In the early 1970's Ecuador’s exports were mainly agricultural. This changed very rapidly with the discovery of oil. Petrolium exports rose to first place in 1973 and by 1980 accounted for well over half of the total export earnings. The new found wealth improved the standard of living to some extent however Ecuador still remains a poor country. In 1982 floods caused severe disruption in agriculture and exports of banana and coffee were roughly halved. In 1987 a disastrous earth quake wiped out about 25 miles of pipe lines severely damaging both the environment and the economy.

Total exports are about $4000 million. The main trading partner is USA, which buys about 40 % of Ecuador’s exports. Asia, Europe and Latin America are important trading partners as well. Tourism continue to develop as a source of international income.

The currency in Ecuador is the Sucre named after general Sucre, who defeated the Spanish colonists in 1924. Costs in Ecuador are one of the lowest in latin America. However foreigners still pay a lot more for some service than an Ecuadorians. Train rides, airplane rides, hotel costs and national park entrance fees are as much as twice as what they charge nationals.

Important towns and cities

Quito is the capital and second largest city in Ecuador. The north is modern with major businesses, airline offices, embassies, shopping centers and banks. The south consists mainly of working class housing areas and is of less interest.

Guayaquil is the most important port, largest city and financial center of Ecuador. More exports and imports pass through Guayaquil than through all the other ports combined. It is also the most populous city in the country.

Cayambe is a town between Otavalo and Quito. It is famous for its dairy industry and there are many stores and restaurants selling a variety of local cheeses and cheese products. Otavalo is a small town famous for its friendly people and their saturday market. The Market dates back to pre-Inca times when jungle products were brought up from the lowlands and traded for highland goods. Even today the market serves locals who buy and bartar animals and goods and tourists who buy crafts and souvenirs.