Articles
Business intelligence and analysis on Ecuador
Los Lobos Leader Arrested in Mexico: Security Implications for Business Operations in Ecuador
Angel Esteban Aguilar, alias 'Lobo Menor,' leader of Los Lobos and primary suspect in the 2023 assassination of presidential candidate Fernando Villavicencio, was arrested at Mexico City airport on March 18. The trilateral Ecuador-Colombia-Mexico operation signals a new phase in international security cooperation with direct implications for Ecuador's business operating environment.
Ecuador Shrimp Exports Hit $7.5B in 2025; January 2026 Volumes Up 23% YoY
Ecuador's shrimp exports reached $7.47 billion in 2025, up 23.2% year-on-year. January 2026 volumes continued the trajectory at 125,200 tonnes (+23% YoY). China accounts for 49.5% of export volume. Shrimp has officially surpassed petroleum as Ecuador's top export category, with industry projections targeting a further 15% increase in 2026.
Ecuador Cocoa on Track to Overtake Ghana as World's #2 Producer in 2026
Ecuador is projected to export over 623,000 metric tons of cocoa in 2026, according to Anecacao estimates, positioning the country to overtake Ghana as the world's second-largest producer behind Côte d'Ivoire. Cocoa exports have already surpassed banana exports in value for the first time in six decades, reaching $3.6 billion in 2024.
Claro Commits $600M to Ecuador Network Expansion and 5G Rollout Through 2038
Claro (América Móvil) will invest $600 million over three years in Ecuador for network modernization, coverage expansion, and 5G rollout. The commitment follows a spectrum license renewal through 2038 and a meeting between CEO Daniel Hajj and President Noboa. Claro is now the second carrier offering 5G in Ecuador after state-owned CNT.
Ecuador Returns to Bond Market with $4B Issuance — Largest in Country's History
Ecuador sold $4 billion in sovereign bonds in January 2026 — its largest-ever issuance and first since restructuring $17.4 billion in debt in 2020. The offering comprised $2.2 billion in 2034 notes (8.75%) and $1.8 billion in 2039 notes (9.25%). Country risk has collapsed from 2,016 points to 460, and international reserves reached $9.975 billion.
Lundin Gold Deploys $100M Exploration Campaign at Fruta del Norte
Canadian miner Lundin Gold will invest $100 million in 2026 to extend the mine life of its Fruta del Norte operation in Zamora Chinchipe province. The program deploys 18 drill rigs (7 underground, 11 surface) targeting 133,000 metres. Current reserves stand at 5.54 million ounces of gold, with expected annual production of 475,000-525,000 ounces through 2028.
EU-Ecuador SIFA: First Sustainable Investment Facilitation Agreement in Latin America
The EU and Ecuador completed negotiations on a Sustainable Investment Facilitation Agreement (SIFA) on January 23, 2026 — the EU's first such deal with a Latin American country. Unlike traditional investment treaties, SIFA focuses on facilitation: streamlining authorizations, improving transparency, and establishing administrative focal points in priority sectors including renewable energy and digitalization.
Oil Production at 466,398 bbl/d — Below 477,000 Target; Yasuní Extraction Continues Despite Court Order
Ecuador produced 466,398 barrels per day in January 2026, falling short of the 477,000+ boepd government target. Meanwhile, Human Rights Watch reported on March 16 that oil extraction in Yasuní National Park's Block 43 continues at 1.24 million barrels per month — defying both a 2023 national referendum and a March 2025 Inter-American Court order to halt operations.
SRI Implements New Withholding Tax Structure Effective March 1
Ecuador's SRI implemented new withholding tax rates effective March 1, 2026. The previous 2.75% rate was eliminated and replaced with a 5% tariff and a new 2% withholding rate applicable to credit card payments, insurance, leasing, and construction. Companies have until March 31 to update systems without penalty.
Ecuador Banking Sector Posts $1.336B Net Income for 2025; 92% of Institutions Profitable
Ecuador's banking system recorded aggregate net income of $1.336 billion for 2025, with 24 of 26 financial institutions (92%) reporting positive earnings. Total sector assets reached $70.7 billion. The system remains well-capitalized with non-performing loans at 3.1%, supported by dollarization and growing digital adoption.
Ecuador Eyes Nuclear Power: 300 MW Reactor Tender Planned for 2026
Ecuador plans to tender construction of a 300 MW small modular reactor in 2026 as part of its post-blackout energy diversification strategy. A larger 1 GW reactor is planned for the long term. Ecuador joined the IAEA in May 2025, but the legal framework for nuclear regulation still needs to be established before procurement can proceed.
US-Ecuador ART Formally Signed March 13 — Tariff Elimination Covers $2.8B in Non-Oil Exports
The United States and Ecuador formally signed the Agreement on Reciprocal Trade (ART) on March 13, 2026, eliminating surcharges on 53% of Ecuador's non-petroleum exports to the US — valued at $2.786 billion annually. The deal shields qualifying Ecuadorian products from the 10% global tariff and opens access to EXIM Bank and DFC financing for energy, critical minerals, and infrastructure.