Editing Economy of Ecuador (section)

== Industries ==
Oil accounts for 40% of exports and contributes to maintaining a positive trade balance.<ref>{{cite news|date=13 August 2012|title=Ecuador first-half trade surplus rises to $390 mln|work=Reuters|url=https://www.reuters.com/article/ecuador-trade-idAFL2E8JDF2K20120813}}</ref> Since the late '60s, the exploitation of oil increased production and reserves are estimated at 4.036 million barrels<ref>[http://expreso.ec/expreso/default.aspx?idcat=19308&tipo=8 Expreso] {{Webarchive|url=https://web.archive.org/web/20120822053534/http://expreso.ec/expreso/default.aspx?idcat=19308&tipo=8|date=August 22, 2012}} Expreso.ec. Retrieved on 2012-07-26.</ref>

In the agricultural sector, Ecuador is a major exporter of bananas (the largest exporter of bananas in the world<ref>{{cite report | title=The World Banana Economy 1985–2002 |url=http://www.fao.org/3/y5102e/y5102e05.htm |access-date=23 January 2021 |publisher=Food and Agriculture Organization of the United Nations}}</ref>), cut flowers, cacao, coffee, shrimp, wood, and fish.<ref>{{cite book |title=The CIA World Factbook 2019–2020 |author=Central Intelligence Agency |publisher=Skyhorse Publishing | date=2019 |isbn=978-1-5107-5047-0 }}</ref> It is also significant in shrimp production, sugar cane, rice, cotton, corn, palm and coffee.{{citation needed|date=August 2012}} The country's vast resources include large amounts of timber across the country, like eucalyptus and mangroves.<ref name="Resources Maps World Banks">[http://maps.worldbank.org/lac/ecuador Mapping for Results – Ecuador, Latin America & Caribbean]. maps.worldbank.org
</ref> Pines and cedars are planted in the region of the Sierra, walnuts and rosemary, and balsa wood, on Guayas River Basin.{{citation needed|date=August 2012}}

Ecuador's tobacco is prized in the cigar industry due to the prolonged cloud cover and rich volcanic soil creating ideal growing conditions, especially for [[shade tobacco]] and [[Ecuadorian Sumatra Tobacco]] cigar wrapper leaves;<ref name="Ecuadorian Cigar Tobacco">[https://www.cigaraficionado.com/article/ecuador-land-of-fire-7260 Retrieved on 2022-09-04.]</ref> exports topped $70M in 2018.<ref name="Ecuador Exports of tobacco">[http://data.un.org/Data.aspx?d=ComTrade&f=_l1Code:25;rtCode:218;yr:2018,2019&c=2,3,5,7,8,9,11,12&s=_crEngNameOrderBy:asc,yr:desc,_l2Code:asc&v=1 Retrieved on 2022-09-04.]</ref>

'''Oil Industry in Ecuador'''
Ecuador's oil industry is a cornerstone of its economy, contributing significantly to export earnings and government revenues. As of 2023, the country holds approximately 8.3 billion barrels of proven crude oil reserves . In 2022, crude oil accounted for about 27% of Ecuador's total export value, with major export destinations including Latin America, North America, and Asia.

The state-owned company Petroecuador plays a pivotal role in the oil sector, often operating in partnership with private and foreign corporations . Recent initiatives aim to boost oil production through foreign investments, with plans to attract approximately $42 billion in the oil sector by 2029 .

However, oil extraction has raised environmental and social concerns, particularly in the Amazon region. In 2023, a national referendum led to the cessation of oil drilling in Block 43 within Yasuni National Park, a biodiverse area home to Indigenous communities.

'''Agricultural Sector in Ecuador'''
Agriculture remains a vital component of Ecuador's economy, accounting for a significant portion of exports. The country is the world's largest exporter of bananas, with exports valued at approximately $2 billion . Other major agricultural exports include shrimp, cacao, coffee, and cut flowers. In 2020, agricultural products represented about 41.1% of Ecuador's total export.

Ecuador's diverse climate and fertile soil enable the cultivation of various crops, including rice, sugar cane, cotton, corn, and palm. The country's forestry resources, such as eucalyptus, mangroves, pine, cedar, and balsa wood, also contribute to its export economy.

The industry is concentrated mainly in [[Guayaquil]], the largest industrial center, and in [[Quito]], where in recent years the industry has grown considerably.  This city is also the largest business center of the country.<ref>[http://rankings.americaeconomia.com/2010/mejoresciudades/ranking.php Ranking 2010 – Ranking completo] {{Webarchive|url=https://web.archive.org/web/20141117023526/http://rankings.americaeconomia.com/2010/mejoresciudades/ranking.php |date=November 17, 2014 }}. Rankings.americaeconomia.com. Retrieved on 2012-07-26.</ref> Industrial production is directed primarily to the domestic market.{{citation needed|date=August 2012}} Despite this, there is limited export of products produced or processed industrially.{{citation needed|date=August 2012}} These include canned foods, liquor, jewelry, furniture, and more.{{citation needed|date=August 2012}} Minor industrial activity is also concentrated in [[Cuenca, Ecuador|Cuenca]].<ref name="Industrias en Cuenca">[http://guia-cuenca.guiaespana.com.es/industrias/cuenca/empresas-guia.html Industrias en CUENCA]. Guia-cuenca.guiaespana.com.es. Retrieved on 2012-08-21.</ref>

The dairy industry is represented by companies such as [[Tonicorp]],<ref>{{cite web | url=https://www.eluniverso.com/noticias/economia/industria-lactea-lamenta-fijacion-del-precio-frente-a-una-realidad-de-menor-consumo-y-falta-de-educacion-nutricional-nota/ | title=Industria láctea lamenta fijación del precio frente a una realidad de menor consumo y falta de educación nutricional | date=June 4, 2022 }}</ref> which is owned by the [[Coca Cola Company]].<ref>{{cite web | url=https://www.beveragedaily.com/Article/2017/03/30/Coca-Cola-acquires-AdeS-from-Unilever# | title=Coca-Cola acquires AdeS soy drink brand from Unilever | date=March 29, 2017 }}</ref>