Are you looking for an easy way to ship your cargo to Ecuador? Choose the best freight forwarder to transport your goods to Ecuador safely and on time.
Exporting goods to Ecuador, whether it is for the first time, or on a regular basis, can be a challenging experience.
There are many elements to consider when shipping to a country such as Ecuador. If you are in Canada or the US and not entirely familiar with the Latin American market, you should consider a cargo shipping company that knows the business culture, the language, the customs regulations and has a proven track record of success when it comes to freight shipping to Ecuador.
WHAT CAN YOU EXPECT IN ECUADOR?
Regulations in Ecuador are not only very different from the ones in the US or Canada, communication methods and business etiquette are also very distinct: ● Corporate culture in Ecuador is relationship-driven. Known as welcoming and friendly people, Ecuadorians value trust, honor & camaraderie. They attach great importance to developing personal relationships rather than formal business connections which is the norm in the US or Canada. Therefore, it is important to develop easy going business “friendships”, as Ecuadorians may be more loyal to you personally rather than to the company you represent. Third-party contacts are also a key to business success in Ecuador. An established person vouching for you and presenting your company will help you gain trust in the market. ● Flexibility and spontaneity are also common traits of Ecuadorians. In Ecuador, there is a less strict sense of time than in US and Canada. ● It is also important to consider the language as a possible barrier. Although most highly-educated business executives speak English fluently, the average person speaks only Spanish.
QUICK FACTS ABOUT ECUADOR (2018)
- Capital: Quito
- Other Large Cities: Guayaquil, Cuenca, Santo Domingo, Ambato, Portoviejo, Durán, Machala
- Population: 17,084,357 (Urban Population: 63.8%)
- Official languages: Spanish
- Time Zone : GMT - 5
- Currency: American Dollar (USD)
ECONOMIC SNAPSHOT ( Source: IMF - World Bank, 2018)
- GDP: 108.40 billion USD (GDP Growth: 1.3% / GDP per capita: 6,3685 USD)
- Inflation Rate: -0.2%
- Unemployment Rate: 3.8%
- Total Imports of Goods: 23,19 billion USD
- FDI Inward Flow: 1.41 billion USD (1,3% of GDP)
- Ease of Doing Business Score (2019) : 123th / 190
WHY DOING BUSINESS WITH ECUADOR IS THE RIGHT DECISION
Ecuador is a dollarized economy, full of business opportunities for companies looking to expand Internationally. The country’s economic performance has been tied to the production and exportation of its oil. Ecuador’s demand for imports has also been growing fast since 2013. This strong demand for international goods and services offers opportunities for international exporters across a wide range of sectors such as food & beverage, vehicles and parts, medicinal and pharmaceutical products, specialized machinery and high-end consumer goods. The need for shipping to and from Ecuador has been increasing exponentially during recent years. With LAC by your side, you will reinforce your company’s cargo shipping capability to Ecuador. Our experienced professionals are very familiar with the market requirements in Ecuador which is very important to avoid delays during the importation process. We provide you with all the necessary tools to break into the Ecuadorian market, headache-free.
ECUADOR TRADE OVERVIEW
- MAIN IMPORTS: Petroleum, Vehicle & Parts, Medicaments, Electrical Machinery, Telecommunication Equipment, Plastics, Cereals, Animal food
- MAIN EXPORTS: Petroleum, Fishes & Crustaceans, Fruits, Cut-Flowers, Cocoa, Palm Oil, Gold
- INDUSTRIES WITH STRONG BUSINESS OPPORTUNITIES: Mining, Infrastructure, Construction, Transport, Oil & gas, Renewable Energy
- PRINCIPAL TRADING PARTNERS: USA, Peru, China, Chile, Panama, Vietnam, Russia, Colombia, Europe (Italy, Spain, Germany), Brazil, Mexico, South Korea, Japan