Luis Ortega, Trade Advisor, Ecuador’s Trade Representative Office in Moscow
A COUNTRY WITH GREAT POTENTIAL
The Republic of Ecuador in the north-western part of South America, sharing borders with Colombia to the
north and Peru to the east and south, washed by the Pacific Ocean, is home to approximately 18.5 million people,
with a GDP of around 115 billion USD as of 2024.
Ecuador is divided into four main regions: the coast, highlands, Amazon, and the Galápagos Islands. Each
of these boasts its own geographical, economic, and cultural peculiarities, contributing to the country’s rich
diversity.
In today’s increasingly interconnected world, Ecuador keeps pace, steadily strengthening its ties with
the Eurasian Economic Union (EAEU), particularly with Russia, offering high-quality products and a conducive
investment climate.
2024: EXPORTS TO THE EAEU
In 2024, Ecuador’s top five export items to the EAEU were as follows: bananas, accounting for 63.4% of total
exports at 668 million USD, which is a decline of 12.6% compared to the previous year; aquaculture shrimp,
making up 15.5% or 162 million USD, reflecting a significant increase of 30% year-on-year; flowers and ornamental plants at 14.9% or 157 million USD, marking a rise of 6.8% from last year; cocoa and cocoa products, which saw an impressive surge of 548%, contributing 3.6% or 37 million USD; and fish and seafood, which reached 1.6% or 17 million USD, showing growth of 38% from the previous year.
Turning to the Russian market, export trends mirror those observed in the broader EAEU context. Bananas accounted for 74.1% of total exports (665 million USD), while exports of shrimp, cocoa, and fish
showed growth of 30%, 549%, and 38%, respectively. Overall, while the total volume of Ecuadorian exports to
Russia declined by 3%—due to macroeconomic factors such as inflation and exchange rate fluctuations—the
performance of the main export items remained stable and unchanged.
The Republic of Ecuador in the north-western part of South America, sharing borders with Colombia to the
north and Peru to the east and south, washed by the Pacific Ocean, is home to approximately 18.5 million people,
with a GDP of around 115 billion USD as of 2024.
Ecuador is divided into four main regions: the coast, highlands, Amazon, and the Galápagos Islands. Each
of these boasts its own geographical, economic, and cultural peculiarities, contributing to the country’s rich
diversity.
In today’s increasingly interconnected world, Ecuador keeps pace, steadily strengthening its ties with
the Eurasian Economic Union (EAEU), particularly with Russia, offering high-quality products and a conducive
investment climate.
2024: EXPORTS TO THE EAEU
In 2024, Ecuador’s top five export items to the EAEU were as follows: bananas, accounting for 63.4% of total
exports at 668 million USD, which is a decline of 12.6% compared to the previous year; aquaculture shrimp,
making up 15.5% or 162 million USD, reflecting a significant increase of 30% year-on-year; flowers and ornamental plants at 14.9% or 157 million USD, marking a rise of 6.8% from last year; cocoa and cocoa products, which saw an impressive surge of 548%, contributing 3.6% or 37 million USD; and fish and seafood, which reached 1.6% or 17 million USD, showing growth of 38% from the previous year.
Turning to the Russian market, export trends mirror those observed in the broader EAEU context. Bananas accounted for 74.1% of total exports (665 million USD), while exports of shrimp, cocoa, and fish
showed growth of 30%, 549%, and 38%, respectively. Overall, while the total volume of Ecuadorian exports to
Russia declined by 3%—due to macroeconomic factors such as inflation and exchange rate fluctuations—the
performance of the main export items remained stable and unchanged.
The Republic of Ecuador steadily strengthens ties with the EAEU, while offering its partners high-quality
goods and a conducive investment climate.
JANUARY–MAY 2025: EXPORT AND IMPORT TRENDS
In the first five months of 2025, Ecuador’s exports to the EAEU showed a positive trend, rising from 456 million
USD to 500 million. In monetary terms, banana exports increased significantly, climbing from 289 million USD to 346 million, while shrimp exports also saw a rise from 57 million to 68 million USD. The export of flowers and plants remained largely unchanged at about 69 million USD, while fish and seafood saw a decline; cocoa showed an increase in price per tonne.
The volume of imports from the EAEU to Ecuador over the same period increased by 10.2%, from 72.5 million USD to 79.9 million. Of this, urea and diesel fuel—products crucial in agriculture and national transport—accounted for 73 million USD (an increase of 8.7%) and 4.8 million (a growth of 54.2%), respectively.
ATTRACTING INVESTORS THROUGH A UNIFIED INVESTMENT WINDOW
Ecuador offers investors a range of tax incentives and legal stimuli accessible through a unified investment window designed to attract foreign direct investment in strategic sectors of the economy. Key measures include:
• Exemption from corporate profits tax for new SMEs (up to 3 years) and large projects (up to 12–15 years, depending on their location),
• Exemption from foreign currency export tax and tax incentives on the import of raw materials and equipment,
• Zero VAT on the purchase of equipment for agriculture, aquaculture, renewables, and environmentally sustainable transport,
• Accelerated depreciation (up to 100%) on investments contributing to environmental sustainability,
• Possibility to secure investment terms for up to 15 years through special agreements,
• Access to special economic zones with customs duties and VAT incentives for 20 years.
These measures ensure a competitive legal and financial environment, providing protection and building confidence for investors interested in exporting agricultural products, fish and seafood, as well as developing logistics and tourism.
In the first five months of 2025, Ecuador’s exports to the EAEU showed a positive trend, rising from 456 million
USD to 500 million. In monetary terms, banana exports increased significantly, climbing from 289 million USD to 346 million, while shrimp exports also saw a rise from 57 million to 68 million USD. The export of flowers and plants remained largely unchanged at about 69 million USD, while fish and seafood saw a decline; cocoa showed an increase in price per tonne.
The volume of imports from the EAEU to Ecuador over the same period increased by 10.2%, from 72.5 million USD to 79.9 million. Of this, urea and diesel fuel—products crucial in agriculture and national transport—accounted for 73 million USD (an increase of 8.7%) and 4.8 million (a growth of 54.2%), respectively.
ATTRACTING INVESTORS THROUGH A UNIFIED INVESTMENT WINDOW
Ecuador offers investors a range of tax incentives and legal stimuli accessible through a unified investment window designed to attract foreign direct investment in strategic sectors of the economy. Key measures include:
• Exemption from corporate profits tax for new SMEs (up to 3 years) and large projects (up to 12–15 years, depending on their location),
• Exemption from foreign currency export tax and tax incentives on the import of raw materials and equipment,
• Zero VAT on the purchase of equipment for agriculture, aquaculture, renewables, and environmentally sustainable transport,
• Accelerated depreciation (up to 100%) on investments contributing to environmental sustainability,
• Possibility to secure investment terms for up to 15 years through special agreements,
• Access to special economic zones with customs duties and VAT incentives for 20 years.
These measures ensure a competitive legal and financial environment, providing protection and building confidence for investors interested in exporting agricultural products, fish and seafood, as well as developing logistics and tourism.
SEEKING GREATER COOPERATION
Ecuador is a reliable partner for the EAEU, boasting a rich export portfolio of high-quality goods and a favourable investment climate.
With robust institutions and an active trade and investment policy, the country invites the Eurasian governments and companies to deepen cooperation for the common good and a future based on sustainable economic cooperation.
Ecuador is a reliable partner for the EAEU, boasting a rich export portfolio of high-quality goods and a favourable investment climate.
With robust institutions and an active trade and investment policy, the country invites the Eurasian governments and companies to deepen cooperation for the common good and a future based on sustainable economic cooperation.