Trade Basics
What is trade?
The buying and selling of goods between countries.
What fruit makes Ecuador the world's number one exporter?
Bananas and plantains.
Name one type of vehicle Ecuador imports.
Cars or vehicles.
Ecuador exports bananas.
True.
Which export is used to make premium chocolate?
Cacao.
Why do countries trade?
Because they cannot produce everything they need.
Which seafood export is mainly sold to China and the USA?
Shrimp.
Why does Ecuador import computers?
Because it has limited domestic manufacturing.
Ecuador produces all of its own computers.
false
Name two countries that buy Ecuadorian bananas.
USA, China, or Russia.
What is an export?
Selling products to other countries.
What special type of cacao is Ecuador famous for?
Cacao Arriba.
Name one country that supplies medicine to Ecuador.
Colombia, Mexico, Argentina, Germany, Switzerland, USA, or India.
Roses are one of Ecuador's exports.
true
Which export provides about 275,000 direct and indirect jobs?
Tuna and fish
What is an import?
Buying products from other countries
Where are Ecuador's famous roses grown?
In the Andes Mountains.
Why does Ecuador import machinery?
It does not manufacture many heavy machines and equipment.
Ecuador produce medicine?
true
Explain the "energy paradox" in Ecuador.
Ecuador exports crude oil but imports refined fuels because its refineries are old and cannot meet domestic demand.
Which letter helps you remember "Export" and what does it mean?
E for Exit—the products leave the country. E for Exit—the products leave the country.
Which export earns Ecuador the most money?
Crude oil (petroleum).
Why does Ecuador import gasoline even though it exports oil?
Because it exports crude oil but needs refined fuels due to old refineries.
Ecuador imports crude oil from other countries.
False. It exports crude oil but imports refined fuels.
What is the name of the agency that regulates imports in medicine?
Ministerio de Salud Publica