Colombia2020 Economic Complexity : 0.14, Rank 52 of 127
2020 Product Exports | Imports: $32.2B | $42.2B, 61 of 226 | 53 of 226
2020 Per Capita Product Exports | Imports: $632 | $828, 154 of 219 | 149 of 219
2020 Service Exports | Imports : $5.54B | $8.37B, 40 of 65 | 35 of 65
Overview In 2020, Colombia was the number 43 economy in the world in terms of GDP (current US$), the number 61 in total exports, the number 53 in total imports, the number 109 economy in terms of GDP per capita (current US$) and the number 52 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Colombia are Crude Petroleum ($7.46B), Coal Briquettes ($4.13B), Coffee ($2.54B), Gold ($2.34B), and Refined Petroleum ($1.55B), exporting mostly to United States ($9.55B), China ($2.8B), Ecuador ($1.51B), Panama ($1.43B), and Brazil ($1.28B).
Imports The top imports of Colombia are N/A, importing mostly from United States ($11.1B), China ($10B), Mexico ($2.76B), Brazil ($2.41B), and Germany ($1.55B).
In 2020, Colombia was the world's biggest importer of Motor vehicle (8701 to 8705) chassis fitted with engine ($157M)
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.
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 (87.7), Coke (59.5), Coffee (43), Bananas (40.4), and Coal Briquettes (22.6). 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 Glues (1.18), Abrasive Powder (1.08), Vehicle Bodies (including cabs) for the motor vehicles (8701 to 8705) (0.94), Hand Tools (0.92), and Bandages (0.88). 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, are Insect Resins (0.19), Fruit Juice (0.19), Other Oily Seeds (0.19), Crustaceans (0.18), and Manganese Ore (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 52nd 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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