Course summary (Business in Ecuador):
The Ecuadorian economy is the 8th biggest economy of Latin America
after Brazil, the United Mexican States, Argentina, Chile, the Republic of Colombia, Venezuela, and Peru.
The dollarization
of Ecuador
creates an advantage in negotiation under strong currency (since January of 2000, the United States of America Dollar is the official currency).
The Ecuadorian economy is based on oil, manufacturing, commerce, and
agricultural production.
Ecuador is member of the Andean Community (CAN) and has been
associated with Southern Common Market (MERCOSUR).
The Union of South American Nations (UNASUR) is based in Quito.
Thanks to its geographical location, Ecuador has an
appropriate climate for the growth of many agricultural
export products. 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.
Foreign trade. Ecuador exports to 150 countries.
Major international markets of Ecuador are the United States, Peru,
the Republic of Colombia, Chile, Venezuela, Italy, Panama and Russia. Ecuador exports 14.000 millions
USD, 50% belong to the oil sector and the other 50% to non
traditional and traditional exports.
Ecuador is the biggest exporter of bananas, palm of hearts, balsa wood, passion fruit juice and roses
of the world. Ecuador is renowned by its
high-quality food products, including cocoa, coffee, aromatic and medicinal
plants, etc.
Major import partners of Ecuador: Latin America excluding Andean Community 37%, United States 25%, Andean Community 22% Asia 19%, and European Union 10%.
Example of the course doing business in Ecuador (English):
The port of Guayaquil handles a majority of
international trade of Ecuador, is
considered as the economic capital of Ecuador. Other important ports in
Ecuador are
Esmeraldas, Manta and Puerto Bolívar (banana). A larger bulk of International trade takes
advantage of ocean routes. Every year, there are over 2.500 vessels that leave
from Ecuadorian ports.
Ecuador benefit from his 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 United States, Africa, the Middle East and
to the rest of Asia.
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.
Borders of Ecuador: the Republic of Colombia and Peru
