Why Ecuador?
Ecuador is one of the biggest growing economies in the region and has been ranked as the fastest growing country worldwide according to a global competitiveness ranking. The country has also invested heavily in new trade infrastructure and has reduced greatly the economic inequality in the last 10 years leading to a larger middle class with a desire for foreign products.
- 8th Largest Economy in Latin America and Caribbean region including a GDP per capita of $11,898
- Population of over 16 million people with a reduction in the GINI index to 0.46 in 2017 from 0.54 in 2006
- The country has invested heavily in its infrastructure including awards for its airport and shipping port facilities
- Economic growth for Ecuador for the last 10 years has outperformed the average for the region and is expected to continue
- Recent import restrictions have created a heavy demand for quality foreign products, with a government agenda working to remove heavy restrictions.
- IMF agreement for $4.2bn arrangement under Extended Facility Fund showing an improved credit outlook for the country
- Only 95th globally of countries as a trading partner for the UK with just over $126 million of UK exports to the country
- Acceded to the EU - Andean Pact trade agreement in January 2017, removing/reducing tariffs on most EU products
- UK Government negotiated a trade continuity agreement for post-Brexit relationship
- Use of US Dollar currency facilitates planning, budgeting and hedging for a UK business
- Concentrated market; Quito and Guayaquil alone account for 80+% of potential purchasers of imported products
