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In the late 1960's petroleum fields were discovered in the eastern part of the country and Ecuador became a world producer of oil. Largely because of its petroleum exports Ecuador's trade surplus grew to $350 million in 1974 from $43 million in 1972. In addition, Real Gross Domestic Product increase by an average of 9 percent per year through the 1970's and the country's external debt grew from $324 million to $4...

Largely because of its petroleum exports Ecuador's trade surplus grew to $350 million in 1974 from $43 million in 1972. In addition, Real Gross Domestic Product increase by an average of 9 percent per year through the 1970's and the country's external debt grew from $324 million to $4.5 billion.

Ecuador's foreign relations have traditionally been in the Western camp, as defined earlier, however it membership in the Organization of Petroleum Exporting Countries (OPEC) since the 1970's gave the country greater latitude to set foreign relation goals and it was more active in its relations with Russia, Europe, Cuba and other Third World countries than other South American countries...

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