Exporting to Colombia - Trade Finance Global

Colombia Economic Statistics

Silvia Andreoletti

Silvia is a Reporter at Trade Finance Global. She is also currently finishing her BA in Philosophy, Politics, and Economics at New College, Oxford, with a focus on financial markets, game theory, and international relations.

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Exporting to Colombia

Colombia has the fourth-largest economy in Latin America and a high growth rate, ranking among the fastest growers in the OECD. Its main imports are oil (which it mainly gets from the US), broadcasting equipment, cars, and agricultural products like wheat and corn. Colombia’s main import sources are China, the US, Brazil, and Mexico. The country’s resilient economy makes it an attractive trading partner, but internal fighting and drug cartels can deter investors and exporters. 

Columbia is strategically positioned, with ports on both the Atlantic and Pacific oceans as well as bordering Panama and many important South American countries. This makes it an important hub for both land and sea trade. Its government is open to trade, as the country’s small size and trade deficit makes it reliant on many imports; most products can be imported without an import licence, and tariffs depend on the product’s provenance and the trade deals Colombia has with that country but are usually not high. However, the tariff structure can be confusing and cumbersome bureaucracy can sometimes hinder imports. Colombian importers need licences to be able to buy foreign products, and customs agencies can delay shipments significantly because of simple mistakes or lack of clarity. Some products, like ethanol, are subject to effectively protectionist measures to benefit local industries. Overall, a government friendly to exports and committed to climate protection as well as a rapidly growing middle class are likely to create a more favourable investment climate in Colombia in the next few years. 

Exporting to Colombia: What is trade finance?

Most of Colombia’s export market is heavily reliant on commodities such as petroleum (45% of total), coffee, coal and nickel, although tourism and entertainment industry is increasing by 12% per year.

Despite a challenging economy, Colombia is a powerhouse in Latin America, and is actively engaged in international import and export markets.

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