Colombia2021 Economic Complexity : 0.14, Rank 56 of 131
2021 Product Exports | Imports: $42.5B | $59.6B, 60 of 226 | 52 of 226
2021 Per Capita Product Exports | Imports: $830 | $1.16k, 138 of 219 | 147 of 219
2020 Service Exports | Imports : $5.54B | $8.37B, 40 of 65 | 35 of 65
Overview In 2021, Colombia was the number 42 economy in the world in terms of GDP (current US$), the number 60 in total exports, the number 52 in total imports, the number 90 economy in terms of GDP per capita (current US$) and the number 56 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Colombia are Crude Petroleum ($11.3B), Coal Briquettes ($5.11B), Coffee ($3.22B), Gold ($2.61B), and Refined Petroleum ($2.14B), exporting mostly to United States ($11.7B), China ($3.69B), Panama ($2.4B), India ($2.27B), and Brazil ($2.07B).
Imports The top imports of Colombia are Refined Petroleum ($3.18B), Broadcasting Equipment ($2.44B), Cars ($2.26B), Vaccines, blood, antisera, toxins and cultures ($1.74B), and Packaged Medicaments ($1.65B), importing mostly from China ($15.1B), United States ($14.6B), Brazil ($3.44B), Mexico ($3.34B), and Germany ($2.01B).
Location Colombia borders Brazil, Ecuador, Panama, Peru, and Venezuela by land and Costa Rica, Dominican Republic, Haiti, Honduras, Jamaica, Nicaragua, and Cayman Islands by sea.
The following section uses the most recent trade data from partners of Colombia.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
The data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2021): Crude Petroleum, $11.3B
Top Destination (2021): United States, $11.7B
In 2021, Colombia exported a total of $42.5B, making it the number 60 exporter in the world. During the last five reported years the exports of Colombia have changed by $10.2B from $32.4B in 2016 to $42.5B in 2021.
The most recent exports are led by Crude Petroleum ($11.3B), Coal Briquettes ($5.11B), Coffee ($3.22B), Gold ($2.61B), and Refined Petroleum ($2.14B). The most common destination for the exports of Colombia are United States ($11.7B), China ($3.69B), Panama ($2.4B), India ($2.27B), and Brazil ($2.07B).
Fastest Growing Export Markets (2020 - 2021)
Fastest Growing Import Markets (2020 - 2021)
Colombia Exports Services (2020): $5.54B
Colombia Imports Services (2020): $8.37B
In 2020, Colombia exported $5.54B worth of services. The top services exported by Colombia in 2020 were Miscellaneous business, professional, and technical services ($2B), Personal travel ($1.57B), Air transport ($883M), Sea transport ($271M), and Government services, n.i.e. ($211M).
The top services imported by Colombia in 2020 were Sea transport ($1.53B), Miscellaneous business, professional, and technical services ($1.44B), Personal travel ($1.36B), Royalties and license fees ($1.12B), and Reinsurance ($972M).
Colombia has a high level of specialization in Cut Flowers (81.4), Coke (58.8), Coffee (44.3), Bananas (38.8), and Coal Briquettes (17.7). Specialization is measured using RCA, an index that takes the ratio between Colombia observed and expected exports in each product.
The highest complexity exports of Colombia according to the product complexity index (PCI) are Iron Pipe Fittings (1.12), Sound Recordings (1.11), Bandages (0.93), Metal Office Supplies (0.91), and Hand Tools (0.81). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Colombia according to the relatedness index, were Cassava (0.18), Insect Resins (0.18), Other Oily Seeds (0.18), Fruit Juice (0.18), and Legumes (0.18). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Colombia is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Colombia's economy has become relatively less complex, moving from the 47th to the 56th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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