Economy
Ecuador is very rich in national resources, due to its biodiversity and mineral deposits.
The Ecuadorian economy is based on the exportation of raw materials, marine and
agricultural production, and the importation of technology and finished products.
Because of ts low cost of labor, Ecuador has become an attractive destination for
foreign investment. Ecuador's exports include crude oil, bananas, coffee, cacao,
shrimp and flowers, as well as finished products such as derivatives of oil,
canned seafood, metals, automobiles, coffee, chocolate and fish meal.
Oil and Industries
Ecuador's main export is oil, whose extraction started in the early 20th century
with the discovery of fields in the coastal region (
La Costa) and
boomed with the discovery of beds in the Amazon in the 1970s. Oil is exported in both
crude and refined forms, despite the fact that money generated from the latter represents
only 10% of what is generated by crude.
At present, the industrial sectors that use national raw materials are the food
industries, cement production, the alcohol and sugar industries, the tobacco industries
and the wood and textile industries, as well as the relatively recent automobile industry.
Fishing
The fishing industry is managed on both a large and small (cottage) scale.
More than 12,000 families participate in the cottage fishing industry and its environmental
impact is reduced as well as its market, which is domestic. Industrial fishing is carried
out mainly by multinational companies with concessions emitted by the national government,
and by national investment groups.
