A slowdown in 2023

C4

HIGH RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in November 2022.

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GDP USD106.166bn (World ranking 63, World Bank 2021)
Population 17.888mn (World ranking 66, World Bank 2021)
Form of state Presidential Republic
Head of government Guillermo Lasso (President)
Next elections 2025, presidential and legislative
  • Significant oil reserves and unexploited mining resources
  • Dollarization of the economy limits transfer and currency risk and anchors inflation
  • Recently improved road network
  • Dependence on oil production and high vulnerability to global oil prices
  • Monetary policy limited by dollarization
  • Low level of FX reserves
  • Limited access to international capital markets due to successive debt defaults

Trade structure by destination/origin

(% of total, 2021)

Exports Rank Imports
United States 24.0%
1
23.5% China
China 15.3%
2
22.1% United States
Panama 14.9%
3
7.0% Colombia
Chile 4.2%
4
3.9% Brazil
Russian Federation 3.7%
5
3.6% South Korea

Trade structure by product

(% of total, 2021)

Exports Rank Imports
Petroleum, petroleum products and related materials 32.2%
1
16.0% Petroleum, petroleum products and related materials
Fish, crustaceans, molluscs and preparations thereof 26.4%
2
7.8% Road vehicles
Vegetables and fruits 15.9%
3
6.0% Medicinal and pharmaceutical products
Metalliferous ores and metal scrap 6.1%
4
4.5% Feedstuff for animals (excluding unmilled cereals)
Coffee, tea, cocoa, spices, and manufactures thereof 3.9%
5
4.2% Iron and steel
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Popular Risk Reports: Africa