Why this is important to Wisconsin businesses: Wisconsin manufacturers are strong in industrial and machinery production, which are some of Ecuador’s biggest imports.
Ecuador’s top trading partner is the U.S., with 28% of its exports going to the U.S. and 23% of its imports originating here.
In 2022, trade between the two countries totaled $18.3 billion, up more than 20% from 2021, according to the U.S. International Trade Administration (ITA).
Key U.S. exports to Ecuador include minerals, fuel, machinery, electrical machinery, and processed foods, the ITA says—and that bodes well for Wisconsin manufacturers. Industrial machinery was Wisconsin’s top export in 2023, and electrical machinery ranked No. 3, according to WEDC.
Ecuador has a population of 18 million and recently elected a new president. Daniel Noboa took office in November 2023 and will serve until May 2025, finishing the term of former President Guillermo Lasso, who had helped to expand cooperation with the U.S. on security and trade, according to the ITA.
The U.S. State Department says the Lasso administration adopted a plan to build Ecuador’s economy by encouraging $30 billion in investment, and the Noboa administration continues to pursue investment as a key goal.
According to the State Department, opportunities for investing in Ecuador are particularly significant in agriculture, aquaculture, mining and critical minerals, energy, telecommunications, security, and electricity.
Specific fields include technology to modernize agriculture and the commodities supply chain, connectivity infrastructure, inventory tracking systems, and sensors on satellites to monitor the ocean’s environment.
