Second-quarter exports reached $10.18 billion, led by oil and shrimp, while record imports narrowed the trade surplus by 59% from a year earlier.

Ecuador exported more goods in the second quarter of 2026 than in any previous quarter in the Central Bank’s historical series, a headline that looks unequivocally positive until the other side of the trade ledger is added. Exports reached $10.177 billion between April and June, up 8.3% from the first quarter and 7% from the same period of 2025. Imports, however, also reached a record — $9.407 billion — and grew far faster than exports.

The result was still a trade surplus of about $769.8 million, meaning Ecuador sold more goods abroad than it bought. But that surplus was 59% smaller than in the second quarter of 2025. For a dollarized economy that cannot create its own currency, the distinction is important: strong exports bring dollars into the country, while rapidly rising imports send more of those dollars back out.

Oil was the biggest reason the export total jumped. Petroleum exports reached about $2.833 billion, up 36.9% from a year earlier even though the physical volume exported fell 9.8%. The difference was price. Ecuadorian crude averaged about $87.10 per barrel during the quarter, more than 50% above its year-earlier average.

Shrimp keeps gaining while cacao falls back

Outside oil, shrimp remained Ecuador’s most important export product and set its own quarterly record at roughly $2.554 billion. Sales were 7.9% higher than a year earlier, supported by demand in China and the United States. The performance reinforces the structural shift in Ecuador’s export economy: shrimp has become a central source of foreign currency rather than a niche agricultural product.

Cacao moved in the opposite direction. After exceptional international prices in 2024 and 2025, cacao and processed-cacao export earnings fell 54.9% year over year as global prices corrected. That does not necessarily mean Ecuador shipped half as much cacao. It illustrates how strongly commodity values can change export revenue even when production volumes move less dramatically.

The United States remained Ecuador’s largest export destination with 22.4% of the total, followed by China at 18.6% and Panama at 18%. Panama’s share reflects, among other factors, trading and petroleum channels rather than only final consumption in that relatively small country.

Why the import record matters

Imports increased 23.2% from the second quarter of 2025. A major driver was the cost of fuels and lubricants, with petroleum-related imports up 71.4%. That is the less comfortable side of Ecuador’s energy position: the country exports crude oil but must import large quantities of refined fuels and other petroleum products because domestic refining does not meet national demand.

Higher imports are not automatically bad news. Businesses import machinery, components and raw materials when investment and production are expanding, and households buy imported vehicles, electronics and other goods when consumption is strong. The composition matters. A surge driven by productive equipment has a different long-term effect from a surge caused mainly by expensive fuel or consumer goods.

For readers, the record export number is therefore best understood as a sign of strong external sales, not proof that Ecuador’s trade position improved across the board. The country earned more from oil and shrimp, but it also spent much more abroad. The trade account stayed in surplus, which is supportive for dollarization, yet the cushion narrowed sharply. The next quarters will show whether that was mostly a temporary consequence of high fuel costs or the beginning of a broader trend in which imports consistently outpace export growth.