North America
Central & South America
Europe
Africa
Asia & Middle East
Southeast Asia & Oceania
Ecuador Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
16,498,502 (July 2018 est.)GDP (PPP)
$193.0 billion (2017 est.)GDP growth rate
2.4% (2017 est.)The country is recovering from the 2016 recession. Ecuador is substantially dependent on its petroleum resources (1/3 of earning export), the oil price decrease affect negatively the economy
GDP (PPP) per capita
$11,500 (2017 est.)Low. High income inequality
Local currency
US Dollar (USD)The US dollar became Ecuador's currency in 2001
Financial stability (Public debt)
45.4% of GDP (2017 est.)Low, however it increased sharply in the last years
Inflation
0.4% (2017 est.)Low
Language
Spanish (official)English is not widely spoken
Corruption perception index (Source: Transparency International)
Rank 114/180Very high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
12% standard VAT rateNo VAT on some goods/services (most agricultural goods and foodstuff, drugs, medicines, pharmaceutical products, fertilisers, insecticides, animal foods, paper, books, transportation of persons and cargo, agricultural machinery, housing rental, most of utilities)
Corporate Tax
From 22% to 28% if distributed or undistributed profits of local corporations and branchesFrom 12% to 18% if reinvested profits of local corporations and branches
Duties
Most consumer goods imports pay 25%, while intermediate goods are usually imported at a 10% or 15% rate.Raw materials and capital goods generally pay 0% to 5%. In addition to import duties, all imports are subject to 12% VAT and other minor taxes that do not exceed 1%. Charges are based on the cost, insurance, and freight (CIF) value of the merchandise.
Does your company deal with South America export or Latin America import?
Globartis is the place for you! We are one of the fastest-growing B2B portals worldwide, and we are active in Latin America B2B, and South American trade.
Our platform can provide you access to Ecuador business and Ecuador trade: connect with an Ecuadorian company and find the right partner for doing business in Ecuador.
Find a contact in the Quito business community and grow your company in the Ecuador imports and exports business. Join now our network for free and get in touch with an Ecuadorian manufacturer or Ecuador distributor.