IBOV 176,192 ▲ 2.00% IPSA 10,989 ▼ 0.33% IPC MEX 66,587 ▲ 0.73% MERVAL 3,218,245 ▲ 0.49% COLCAP 2,290.94 ▼ 0.08% BVL PERÚ 56,194.27 ▲ 1.13% USD/BRL5.11▼ 0.18% USD/MXN17.49▼ 0.35% USD/CLP925.49▼ 0.24% USD/COP3,235▼ 3.24% USD/PEN3.39▼ 0.22% USD/ARS1,487▼ 0.03% USD/UYU40.22▲ 1.20% USD/PYG6,055▲ 1.53% USD/BOB10.14▲ 4.01% USD/DOP58.48▼ 0.12% USD/CRC448.82▲ 1.40% USD/GTQ7.63▲ 2.28% USD/HNL26.72▲ 1.50% USD/NIO36.62▲ 0.26% USD/VES707.92▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD158.07▲ 0.80% USD/TTD6.75▲ 1.32% EUR/BRL5.84▼ 0.94% BRENT 75.74 ▼ 0.73% WTI 71.27 ▼ 1.12% IRON ORE 161.91 — — COPPER 6.27 ▲ 0.92% GOLD 4,114 ▼ 0.40% SILVER 60.21 ▼ 0.28% SOY 1,188 ▲ 0.68% CORN 456.00 ▲ 6.60% WHEAT 646.00 ▲ 5.69% COFFEE 333.40 ▼ 6.60% SUGAR 14.86 ▼ 1.72% ORANGE JUICE 145.95 ▼ 2.64% COTTON 80.08 ▲ 5.15% COCOA 6,150 ▼ 2.52% BEEF 229.45 ▼ 2.47% CATTLE 352.70 ▼ 0.97% LITHIUM 72.16 ▼ 0.91% PETR4 39.50 ▲ 0.74% VALE3 73.93 ▲ 1.07% ITUB4 43.67 ▲ 2.54% BBDC4 18.52 ▲ 2.89% ABEV3 15.84 ▲ 0.76% BBAS3 20.36 ▲ 1.80% B3SA3 15.35 ▲ 3.79% WEGE3 46.39 ▲ 1.42% PRIO3 55.43 ▼ 0.32% SUZB3 41.43 ▲ 0.97% RENT3 40.33 ▲ 2.36% AZZA3 18.94 ▲ 2.60% CSAN3 4.02 ▲ 4.15% RAIZ4 0.36 ▼ 2.70% PCAR3 2.79 ▲ 1.09% GMAT3 4.01 ▲ 2.04% PSSA3 54.07 ▲ 1.35% CVCB3 1.25 — 0.00% POSI3 3.96 ▲ 2.86% SLCE3 13.93 ▲ 1.02% NATU3 8.59 ▲ 1.54% BRKM5 6.48 ▲ 1.89% RANI3 7.97 ▲ 1.40% CSNA3 5.06 ▲ 5.42% CMIN3 5.06 ▲ 4.76% USIM5 8.41 ▲ 0.72% GGBR4 22.92 ▲ 1.96% ENEV3 26.79 ▲ 2.25% CPFE3 47.14 ▲ 1.84% CMIG4 11.29 ▲ 1.90% EQTL3 40.44 ▲ 2.35% LREN3 14.73 ▲ 4.10% VIVT3 35.43 ▲ 2.70% RAIL3 13.91 ▲ 1.16% KLABIN 17.47 ▲ 0.40% RAIA DROGASIL 18.72 ▲ 3.25% RDOR3 35.91 ▲ 2.16% HAPV3 10.53 ▲ 4.57% FLRY3 16.26 ▲ 3.24% SMTO3 16.00 ▼ 0.31% UGPA3 30.60 ▲ 1.66% VBBR3 32.70 ▲ 1.87% BBSE3 39.84 ▲ 1.43% BPAC11 56.90 ▲ 2.19% CURY3 33.73 ▲ 3.15% AERI3 2.08 ▲ 0.97% VIVARA 23.01 ▲ 1.90% COMPASS 24.98 ▲ 1.22% VAMOS 3.03 ▲ 2.36% SANB11 27.09 ▲ 3.20% ASAI3 8.78 ▲ 3.78% SBSP3 30.86 ▲ 2.87% WALMEX 49.27 ▲ 0.51% GMEXICO 196.43 ▲ 0.56% FEMSA 223.90 ▲ 0.69% CEMEX 22.10 ▲ 1.80% GFNORTE 188.22 ▲ 1.55% BIMBO 56.18 ▲ 0.45% TELEVISA 9.61 ▲ 1.26% AMX 23.02 ▲ 1.68% GAP 410.94 ▼ 0.67% ASUR 283.65 ▲ 0.01% OMA 236.48 ▼ 0.64% KOF 182.28 ▲ 0.76% GRUMA 285.79 ▲ 1.13% KIMBER 38.27 ▼ 0.44% SQM-B 67,699 ▼ 2.03% COPEC 6,088 ▲ 1.13% BSANTANDER 78.83 ▲ 1.72% FALABELLA 5,885 ▲ 0.58% ENELAM 84.70 ▲ 0.64% CENCOSUD 2,065 ▲ 0.41% CMPC 1,122 ▲ 2.51% BANCO CHILE 189.89 ▲ 1.55% LATAM AIR 26.25 ▼ 0.57% YPF 74,075 ▼ 2.24% GGAL 8,080 ▲ 2.54% PAMPA 5,170 ▼ 0.67% TXAR 662.00 ▼ 0.38% ALUAR 973.00 ▲ 0.46% TGS 9,475 ▲ 1.77% CEPU 2,302 ▼ 0.56% MIRGOR 17,050 ▼ 0.87% COME 45.30 ▼ 0.26% LOMA NEGRA 3,498 — 0.00% BYMA 310.00 ▲ 0.08% TELECOM ARG 4,135 ▲ 0.36% ECOPETROL 15.53 ▲ 0.91% BANCOLOMBIA 82.98 ▲ 2.53% GRUPO AVAL 5.05 ▲ 0.60% CREDICORP 399.57 ▲ 1.95% SOUTHERN COPPER 175.02 ▲ 0.34% BUENAVENTURA 30.04 ▲ 1.66% MERCADOLIBRE 1,858 ▲ 2.79% NUBANK 13.91 ▲ 1.72% XP 16.95 ▲ 3.26% PAGSEGURO 9.29 ▲ 3.17% STONE 11.18 ▲ 1.96% GLOBANT 30.33 ▼ 3.07% TECNOGLASS 44.38 ▲ 2.87% GAP AIRPORT 234.74 ▲ 0.12% ASUR 283.65 ▲ 0.01% OMA AIRPORT 108.09 ▼ 0.23% AMX ADR 26.27 ▲ 1.64% FEMSA ADR 128.01 ▲ 0.79% CEMEX ADR 12.64 ▲ 2.14% PETROBRAS ADR 17.17 ▲ 0.79% VALE ADR 14.44 ▲ 1.51% ITAU ADR 8.56 ▲ 3.32% SANTANDER BR 5.37 ▲ 4.38% AMBEV ADR 3.08 ▲ 1.33% CSN 1.00 ▲ 4.59% GERDAU 4.50 ▲ 2.04% LATAM ADR 56.70 ▼ 0.60% BTC 64,035 ▲ 1.33% ETH 1,792 ▲ 2.72% SOL 78.28 ▲ 0.30% XRP 1.10 ▲ 0.84% BNB 573.80 ▲ 0.94% ADA 0.17 ▼ 0.19% DOGE 0.07 ▲ 1.51% AVAX 6.73 ▲ 0.70% LINK 7.92 ▲ 2.39% DOT 0.87 ▲ 5.56% LTC 44.66 ▲ 2.04% BCH 250.34 ▲ 5.29% TRX 0.33 ▼ 0.45% XLM 0.19 ▲ 1.25% HBAR 0.07 ▲ 0.40% NEAR 1.89 ▼ 1.33% ATOM 1.58 ▲ 1.95% AAVE 95.35 ▲ 4.49% SELIC 14.25% EMBRAER 84.92 ▲ 1.26% EMBRAER ADR 66.39 ▲ 1.30% JBS 11.90 ▲ 1.45% JBS BDR 60.53 ▲ 0.80% MBRF3 15.74 ▲ 2.14% MBRFY 3.03 ▲ 1.00% INTER 5.84 ▲ 2.19% EGX 52,312 ▲ 0.54% USD/ZAR16.30▼ 0.18% USD/NGN1,376▼ 0.12% NIKKEI 68,558 ▲ 1.20% CSI300 4,781 ▼ 1.96% HSI 24,175 ▲ 0.60% NIFTY 24,207 ▲ 1.02% KOSPI 7,476 ▲ 2.52% JCI 5,924 ▲ 0.20% USD/JPY161.41▼ 0.60% USD/CNY6.78▼ 0.25% DAX 25,036 ▼ 0.33% CAC 8,313 ▼ 0.17% FTSE 10,490 ▲ 0.16% MIB 52,553 ▲ 0.33% IBEX 19,380 ▲ 0.30% STOXX 640.39 ▼ 0.07% EUR/USD1.14▲ 0.07% GBP/USD1.34▲ 0.19% SPX 7,560 ▲ 0.21% DJI 52,631 ▲ 0.27% NDX 29,769 ▲ 0.14% RUT 2,970 ▼ 0.77% TSX 35,235 ▲ 0.10% VIX 15.57 ▼ 1.70% USD/CAD1.41▼ 0.24% US10Y 4.5550 ▲ 0.35% IBOV 176,192 ▲ 2.00% IPSA 10,989 ▼ 0.33% IPC MEX 66,587 ▲ 0.73% MERVAL 3,218,245 ▲ 0.49% COLCAP 2,290.94 ▼ 0.08% BVL PERÚ 56,194.27 ▲ 1.13% USD/BRL 5.11 ▼ 0.21% USD/MXN 17.48 ▼ 0.36% USD/CLP 925.33 ▼ 0.25% USD/COP 3,236 ▼ 3.21% USD/PEN 3.39 ▼ 0.22% USD/ARS 1,487 ▼ 0.03% USD/UYU 40.22 ▲ 1.20% USD/PYG 6,055 ▲ 1.53% USD/BOB 10.14 ▲ 4.01% USD/DOP 58.48 ▼ 0.12% USD/CRC 448.82 ▲ 1.40% USD/GTQ 7.63 ▲ 2.28% USD/HNL 26.72 ▲ 1.50% USD/NIO 36.62 ▲ 0.26% USD/VES 707.92 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 158.09 ▲ 0.81% USD/TTD 6.75 ▲ 1.32% EUR/BRL 5.83 ▼ 0.99% BRENT 75.74 ▼ 0.73% WTI 71.27 ▼ 1.12% IRON ORE 161.91 — — COPPER 6.27 ▲ 0.92% GOLD 4,114 ▼ 0.40% SILVER 60.21 ▼ 0.28% SOY 1,188 ▲ 0.68% CORN 456.00 ▲ 6.60% WHEAT 646.00 ▲ 5.69% COFFEE 333.40 ▼ 6.60% SUGAR 14.86 ▼ 1.72% ORANGE JUICE 145.95 ▼ 2.64% COTTON 80.08 ▲ 5.15% COCOA 6,150 ▼ 2.52% BEEF 229.45 ▼ 2.47% CATTLE 352.70 ▼ 0.97% LITHIUM 72.16 ▼ 0.91% PETR4 39.50 ▲ 0.74% VALE3 73.93 ▲ 1.07% ITUB4 43.67 ▲ 2.54% BBDC4 18.52 ▲ 2.89% ABEV3 15.84 ▲ 0.76% BBAS3 20.36 ▲ 1.80% B3SA3 15.35 ▲ 3.79% WEGE3 46.39 ▲ 1.42% PRIO3 55.43 ▼ 0.32% SUZB3 41.43 ▲ 0.97% RENT3 40.33 ▲ 2.36% AZZA3 18.94 ▲ 2.60% CSAN3 4.02 ▲ 4.15% RAIZ4 0.36 ▼ 2.70% PCAR3 2.79 ▲ 1.09% GMAT3 4.01 ▲ 2.04% PSSA3 54.07 ▲ 1.35% CVCB3 1.25 — 0.00% POSI3 3.96 ▲ 2.86% SLCE3 13.93 ▲ 1.02% NATU3 8.59 ▲ 1.54% BRKM5 6.48 ▲ 1.89% RANI3 7.97 ▲ 1.40% CSNA3 5.06 ▲ 5.42% CMIN3 5.06 ▲ 4.76% USIM5 8.41 ▲ 0.72% GGBR4 22.92 ▲ 1.96% ENEV3 26.79 ▲ 2.25% CPFE3 47.14 ▲ 1.84% CMIG4 11.29 ▲ 1.90% EQTL3 40.44 ▲ 2.35% LREN3 14.73 ▲ 4.10% VIVT3 35.43 ▲ 2.70% RAIL3 13.91 ▲ 1.16% KLABIN 17.47 ▲ 0.40% RAIA DROGASIL 18.72 ▲ 3.25% RDOR3 35.91 ▲ 2.16% HAPV3 10.53 ▲ 4.57% FLRY3 16.26 ▲ 3.24% SMTO3 16.00 ▼ 0.31% UGPA3 30.60 ▲ 1.66% VBBR3 32.70 ▲ 1.87% BBSE3 39.84 ▲ 1.43% BPAC11 56.90 ▲ 2.19% CURY3 33.73 ▲ 3.15% AERI3 2.08 ▲ 0.97% VIVARA 23.01 ▲ 1.90% COMPASS 24.98 ▲ 1.22% VAMOS 3.03 ▲ 2.36% SANB11 27.09 ▲ 3.20% ASAI3 8.78 ▲ 3.78% SBSP3 30.86 ▲ 2.87% WALMEX 49.27 ▲ 0.51% GMEXICO 196.43 ▲ 0.56% FEMSA 223.90 ▲ 0.69% CEMEX 22.10 ▲ 1.80% GFNORTE 188.22 ▲ 1.55% BIMBO 56.18 ▲ 0.45% TELEVISA 9.61 ▲ 1.26% AMX 23.02 ▲ 1.68% GAP 410.94 ▼ 0.67% ASUR 283.65 ▲ 0.01% OMA 236.48 ▼ 0.64% KOF 182.28 ▲ 0.76% GRUMA 285.79 ▲ 1.13% KIMBER 38.27 ▼ 0.44% SQM-B 67,699 ▼ 2.03% COPEC 6,088 ▲ 1.13% BSANTANDER 78.83 ▲ 1.72% FALABELLA 5,885 ▲ 0.58% ENELAM 84.70 ▲ 0.64% CENCOSUD 2,065 ▲ 0.41% CMPC 1,122 ▲ 2.51% BANCO CHILE 189.89 ▲ 1.55% LATAM AIR 26.25 ▼ 0.57% YPF 74,075 ▼ 2.24% GGAL 8,080 ▲ 2.54% PAMPA 5,170 ▼ 0.67% TXAR 662.00 ▼ 0.38% ALUAR 973.00 ▲ 0.46% TGS 9,475 ▲ 1.77% CEPU 2,302 ▼ 0.56% MIRGOR 17,050 ▼ 0.87% COME 45.30 ▼ 0.26% LOMA NEGRA 3,498 — 0.00% BYMA 310.00 ▲ 0.08% TELECOM ARG 4,135 ▲ 0.36% ECOPETROL 15.53 ▲ 0.91% BANCOLOMBIA 82.98 ▲ 2.53% GRUPO AVAL 5.05 ▲ 0.60% CREDICORP 399.57 ▲ 1.95% SOUTHERN COPPER 175.02 ▲ 0.34% BUENAVENTURA 30.04 ▲ 1.66% MERCADOLIBRE 1,858 ▲ 2.79% NUBANK 13.91 ▲ 1.72% XP 16.95 ▲ 3.26% PAGSEGURO 9.29 ▲ 3.17% STONE 11.18 ▲ 1.96% GLOBANT 30.33 ▼ 3.07% TECNOGLASS 44.38 ▲ 2.87% GAP AIRPORT 234.74 ▲ 0.12% ASUR 283.65 ▲ 0.01% OMA AIRPORT 108.09 ▼ 0.23% AMX ADR 26.27 ▲ 1.64% FEMSA ADR 128.01 ▲ 0.79% CEMEX ADR 12.64 ▲ 2.14% PETROBRAS ADR 17.17 ▲ 0.79% VALE ADR 14.44 ▲ 1.51% ITAU ADR 8.56 ▲ 3.32% SANTANDER BR 5.37 ▲ 4.38% AMBEV ADR 3.08 ▲ 1.33% CSN 1.00 ▲ 4.59% GERDAU 4.50 ▲ 2.04% LATAM ADR 56.70 ▼ 0.60% BTC 64,035 ▲ 1.33% ETH 1,792 ▲ 2.72% SOL 78.28 ▲ 0.30% XRP 1.10 ▲ 0.84% BNB 573.80 ▲ 0.94% ADA 0.17 ▼ 0.19% DOGE 0.07 ▲ 1.51% AVAX 6.73 ▲ 0.70% LINK 7.92 ▲ 2.39% DOT 0.87 ▲ 5.56% LTC 44.66 ▲ 2.04% BCH 250.34 ▲ 5.29% TRX 0.33 ▼ 0.45% XLM 0.19 ▲ 1.25% HBAR 0.07 ▲ 0.40% NEAR 1.89 ▼ 1.33% ATOM 1.58 ▲ 1.95% AAVE 95.35 ▲ 4.49% SELIC 14.25% EMBRAER 84.92 ▲ 1.26% EMBRAER ADR 66.39 ▲ 1.30% JBS 11.90 ▲ 1.45% JBS BDR 60.53 ▲ 0.80% MBRF3 15.74 ▲ 2.14% MBRFY 3.03 ▲ 1.00% INTER 5.84 ▲ 2.19% EGX 52,312 ▲ 0.54% USD/ZAR 16.30 ▼ 0.06% USD/NGN 1,376 ▲ 0.08% NIKKEI 68,558 ▲ 1.20% CSI300 4,781 ▼ 1.96% HSI 24,175 ▲ 0.60% NIFTY 24,207 ▲ 1.02% KOSPI 7,476 ▲ 2.52% JCI 5,924 ▲ 0.20% USD/JPY 161.51 ▼ 0.52% USD/CNY 6.7645 ▼ 0.40% DAX 25,036 ▼ 0.33% CAC 8,313 ▼ 0.17% FTSE 10,490 ▲ 0.16% MIB 52,553 ▲ 0.33% IBEX 19,380 ▲ 0.30% STOXX 640.39 ▼ 0.07% EUR/USD 1.1435 ▲ 0.01% GBP/USD 1.3418 ▲ 0.10% SPX 7,560 ▲ 0.21% DJI 52,631 ▲ 0.27% NDX 29,769 ▲ 0.14% RUT 2,970 ▼ 0.77% TSX 35,235 ▲ 0.10% VIX 15.57 ▼ 1.70% USD/CAD 1.4139 ▼ 0.19% US10Y 4.5550 ▲ 0.35%
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Friday, July 10, 2026

Defense Monitor Analysis

How Ecuador Became Latin America’s Deadliest Country and a War Zone

By · June 18, 2026 · 5 min read

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Defense · Security

Key Facts

The collapse. Ecuador’s murder rate jumped from about 5 per 100,000 people in 2017 to roughly 52 by 2025, the highest in Latin America.

The cause. The country became a transit hub for cocaine, with most of the drug from Colombia and Peru passing through its ports.

The response. President Daniel Noboa declared an internal armed conflict and put the military on the streets against the gangs.

The Americans. In March, Ecuadorian and US forces launched joint operations, followed by a two-week offensive using around 75,000 troops and police.

The friction. Voters had rejected foreign military bases in a referendum, making the US partnership politically sensitive.

The neighbour. A bitter dispute with Colombia, including new tariffs and a border bombing claim, has strained relations.

In barely a decade Ecuador went from one of South America’s safest countries to its most violent, and the Ecuador drug war has now drawn in American troops, regional feuds and a hard test of how far an iron fist can go.

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How the Ecuador drug war took hold

A decade ago Ecuador barely registered on lists of dangerous countries. Today it has the highest murder rate in Latin America, a transformation so fast that it has shocked even seasoned analysts of the region.

The numbers tell the story. The homicide rate climbed from about 5 per 100,000 residents in 2017 to roughly 52 by 2025, and gang violence killed more than 3,600 people in a single recent year.

The root cause is geography and trade. Ecuador does not grow coca, but it sits between Colombia and Peru, the world’s two largest cocaine producers, with busy Pacific ports that make ideal export points.

By some estimates, around 70 percent of the cocaine produced in those two neighbours now moves through Ecuador on its way to North America and Europe. That trade turned the port city of Guayaquil into a battleground.

A peace deal next door, a vacuum at home

A big part of the shift came from Colombia. When that country’s FARC guerrillas signed a peace deal and pulled back from cocaine routes, the business did not stop; it simply moved and splintered among new players.

Ecuadorian gangs that had once been minor prison factions fought to fill the gap. Local groups linked up with powerful Mexican cartels and other foreign networks, and the country’s use of the US dollar made laundering the proceeds easier.

Years of budget cuts to police and prisons left the state badly outmatched. The result was a string of horrific prison massacres and a wave of assassinations that reached politicians, prosecutors and a presidential candidate.

Noboa’s war and the American partnership

President Daniel Noboa, in office since late 2023 and re-elected in 2025, has built his rule around a hard-line answer. He declared the country to be in an internal armed conflict and sent soldiers into the streets and prisons.

In March, that approach went a step further. Ecuadorian and US forces launched joint operations against gangs that Washington now treats as terrorist organisations, drawing the campaign into a wider American push across the region.

A two-week offensive followed, with around 75,000 soldiers and police deployed under curfews in the worst-hit areas. Officials cast it as a decisive blow; critics noted that violence had kept rising despite years of similar crackdowns.

The American role is delicate. Ecuadorian voters rejected a proposal to allow foreign military bases in a recent referendum, so a visible US presence cuts against what the public said it wanted.

A feud with Colombia raises the stakes

The crisis has also poisoned relations with Colombia. The two governments slid into a tariff fight after Ecuador slapped a 30 percent levy on Colombian goods, blaming its neighbour for failing to control the shared border.

It grew uglier still. Colombian President Gustavo Petro accused Ecuador of bombing a site on the Colombian side of the frontier, after burned remains and an unexploded device were found, a claim Quito rejected.

That quarrel matters because the gangs operate on both sides of a porous border. Without cooperation between the two capitals, fighters and weapons can slip across whenever pressure rises on one side.

Why it matters beyond Ecuador

For outsiders, Ecuador is a test case. It shows how quickly a stable, dollarised economy popular with tourists can unravel when global drug routes shift and the state is caught unprepared.

It is also a window onto a wider American strategy. Washington is increasingly treating drug cartels as terrorist enemies and backing willing partners with troops and intelligence, a model now stretching from the Caribbean to the Andes.

For investors and travellers, the practical signal is mixed. The security push may steady parts of the country, but the deeper drivers, from poverty to corruption, remain, and the outcome is far from settled.

Frequently Asked Questions

What caused the Ecuador drug war?

Ecuador became a transit hub for cocaine from Colombia and Peru, with most of it leaving through its Pacific ports. A peace deal in Colombia scattered the trade, and rival Ecuadorian gangs, often tied to foreign cartels, fought for control.

Why are US troops involved in Ecuador?

In March, Ecuadorian and US forces launched joint operations against gangs that Washington now labels terrorist organisations. It is part of a broader American campaign in the region, though Ecuadorian voters had rejected foreign military bases in a referendum.

How dangerous is Ecuador now?

Its murder rate reached about 52 per 100,000 people by 2025, the highest in Latin America for a third year running, and gang violence killed more than 3,600 people in a single recent year. The worst violence is concentrated in port regions.

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