Oil Oil accounts for 40% of exports and contributes to maintaining a positive trade balance. Since the late '60s, the exploitation of oil increased production and reserves are estimated at 4.036 million barrels. Ecuador's oil industry is a cornerstone of its economy, contributing significantly to export earnings and government revenues. As of 2023, the country holds approximately 8.3 billion barrels of proven crude oil reserves . In 2022, crude oil accounted for about 27% of Ecuador's total export value, with major export destinations including Latin America, North America, and Asia. The state-owned company Petroecuador plays a pivotal role in the oil sector, often operating in partnership with private and foreign corporations . Recent initiatives aim to boost oil production through foreign investments, with plans to attract approximately $42 billion in the oil sector by 2029 . However, oil extraction has raised environmental and social concerns, particularly in the Amazon region. In 2023, a national referendum led to the cessation of oil drilling in Block 43 within Yasuni National Park, a biodiverse area home to Indigenous communities.
Agriculture In the agricultural sector, Ecuador is a major exporter of
bananas, being the largest exporter in the world;
cut flowers;
cocoa bean, where it is among the top 10 producers in the world;
coffee;
shrimp;
lumber;
fish; and
palm oil, where it is among the top 10 producers in the world. In 2018, the country produced 7.5 million tons of
sugarcane, 6.5 million tons of
banana (6th largest producer in the world), 2.7 million tons of
palm oil (6th largest producer in the world), 1.3 million tons of
maize, 1.3 million tons of
rice, 269 thousand tons of
potato, 235 thousand tons of
cocoa (7th largest producer in the world), 149 thousand tons of
pineapple, 103 thousand tons of
orange, in addition to smaller productions of other agricultural products. In more recent years, banana production has increased to around 7 million tons annually (7.16 million tons produced in 2023). Ecuador's tobacco is prized in the cigar industry due to the prolonged cloud cover and rich volcanic soil creating ideal growing conditions, especially for
shade tobacco and
Ecuadorian Sumatra Tobacco cigar wrapper leaves; exports topped $70M in 2018. The dairy industry is represented by companies such as
Tonicorp, which is owned by the
Coca Cola Company.
Heavy industry Industrial production is concentrated mainly in
Guayaquil, the largest industrial center, and in
Quito, where in recent years industry has grown considerably and which is also the largest business center of the country. Minor industrial activity is also concentrated in
Cuenca.
Mining In 2019, the country had an annual production of about 1 ton of
antimony, which made it the 14th largest producer in the world. In 2006, Ecuador had an annual production of about 5.3 tonnes of
gold, being the 34th largest producer in the world at the time. Ecuador produced 8.6 tons of gold in 2013, which was the absolute record between 2006 and 2017. In 2017, production was 7.3 tons. In terms of
silver production, Ecuador produced 1 ton in 2017, which is the country's usual average. In 2019, in the north of Ecuador, a large deposit of gold, silver and copper was discovered. == Electricity ==