In 1929, Ecuador issued its second airmail set, picturing a plane over the River Guayas (Scott #C8-15). Only 2,000 sets were issued, and Scott '10 prices the unused set at $ 169.70 . This is yet another example of an absurdly undervalued Latin American issue, which should do very well as the economies of the region continue to grow.Many of those who collect Ecuador also collect stamps of South America, Central America, or all of Latin America, so demand tends to be more generalized than usual. This is not to say that there isn't demand originating from collectors focusing on the individual country as well, but rather that the tendency to collect the whole region is an important factor to consider.
Ecuador, a democratic republic of 13.6 million people, is considered a medium-income country, with about 38% of its population living below the poverty line. Ecuador's natural resources include petroleum, fish, shrimp, timber and gold. In addition, it has a prosperous agricultural sector, producing bananas, flowers, coffee, cacao, sugar, tropical fruits, palm oil, palm hearts, rice, roses, and corn. While Ecuador's economy suffered during the 2008-09 financial crisis, weathering a default and repurchase of its debt at a discount, it seems to be recovering. Annual GDP growth over the last 5 years has averaged almost 5%.
I have begun a new blog, "The Stamp Specialist", which will feature wholesale buy prices for stamps which I am interested in purchasing. It includes a buy list for Ecuador, and includes the set recommended in this article. Viewing dealers' buy lists every now and then is an excellent way to keep current on the vagaries of the stamp market.
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