At the AlUla Conference for Emerging Market Economies in Saudi Arabia, Ecuador’s Minister of Economy and Finance, Sariha Moya, outlined the progress of the country’s economic program under President Daniel Noboa. She emphasized that this initiative enabled Ecuador to return to international markets after a seven-year absence.
Moya reported that Ecuador increased its non-oil exports by 20% between January and November 2025. This growth is part of a broader strategy aimed at reducing dependence on oil exports and strengthening other sectors of the economy. According to Moya, “Ecuador advances in identifying its main vulnerabilities, starting with reducing dependence on oil exports and strengthening non-oil sectors.”
She also highlighted improvements in the trade balance. While the non-oil trade balance showed a deficit of USD -340 million from January to November 2023, it now records a surplus exceeding USD 4 billion for the same period in 2025. This shift reflects efforts to build a more dynamic and competitive non-oil economy.
Moya noted that Ecuadorian producers are focusing on quality as their main competitive advantage, which lessens sensitivity to tariffs and international price fluctuations—especially for products like shrimp, chocolate, and bananas.
The minister pointed out diversification in trading partners: “Ecuador has diversified its commercial partners with exports going to China, Russia, United States, and regional countries.” She explained that despite global geopolitical challenges, these efforts helped sustain export growth through increased investment and better financing conditions for productive sectors.
On financial matters, Moya stated that deposits in the national financial system rose by 14% over the past two years—a sign of greater liquidity. However, she stressed that channeling these resources into investment and production remains a priority rather than directing them solely toward consumption. During this period total credit grew by 12%, while productive credit saw an increase of 19%. The agricultural sector registered a 30% rise in capital goods imports compared to previous years.
“These results show a virtuous circle resulting from implemented economic policy and joint work with strategic partners such as the World Bank and Inter-American Development Bank (IDB), who provide financing…,” said Moya.
She addressed Ecuador’s previous exclusion from international markets since 2019—a situation that placed significant pressure on local finance systems and limited both public and private investment. The current administration focused on restoring fiscal order and rebuilding international confidence to facilitate Ecuador’s reentry into global markets.
Finally, Minister Sariha Moya affirmed her commitment to responsible fiscal management: “Fiscal consolidation is not an end; it is a means for achieving growth.”
