IBOV 168,454 ▼ 0.70% IPSA 10,812 ▼ 0.84% IPC MEX 68,305 ▼ 0.26% MERVAL 3,291,883 ▲ 1.14% COLCAP 2,377.03 ▲ 0.25% BVL PERÚ 58,000.52 ▲ 2.50% USD/BRL5.07▼ 0.83% USD/MXN17.34▲ 0.17% USD/CLP889.77▲ 0.38% USD/COP3,444▲ 0.32% USD/PEN3.39▲ 0.24% USD/ARS1,441▼ 0.03% USD/UYU40.17▲ 0.74% USD/PYG6,093▲ 1.66% USD/BOB6.85▲ 1.24% USD/DOP58.40▼ 0.17% USD/CRC450.02▲ 1.44% USD/GTQ7.62▲ 2.20% USD/HNL26.66▲ 0.42% USD/NIO36.62▲ 0.31% USD/VES600.83▲ 2.41% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.09▲ 0.26% USD/TTD6.75▲ 1.27% EUR/BRL5.84▼ 1.33% BRENT 77.87 ▼ 2.11% WTI 74.06 ▼ 3.56% IRON ORE 161.91 — — COPPER 6.38 ▼ 1.53% GOLD 4,287 ▼ 1.65% SILVER 68.28 ▼ 3.42% SOY 1,146 ▲ 1.24% CORN 419.25 ▼ 0.42% WHEAT 622.75 ▲ 1.63% COFFEE 263.50 ▼ 5.16% SUGAR 14.40 ▲ 3.97% ORANGE JUICE 155.20 ▲ 5.11% COTTON 79.28 ▲ 3.09% COCOA 4,273 ▲ 3.11% BEEF 249.05 ▼ 2.45% CATTLE 367.43 ▲ 0.15% LITHIUM 83.07 ▼ 0.63% PETR4 38.57 ▲ 0.08% VALE3 79.78 ▼ 2.04% ITUB4 40.80 ▲ 0.87% BBDC4 17.55 ▼ 0.62% ABEV3 16.19 ▼ 1.52% BBAS3 19.41 ▲ 0.05% B3SA3 14.61 ▼ 2.86% WEGE3 43.80 ▲ 2.26% PRIO3 56.74 ▼ 0.19% SUZB3 42.23 ▼ 1.63% RENT3 40.54 ▼ 1.03% AZZA3 16.60 ▼ 4.87% CSAN3 3.47 ▲ 6.12% RAIZ4 0.42 ▼ 2.33% PCAR3 1.68 ▼ 12.95% GMAT3 3.84 ▼ 1.79% PSSA3 51.55 ▲ 1.96% CVCB3 1.31 ▼ 2.96% POSI3 3.73 ▼ 1.58% SLCE3 13.75 ▼ 2.07% NATU3 7.83 ▼ 8.74% BRKM5 8.37 ▼ 1.06% RANI3 7.87 ▲ 0.90% CSNA3 5.63 ▼ 6.48% CMIN3 4.27 ▼ 1.84% USIM5 9.56 ▼ 5.63% GGBR4 22.81 ▼ 2.06% ENEV3 24.08 ▼ 1.47% NEOE3 33.80 — 0.00% CPFE3 43.43 ▼ 0.78% CMIG4 10.64 ▼ 0.75% EQTL3 37.09 ▼ 1.36% LREN3 14.45 ▼ 2.96% VIVT3 32.86 ▼ 2.14% RAIL3 12.45 ▼ 4.45% KLABIN 16.96 ▼ 0.59% RAIA DROGASIL 17.51 ▼ 0.91% RDOR3 33.12 ▼ 2.82% HAPV3 10.58 ▼ 5.62% FLRY3 14.69 ▼ 0.74% SMTO3 15.53 ▼ 2.76% UGPA3 24.19 ▲ 1.30% VBBR3 28.32 ▲ 1.43% BBSE3 39.30 ▲ 2.91% BPAC11 50.39 ▼ 0.61% CURY3 31.88 ▼ 2.51% AERI3 2.27 ▼ 1.73% VIVARA 20.72 ▼ 1.33% COMPASS 25.00 ▲ 0.04% VAMOS 2.71 ▼ 5.24% SANB11 27.08 ▼ 0.04% ASAI3 7.80 ▼ 1.14% SBSP3 27.46 ▼ 1.22% WALMEX 51.76 ▼ 0.84% GMEXICO 214.98 ▲ 0.39% FEMSA 217.35 ▼ 0.70% CEMEX 21.91 ▼ 1.97% GFNORTE 190.26 ▲ 0.46% BIMBO 57.88 ▼ 0.21% TELEVISA 10.50 ▲ 2.54% AMX 23.00 ▼ 0.56% GAP 430.79 ▼ 0.17% ASUR 301.41 ▼ 1.24% OMA 241.60 ▲ 0.32% KOF 186.67 ▲ 1.84% GRUMA 291.99 ▲ 0.39% KIMBER 37.93 ▲ 0.37% SQM-B 74,050 ▲ 0.20% COPEC 6,000 ▼ 0.47% BSANTANDER 72.71 ▼ 1.74% FALABELLA 6,052 ▼ 0.69% ENELAM 76.96 ▼ 1.33% CENCOSUD 2,110 ▼ 3.43% CMPC 1,065 ▲ 1.42% BANCO CHILE 179.00 ▼ 0.33% LATAM AIR 24.28 ▼ 0.86% YPF 76,675 ▼ 0.10% GGAL 8,365 ▲ 2.51% PAMPA 5,155 ▲ 0.88% TXAR 678.00 ▼ 0.88% ALUAR 1,001 ▲ 1.62% TGS 9,520 ▲ 1.22% CEPU 2,373 ▲ 0.04% MIRGOR 16,850 ▼ 0.59% COME 45.02 ▲ 2.60% LOMA NEGRA 3,590 ▼ 0.49% BYMA 314.50 ▲ 3.37% TELECOM ARG 4,375 ▼ 0.51% ECOPETROL 15.68 ▼ 0.73% BANCOLOMBIA 79.94 ▲ 0.87% GRUPO AVAL 5.58 ▲ 2.01% CREDICORP 386.94 ▲ 6.22% SOUTHERN COPPER 191.68 ▼ 1.47% BUENAVENTURA 34.24 ▼ 4.78% MERCADOLIBRE 1,632 ▼ 2.52% NUBANK 12.89 ▲ 1.34% XP 15.42 ▼ 1.66% PAGSEGURO 8.91 ▼ 0.78% STONE 10.77 ▼ 2.00% GLOBANT 34.61 ▼ 5.51% TECNOGLASS 45.16 ▲ 0.69% GAP AIRPORT 248.60 ▼ 0.79% ASUR 301.41 ▼ 1.24% OMA AIRPORT 111.53 ▼ 0.18% AMX ADR 26.45 ▼ 1.23% FEMSA ADR 125.56 ▼ 1.04% CEMEX ADR 12.60 ▼ 2.93% PETROBRAS ADR 16.79 ▼ 1.52% VALE ADR 15.53 ▼ 2.82% ITAU ADR 7.97 ▲ 0.25% SANTANDER BR 5.37 ▼ 0.83% AMBEV ADR 3.14 ▼ 1.88% CSN 1.12 ▼ 7.44% GERDAU 4.49 ▼ 2.92% LATAM ADR 54.54 ▼ 0.85% BTC 64,360 ▼ 0.09% ETH 1,749 ▲ 0.04% SOL 72.00 ▲ 0.10% XRP 1.18 ▼ 0.51% BNB 591.48 ▼ 1.58% ADA 0.17 ▲ 0.31% DOGE 0.09 ▼ 0.88% AVAX 6.67 ▼ 1.21% LINK 8.03 ▼ 0.57% DOT 0.98 ▼ 1.91% LTC 44.28 ▼ 1.29% BCH 209.45 ▼ 1.32% TRX 0.32 ▼ 0.10% XLM 0.24 ▲ 8.08% HBAR 0.08 ▼ 0.83% NEAR 2.23 ▲ 2.44% ATOM 1.86 ▼ 2.12% AAVE 74.54 ▲ 1.07% SELIC 14.25% EMBRAER 78.74 ▲ 3.24% EMBRAER ADR 61.31 ▲ 2.32% JBS 12.22 ▼ 0.65% JBS BDR 62.33 ▼ 0.70% MBRF3 15.50 ▼ 2.88% MBRFY 2.93 ▼ 5.18% INTER 5.56 ▼ 3.64% EGX 52,622 ▲ 1.10% USD/ZAR16.41▼ 0.03% USD/NGN 1,357 — 0.00% NIKKEI 71,053 ▲ 1.65% CSI300 4,942 ▲ 0.21% HSI 23,925 ▼ 1.59% NIFTY 24,109 ▲ 0.10% KOSPI 9,064 ▲ 2.25% JCI 6,172 ▼ 0.78% USD/JPY160.74▲ 0.06% USD/CNY6.77▲ 0.12% DAX 24,911 ▼ 0.10% CAC 8,434 ▲ 0.04% FTSE 10,408 ▼ 0.96% MIB 52,465 ▼ 0.25% IBEX 19,348 ▼ 0.38% STOXX 636.16 ▼ 0.49% EUR/USD1.15▼ 0.17% GBP/USD1.32▼ 1.33% SPX 7,420 ▼ 1.21% DJI 51,493 ▼ 0.98% NDX 29,671 ▼ 0.99% RUT 2,918 ▼ 0.72% TSX 35,125 ▼ 0.75% VIX 17.15 ▼ 7.00% USD/CAD1.41▲ 0.16% US10Y 4.4630 ▲ 0.79% IBOV 168,454 ▼ 0.70% IPSA 10,812 ▼ 0.84% IPC MEX 68,305 ▼ 0.26% MERVAL 3,291,883 ▲ 1.14% COLCAP 2,377.03 ▲ 0.25% BVL PERÚ 58,000.52 ▲ 2.50% USD/BRL 5.07 ▼ 0.83% USD/MXN 17.34 ▲ 0.17% USD/CLP 889.77 ▲ 0.38% USD/COP 3,444 ▲ 0.32% USD/PEN 3.39 ▲ 0.24% USD/ARS 1,441 ▼ 0.03% USD/UYU 40.17 ▲ 0.74% USD/PYG 6,093 ▲ 1.66% USD/BOB 6.85 ▲ 1.24% USD/DOP 58.40 ▼ 0.17% USD/CRC 450.02 ▲ 1.44% USD/GTQ 7.62 ▲ 2.20% USD/HNL 26.66 ▲ 0.42% USD/NIO 36.62 ▲ 0.31% USD/VES 600.83 ▲ 2.41% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.09 ▲ 0.26% USD/TTD 6.75 ▲ 1.27% EUR/BRL 5.84 ▼ 1.33% BRENT 77.87 ▼ 2.11% WTI 74.06 ▼ 3.56% IRON ORE 161.91 — — COPPER 6.38 ▼ 1.53% GOLD 4,287 ▼ 1.65% SILVER 68.28 ▼ 3.42% SOY 1,146 ▲ 1.24% CORN 419.25 ▼ 0.42% WHEAT 622.75 ▲ 1.63% COFFEE 263.50 ▼ 5.16% SUGAR 14.40 ▲ 3.97% ORANGE JUICE 155.20 ▲ 5.11% COTTON 79.28 ▲ 3.09% COCOA 4,273 ▲ 3.11% BEEF 249.05 ▼ 2.45% CATTLE 367.43 ▲ 0.15% LITHIUM 83.07 ▼ 0.63% PETR4 38.57 ▲ 0.08% VALE3 79.78 ▼ 2.04% ITUB4 40.80 ▲ 0.87% BBDC4 17.55 ▼ 0.62% ABEV3 16.19 ▼ 1.52% BBAS3 19.41 ▲ 0.05% B3SA3 14.61 ▼ 2.86% WEGE3 43.80 ▲ 2.26% PRIO3 56.74 ▼ 0.19% SUZB3 42.23 ▼ 1.63% RENT3 40.54 ▼ 1.03% AZZA3 16.60 ▼ 4.87% CSAN3 3.47 ▲ 6.12% RAIZ4 0.42 ▼ 2.33% PCAR3 1.68 ▼ 12.95% GMAT3 3.84 ▼ 1.79% PSSA3 51.55 ▲ 1.96% CVCB3 1.31 ▼ 2.96% POSI3 3.73 ▼ 1.58% SLCE3 13.75 ▼ 2.07% NATU3 7.83 ▼ 8.74% BRKM5 8.37 ▼ 1.06% RANI3 7.87 ▲ 0.90% CSNA3 5.63 ▼ 6.48% CMIN3 4.27 ▼ 1.84% USIM5 9.56 ▼ 5.63% GGBR4 22.81 ▼ 2.06% ENEV3 24.08 ▼ 1.47% NEOE3 33.80 — 0.00% CPFE3 43.43 ▼ 0.78% CMIG4 10.64 ▼ 0.75% EQTL3 37.09 ▼ 1.36% LREN3 14.45 ▼ 2.96% VIVT3 32.86 ▼ 2.14% RAIL3 12.45 ▼ 4.45% KLABIN 16.96 ▼ 0.59% RAIA DROGASIL 17.51 ▼ 0.91% RDOR3 33.12 ▼ 2.82% HAPV3 10.58 ▼ 5.62% FLRY3 14.69 ▼ 0.74% SMTO3 15.53 ▼ 2.76% UGPA3 24.19 ▲ 1.30% VBBR3 28.32 ▲ 1.43% BBSE3 39.30 ▲ 2.91% BPAC11 50.39 ▼ 0.61% CURY3 31.88 ▼ 2.51% AERI3 2.27 ▼ 1.73% VIVARA 20.72 ▼ 1.33% COMPASS 25.00 ▲ 0.04% VAMOS 2.71 ▼ 5.24% SANB11 27.08 ▼ 0.04% ASAI3 7.80 ▼ 1.14% SBSP3 27.46 ▼ 1.22% WALMEX 51.76 ▼ 0.84% GMEXICO 214.98 ▲ 0.39% FEMSA 217.35 ▼ 0.70% CEMEX 21.91 ▼ 1.97% GFNORTE 190.26 ▲ 0.46% BIMBO 57.88 ▼ 0.21% TELEVISA 10.50 ▲ 2.54% AMX 23.00 ▼ 0.56% GAP 430.79 ▼ 0.17% ASUR 301.41 ▼ 1.24% OMA 241.60 ▲ 0.32% KOF 186.67 ▲ 1.84% GRUMA 291.99 ▲ 0.39% KIMBER 37.93 ▲ 0.37% SQM-B 74,050 ▲ 0.20% COPEC 6,000 ▼ 0.47% BSANTANDER 72.71 ▼ 1.74% FALABELLA 6,052 ▼ 0.69% ENELAM 76.96 ▼ 1.33% CENCOSUD 2,110 ▼ 3.43% CMPC 1,065 ▲ 1.42% BANCO CHILE 179.00 ▼ 0.33% LATAM AIR 24.28 ▼ 0.86% YPF 76,675 ▼ 0.10% GGAL 8,365 ▲ 2.51% PAMPA 5,155 ▲ 0.88% TXAR 678.00 ▼ 0.88% ALUAR 1,001 ▲ 1.62% TGS 9,520 ▲ 1.22% CEPU 2,373 ▲ 0.04% MIRGOR 16,850 ▼ 0.59% COME 45.02 ▲ 2.60% LOMA NEGRA 3,590 ▼ 0.49% BYMA 314.50 ▲ 3.37% TELECOM ARG 4,375 ▼ 0.51% ECOPETROL 15.68 ▼ 0.73% BANCOLOMBIA 79.94 ▲ 0.87% GRUPO AVAL 5.58 ▲ 2.01% CREDICORP 386.94 ▲ 6.22% SOUTHERN COPPER 191.68 ▼ 1.47% BUENAVENTURA 34.24 ▼ 4.78% MERCADOLIBRE 1,632 ▼ 2.52% NUBANK 12.89 ▲ 1.34% XP 15.42 ▼ 1.66% PAGSEGURO 8.91 ▼ 0.78% STONE 10.77 ▼ 2.00% GLOBANT 34.61 ▼ 5.51% TECNOGLASS 45.16 ▲ 0.69% GAP AIRPORT 248.60 ▼ 0.79% ASUR 301.41 ▼ 1.24% OMA AIRPORT 111.53 ▼ 0.18% AMX ADR 26.45 ▼ 1.23% FEMSA ADR 125.56 ▼ 1.04% CEMEX ADR 12.60 ▼ 2.93% PETROBRAS ADR 16.79 ▼ 1.52% VALE ADR 15.53 ▼ 2.82% ITAU ADR 7.97 ▲ 0.25% SANTANDER BR 5.37 ▼ 0.83% AMBEV ADR 3.14 ▼ 1.88% CSN 1.12 ▼ 7.44% GERDAU 4.49 ▼ 2.92% LATAM ADR 54.54 ▼ 0.85% BTC 64,360 ▼ 0.09% ETH 1,749 ▲ 0.04% SOL 72.00 ▲ 0.10% XRP 1.18 ▼ 0.51% BNB 591.48 ▼ 1.58% ADA 0.17 ▲ 0.31% DOGE 0.09 ▼ 0.88% AVAX 6.67 ▼ 1.21% LINK 8.03 ▼ 0.57% DOT 0.98 ▼ 1.91% LTC 44.28 ▼ 1.29% BCH 209.45 ▼ 1.32% TRX 0.32 ▼ 0.10% XLM 0.24 ▲ 8.08% HBAR 0.08 ▼ 0.83% NEAR 2.23 ▲ 2.44% ATOM 1.86 ▼ 2.12% AAVE 74.54 ▲ 1.07% SELIC 14.25% EMBRAER 78.74 ▲ 3.24% EMBRAER ADR 61.31 ▲ 2.32% JBS 12.22 ▼ 0.65% JBS BDR 62.33 ▼ 0.70% MBRF3 15.50 ▼ 2.88% MBRFY 2.93 ▼ 5.18% INTER 5.56 ▼ 3.64% EGX 52,622 ▲ 1.10% USD/ZAR 16.42 ▲ 0.11% USD/NGN 1,357 — 0.00% NIKKEI 71,053 ▲ 1.65% CSI300 4,942 ▲ 0.21% HSI 23,925 ▼ 1.59% NIFTY 24,109 ▲ 0.10% KOSPI 9,064 ▲ 2.25% JCI 6,172 ▼ 0.78% USD/JPY 160.73 ▲ 0.12% USD/CNY 6.7669 ▲ 0.14% DAX 24,911 ▼ 0.10% CAC 8,434 ▲ 0.04% FTSE 10,408 ▼ 0.96% MIB 52,465 ▼ 0.25% IBEX 19,348 ▼ 0.38% STOXX 636.16 ▼ 0.49% EUR/USD 1.1480 ▼ 0.23% GBP/USD 1.3238 ▼ 0.44% SPX 7,420 ▼ 1.21% DJI 51,493 ▼ 0.98% NDX 29,671 ▼ 0.99% RUT 2,918 ▼ 0.72% TSX 35,125 ▼ 0.75% VIX 17.15 ▼ 7.00% USD/CAD 1.4124 ▲ 0.20% US10Y 4.4630 ▲ 0.79%
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Thursday, June 18, 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.

Defense · Security
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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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