Located in the northwest of South America, Ecuador, officially known as the Republic of Ecuador, is a dynamic nation. It is bordered to the north by Colombia, to the east and south by Peru, and the west by the Pacific Ocean. Guayaquil is the nation's main city and commercial hub, while Quito serves as the capital. As per the Ecuador import data, Ecuador's GDP is projected to reach USD 123.5 billion by 2024. Ecuador is the 71st-largest importer in the world, based on import data. The greatest contributor to Ecuador's overall imports and its top exporter is the United States.
Refined petroleum is the main imported commodity in Ecuador, with total imports expected to reach USD 38.9 billion in 2024. To fulfill domestic demand, as per the Ecuador customs data, Ecuador's economic structure depends on imports of both industrial and agricultural goods. The nation's commercial infrastructure has grown significantly in recent years, as seen by the signing of several trade agreements and the modernization of its ports and customs processes.