Ecuador’s economy is presently on a fast process of modernization. For this purpose a series of structural, legal and administrative reforms have been promoted. The purpose of these have been to open the economy to the world market, to increase efficiency in all productive activities, to diminish the State intervention in the economy, and to fortify non-traditional sectors.
During the past decade Ecuador has undertaken a broad program intended to re-establish macro-economic equilibrium and to create a healthy economy. Relevant measures such as dollarization have been implemented and outstanding results have been achieved, improving local and international perception of economic management.
Along with the process of economic reactivation, Ecuador has carried out a series of measures in order to improve the nation’s entry into the world scene. In this respect, renegotiation of the foreign debt, opening to foreign capital, entry into the World Trade Organization (WTO), approaching the Pacific Rim countries, and progress in the integration process are some elements that currently assure Ecuador a wider and more effective participation in international business, finance and technology currents.
While the promotion and consolidation of the foreign sector continues to be a goal for the medium and long term, figures reveal that significant progress has already been made in key areas, including the reduction of dependence on petroleum exports; encouraging the export of non-traditional products; growing industrialisation in export goods; and market diversification, particularly toward the Andean area.
Currently, Ecuador’s exports include not only petroleum, banana, shrimp, coffee and cacao but also a series of new products, which have won widespread acceptance in international markets. These include fresh fruits: strawberries, mango, passion fruit, melon, papaya, pineapple, etc.; processed fruits: preserves, dried fruits, juices, concentrates, candied fruits, marmalades and jellies; flowers: roses, baby’s breath, carnations, chrysanthemums, etc.; sea food: shrimp, jumbo shrimp, fresh fish, tuna; vegetables: string beans, asparagus, artichokes, peas, cauliflower, palm heart, broccoli, etc.; herbs and plants; herbals and medicinal teas: mint, boldo, retania, valerian, etc.; industrial products: ceramics ; wood derivatives in bulk, board, sheets and plywood ; textile products ; etc. ; craft products: T-shirts, tagua figurines and buttons, palmetto straw hats, decorative ceramics, balsa wood figures, etc.
