Colombia Business Opportunities

flag columbiaColombia's economy has experienced growth over the past five years despite a serious armed conflict within the country.  In 2016, signed a peace treaty and is moving forward as a unified country.  It is the only South American country with coastlines on both the North Pacific Ocean and Caribbean Sea.

Map of Columbia
Key Industries:
Textiles, Food Processing, Oil, Clothing and Footwear, Beverages, Chemicals, Gold, Coal, Emeralds
 
Key Imports:
Industrial Equipment, Transportation Equipment, Consumer Goods, Chemicals, Paper Products, Fuels, Electricity
 
Key Exports:
Petroleum, Coffee, Coal, Nickel, Emeralds, Apparel, Bananas, Cut Flowers

Trade Environment

cityview of columbiaIn 2016, the Country’s leading markets for exports were U.S. 27.5%, Spain 4.4%, China 5.2% and Panama 7.2%.  Its leading suppliers were U.S. 28.8%, China 18.6%, Mexico 7.1%, and Germany 4.2%.

Colombia has free trade agreements (FTA) with 12 countries, among which is the Andean Trade Pact (CAN); US FTA went into effect in May 2012.

Business and Market Sector Opportunities

Energy • Information Technology • Telecommunications • Banking • Aviation Agriculture • Oil and Gas

Economic Background and Situation

coffee tradeThe economy continues to improve in part because of austere government budgets, efforts to reduce public debt levels, an export-oriented growth strategy, improved domestic security, and high commodity prices.  Ongoing economic issues include reforming the pension system, reducing high unemployment and funding new exploration to offset declining oil production.

The government's economic reforms and democratic security strategy, coupled with increased investment, have resulted in a growing sense of confidence in the economy.  Inequality, poverty and narc trafficking remain significant issues; additionally, Colombia's infrastructure requires major improvements to sustain economic expansion. 

Additional Resources:
American Chamber of Commerce Colombia
Mercosur
Andean Trade Pact

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Colombia Fast Facts

Capital: Bogota
Key Cities: Barranquilla, Cali, Medellin
Population 47.2 million ('16 E)
GDP Growth % 3.1 (‘15 E)
2.2 (‘16 E)
GDP 690.4 billion US$ ('16 E)
GDP per Capita 14,200 US$ ('16 E)
Inflation Rate (%) 7.8 (’16 E)
 
Exports 33.6 (’16 E) billion US$
Imports   47.2 (’16 E) billion US$
Exchange Rate
Local Currency-US$
3,051.0 (’16 E)
E = Estimate F = Forecast

 

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