An electronic component includes a body portion and an external electrode. The external electrode is provided on a surface of the body portion. The external electrode includes a base electrode layer, a first Ni plated layer, and an upper plated layer. The first Ni plated layer is provided on the base electrode layer. The upper plated layer is provided above the first Ni plated layer. The first Ni plated layer includes Ni particles having an average particle size of not more than about 52 nm.