama Canal permits safe access to Europe, the eastern coast of the US, Africa, the Middle East and to the rest of Asia.

By the end of 2008, the global financial crisis and economic downturn led to falling remittances and declining oil revenue for Ecuador.

The main activity of the Holding Favorita Fruit Company is the production and export of first-class green bananas, Cavendish variety. Favorita Fruit Company has a 4.5% share of the worldwide market; exports have shown a continuous growth. Favorita Fruit Company Ltd., was the result of the association of the Wong Group with the Commonwealth Development Corporation (CDC - UK Government) and the International Finance Corporation (IFC). Dr. Segundo Wong Mayorga was President of Favorita Fruit Holding Co. Ltd. and founder of its flagship company Reybanpac.

Favorita exports to: Argentina, Russia, Belgium, China, Germany, Italy, Lithuania, Czech Republic, Mediterranean Coast, Poland, Romania, Syria, Saudi Arabia, Turkey, Ukraine, USA, Iran, Greece, Hungary, Yugoslavia, Algeria, Moldova.

International Economic Relations. Ecuador is member of: Andean Community (CAN), , Latin American Integration Association (ALADI), Union of South American Nations (UNASUR), Latin American and Caribbean economic System (SELA), Bolivarian Alternative for the Americas (ALBA), Pacific Economic Cooperation Council (PECC), Inter-American Development Bank (IDB), Economic Commission for Latin America (ECLAC), Forum for East Asia-Latin America Cooperation (FEALAC), Summit of South American Arab Countries (ASPA), Organization of American States (OEA), United Nations,  World Bank, IMF, CAF, OPEC, OEI, Rio Group, World Trade Organization (WTO) ...

Free Trade Agreements of the Andean Community: MERCOSUR (ACE) (Associated), Chile, Mexico, Panama, European Union. Trade relations: India, China, Russia, ATPDEA.

Borders of Ecuador: Colombia and Peru

Example of the course Doing business in Ecuador (Español):

Business, Ecuador, Economy, Ecuadorian, foreign trade, Doing business, Guayaquil, Quito, Exports, Imports, FDI sectors, industrial, fashion, accessories, software, flowers