Economy of Ecuador

Ecuador is one of the 10 largest producers in the world of banana, cocoa and palm oil.<br>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 2019, the country had an annual production of about 1 ton of antimony (14th largest producer in the world).<br>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.<br>In terms of silver production, Ecuador produced 1 ton in 2017, which is the country's usual average.<br>In 2019, in the north of Ecuador, a large deposit of gold, silver and copper was discovered.

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.<br>In the agricultural sector, Ecuador is a major exporter of bananas (the largest exporter of bananas in the world, cut flowers, cacao, coffee, shrimp, wood, and fish. It is also significant in shrimp production, sugar cane, rice, cotton, corn, palm and coffee. The country's vast resources include large amounts of timber across the country, like eucalyptus and mangroves. Pines and cedars are planted in the region of the Sierra, walnuts and rosemary, and balsa wood, on Guayas River Basin.<br>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.<br>The industry is concentrated mainly in Guayaquil, the largest industrial center, and in Quito, where in recent years the industry has grown considerably. This city is also the largest business center of the country. Industrial production is directed primarily to the domestic market. Despite this, there is limited export of products produced or processed industrially. These include canned foods, liquor, jewelry, furniture, and more. Minor industrial activity is also concentrated in Cuenca.