Mining Overtakes Bananas as Ecuador's No. 2 Export Behind Shrimp

Ecuador's Export Map Shifts: Mining Passes Bananas Behind Shrimp

Ecuador's non-petroleum export hierarchy changed in the first half of 2026. Sales of mining products reached US$2.63 billion from January to June, up roughly 41% from US$1.87 billion a year earlier, according to Central Bank of Ecuador data. That lifted mining from fourth place in the first half of 2025 to second place, behind only shrimp.

Total non-oil exports reached a record US$14.65 billion for the semester, 1% higher than a year earlier. Shrimp remained the largest single earner at US$4.70 billion. Banana and plantain exports, which mining displaced, grew about 6% to US$2.36 billion and now sit third.

The most dramatic shift was in cocoa and cocoa products. After ranking third a year earlier with US$2.31 billion, the category fell to US$983 million, a decline of 57.5%, as international cocoa bean prices slumped amid rising African supply. Canned fish at US$853 million, flowers at US$572 million and tuna and fish at US$182 million followed the leaders.

Overall exports — including oil — set a record of US$19.57 billion, with petroleum at US$4.92 billion. Imports rose 18% to US$17.23 billion, leaving a goods trade surplus of US$2.34 billion.

Inside the 41% Mining Jump and Cocoa's 57.5% Price-Driven Fall

Why Mining Moved From Fourth to Second

The 41% increase is the main force behind the reshuffle. Ecuador's mining exports rose from US$1.87 billion to US$2.63 billion, enough to overtake both banana and plantain and cocoa. The central bank data do not break down the gain between higher volumes and higher prices, so the precise driver is uncertain. What is clear is that mining has moved from an emerging category to a structural earner. The source also notes that two mining companies — Ecuacorriente and Aurelian Ecuador — had already entered the top 10 largest companies in 2025, pointing to the sector's consolidation.

Cocoa's Collapse Is a Price Story, Not a Simple Loss of Market Share

Cocoa's reversal is price-led. A year earlier, cocoa and processed cocoa products exported US$2.31 billion; this year they generated only US$983 million. The 57.5% fall is attributed to a drop in international prices for the bean after increased supply from African producers. That means the ranking change partly reflects a commodity-price cycle rather than a permanent loss of competitiveness. For exporters and public revenue, however, the cash-flow effect is immediate.

China and the Import Bill Add Pressure to the Trade Equation

China remained a key commercial partner, both as a destination for Ecuadorian shrimp and minerals and as a supplier of imported goods. Imports grew 18% to US$17.23 billion, with the two largest categories — raw materials at US$5.38 billion and fuels and lubricants at US$4.51 billion — accounting for most of the bill. Because imports rose much faster than the 1% increase in non-oil exports, Ecuador's trade performance is heavily dependent on commodity export earnings.

What Ecuador's New Export Mix Means for Producers and Policy

The first-half data give exporters and policy makers a clearer map for the rest of 2026. The specific shifts suggest different priorities for each group:

• Mining producers and suppliers: Mining is now the second-largest non-oil export behind shrimp, with US$2.63 billion in first-half sales and a 41% year-on-year rise. China is a key buyer, so Chinese demand and logistics are central to maintaining this position.
• Banana and plantain exporters: The sector grew 6% to US$2.36 billion but lost the number-two spot to mining. Exporters should plan for a more contested ranking when negotiating logistics and market access.
• Cocoa producers and processors: Export value fell 57.5% to US$983 million because of lower international bean prices tied to African supply. Second-half revenue planning should be based on current price levels, not the US$2.31 billion earned a year earlier.
• Importers and trade finance teams: Imports rose 18% to US$17.23 billion, led by raw materials and fuels. That points to a larger working-capital requirement for the same import volumes.
• Trade policy officials: The new export mix — shrimp, mining, bananas and a much smaller cocoa category — affects both trade promotion budgets and discussions with China as the dominant partner.