Ecuador’s Non-Oil Exports Hit Record as Trade Surplus Grows

In a striking display of economic resilience, Ecuador’s economy has surged, posting a robust 3.9% growth in the first half of 2025. This performance, reported by the Central Bank of Ecuador, has surpassed initial forecasts and signals a powerful transformation in the nation’s economic engine, now powered not by oil but by its thriving non-oil export sectors.

Record-Breaking Export Performance Drives Ecuador Economic Growth

The cornerstone of this impressive Ecuador economic growth is a historic surge in exports. Official data reveals that non-oil exports reached an unprecedented $14.491 billion between January and June, marking a 21% increase compared to the same period in 2024. This figure is the highest on record and represents a monumental shift in the country’s trade structure. The growth was spearheaded by the agricultural and aquaculture sectors, with shrimp, cocoa, and bananas leading the charge.

Remarkably, shrimp has now definitively eclipsed oil as Ecuador’s top export commodity. Despite new tariffs imposed by the United States, shrimp exports generated a formidable $4.254 billion in the first six months of the year. Cocoa shipments also saw extraordinary gains, rising to $2.31 billion, buoyed by record-high international prices. Banana and plantain exports contributed a further $2.23 billion, painting a picture of a diversified and vibrant export economy.

A Shift in Economic Foundations and Trade Surplus

This boom in non-oil exports has occurred alongside a decline in the traditional pillar of the economy: oil. Crude oil exports fell to $3.99 billion, an 11% drop from the previous year, due to pipeline disruptions and refinery stoppages that constrained output. However, the sheer strength of non-oil sectors meant that overall exports still grew by 11% year-over-year, reaching a total of $18.813 billion.

This export boom created the largest trade surplus ever recorded for a first semester in Ecuador—a staggering $4.166 billion. Imports also grew by 11% to approximately $11.38 billion, a sign of increased domestic economic activity as businesses purchased more raw materials, machinery, and consumer goods. For a dollarized economy like Ecuador’s, this massive inflow of foreign currency is critical for maintaining financial stability, funding imports, and supporting job creation across the productive sectors.

The strong mid-year economic data confirms that Ecuador’s growth story is being rewritten, moving beyond its historical reliance on volatile oil markets toward a more diversified and resilient model built on its agricultural and aquatic bounty. While fiscal challenges remain, the record trade surplus and robust growth provide a solid foundation for continued stability and prosperity, underscoring a successful economic transformation that is capturing global attention.

Must Know

What is driving Ecuador’s economic growth in 2025?
Ecuador’s economic growth is primarily driven by a record performance in its non-oil export sectors. Shrimp, cocoa, and bananas have seen massive increases in export revenue, far outpacing the declining contributions from the oil industry and fueling an overall expansion.

Why is Ecuador’s trade surplus so significant?
The record trade surplus is particularly significant because Ecuador uses the U.S. dollar as its official currency. A large surplus brings in essential foreign exchange, strengthens the country’s financial stability, and improves its ability to pay for necessary imports and manage its economy effectively.

Has shrimp really become more important than oil for Ecuador?
Yes, for the first half of 2025, shrimp exports reached $4.254 billion, surpassing oil exports, which fell to $3.99 billion. This marks a historic shift where a non-oil commodity is now the nation’s top export, highlighting a major diversification of the economy.

What does the growth in imports indicate?
The 11% rise in imports, particularly in raw materials and capital goods, suggests that Ecuadorian businesses are investing more in production and capacity. This is often interpreted as a sign of confidence in future economic activity and domestic demand.

Are there any risks to this economic growth?
While the current data is positive, the Central Bank of Ecuador has noted that persistent fiscal challenges and the need for structural reforms remain. Long-term, sustainable growth depends on continued competitiveness in non-oil sectors and prudent economic management.