The Raw materials produced in Ecuador Are oil and various food products such as bananas, crustaceans or caviar. This results in Ecuador's economy being the eighth largest in Latin America and occupying 69th place worldwide.
In addition to petroleum, a leading export product, the South American country is notable for the production of various agricultural products such as bananas, coffee, cocoa, rice, dads, tapioca, sugar cane, livestock, sheep, pigs, meat, dairy products, Fish and shrimp.
Outstanding locations also have other types of industries such as textiles, food processing, logging or various chemical products.
Top 10 most produced raw materials in Ecuador
One of the indicators that allow us to know which raw materials are produced mainly in Ecuador are its exports. Here we see the 10 raw materials produced and exported this country with figures for 2015:
1 - Crude oil:.4 trillion dollars
Ecuador is the smallest producer member of the Organization of Petroleum Exporting Countries (OPEC), but nevertheless it is the main source of income in this country.
To expand its production capacity, Ecuador has had international loans from China. It produces 29.1 million tons of oil per year.
2- Bananas:.8 trillion dollars
In general, the agricultural sector in Ecuador is responsible for 14% of GDP and employs 30% of all workers in the country (1.25 million workers).
Its largest product are bananas of various types and species. Although it is an industry that has not stopped, its main problem is the low international price of bananas and therefore a reduced profit margin.
3- Crustaceans (including lobster):.3 trillion dollars
The main crustacean Ecuador exports is shrimp, being the second exporter in the world, which represents 2% of the country's GDP. Technology has impacted the way shrimp are obtained by moving from natural fishing to farm production methods.
4- Fish, caviar (canned and prepared):.3 million dollars
Prepared or preserved fish, caviar and caviar substitutes are prepared with fish eggs. Ecuador is one of the important exporters of this product to countries like United States, Japan, Italy, United Kingdom and France.
Distribution of the raw material produced in Ecuador
5- Fresh or dried flowers (for bouquets or decoration):.9 million dollars
Ecuador is the third exporter of cut flowers worldwide, of which 73% are roses. It is an industry that employs more than 100 thousand people. The great advantage of the country is the natural light that it enjoys all year round and is perfect for growing flowers.
6- Cocoa beans:.4 million dollars
At some point, coffee production was one of the most important areas of the Ecuadorian economy, but has been declining due to a global recession. It is now the production of cocoa beans that has taken an important role because it is not only exported but also consumed locally.
7- Gold in the rough: $ 8 million
Ecuador has deposits of gold, silver, lead and zinc, being a great potential in mining and being considered as an emerging market since it still has much to take advantage of.
8- Processed petroleum oils:.2 million dollars
These are other petroleum products taking advantage of the large reserves that Ecuador has.
9- Palm oil:.4 million dollars
Palm oil is incredibly versatile as it is found in products as diverse as soap, ice cream and even chocolate. It comes from the palm oil tree that is native to West Africa but has been planted throughout the tropics because it is in high demand for the food sector, personal care products and more.
Ecuador has 140 thousand hectares in 2011, but has doubled its production since 2006.
10-Sawn lumber:.2 million
Ecuador is a country with great potential for the sale of wood, since it has 3.6 million spaces available for reforestation. This industry has a high technological level to produce wood derivatives.
Due to its geographical location and diversity of climates, Ecuador is a forest paradise that caters to markets such as the United States and Japan. Ecuador produces an average of 421,000 tons of variety of fine, common wood, wood for construction, pallets and others.
Challenges of the Ecuadorian economy
Quito, Ecuador
Ecuador was faced with many difficulties during the global crisis of 2009, and since 2012 has maintained a fairly stable growth of around 4.7%. This growth led to a decrease in poverty and an overall improvement of services and infrastructures in the country.
However, since 2014, this growth is threatened by a slowdown associated with declining oil prices and a stronger US dollar.
In this difficult period, Ecuador faces the challenge of being able to adapt its economic structure to the new international context to continue to grow and protect the progress made in social matters during the oil boom.
At this moment, the challenge for Ecuador is to maintain its economic stability and continue to grow.
References
- The World Bank. 10/03/2016. "Ecuador": worldbank.org.
- Ecuador review. 22/12 / 2015."Economy: A Difficult End To 2015 And Scenarios For 2016".
- Nations Encyclopedia. Retrieved March 23, 2017."Ecuador": Nationsencyclopedia.com
- World's Top Exports. Retrieved March 23, 2017. Daniel Workman,"20 Most Valuable Ecuadorian Export Products": worldstopexports.com.
- World Energy Resources 2016. Accessed March 23, 2017."Ecuador oil": worldenergy.org.
- OCEC: The Observatory of Economic Complexity. Retrieved 23 March 2017."Prepared or preserved fish; Caviar and caviar substitutes prepared from fish eggs.": Atlas.media.mit.edu.
- Financial Times. 10/04/2015. Mick Conefrey,"Roses with altitude: why Ecuador's flower industry stands out."Retrieved from ft.com.
- Medium Ensia. Retrieved March 23, 2017. Duncan GromKo,"Can Latin America do palm oil right": ensia.com.