Overview In 2020, Colombia was the number 40 economy in the world in terms of GDP (current US$), the number 61 in total exports, the number 53 in total imports, the number 99 economy in terms of GDP per capita (current US$) 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 Broadcasting Equipment ($1.99B), Refined Petroleum ($1.95B), Cars ($1.47B), Packaged Medicaments ($1.31B), and Corn ($1.11B), 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.

Flow
View
Y-AXIS SCALE

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.

Flow
Value
Depth

Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.

*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.

Historical Data

#permalink to section
Value
Depth

Top Export (2020): Crude Petroleum, $7.46B

Top Destination (2020): United States, $11.1B

In 2020, Colombia exported a total of $32.2B, making it the number 61 exporter in the world. During the last five reported years the exports of Colombia have changed by -$5.01B from $37.2B in 2015 to $32.2B in 2020.

The most recent exports are led by Crude Petroleum ($7.46B), Coal Briquettes ($4.13B), Coffee ($2.54B), Gold ($2.34B), and Refined Petroleum ($1.55B). The most common destination for the exports of Colombia are United States ($9.55B), China ($2.8B), Ecuador ($1.51B), Panama ($1.43B), and Brazil ($1.28B).

Explore Visualizations

Flow
View

Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

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).

Economic Complexity

#permalink to section

Most Specialized Products by RCA Index

#permalink to section

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.

Export Opportunities by Relatedness

#permalink to section

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.

Relatedness Space

#permalink to section

This network shows the products most related to the production structure of Colombia. These are products that tend to be co-exported with the products that Colombia exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Diversification Frontier

#permalink to section
Filter
Depth

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.

Economic Complexity Ranking

#permalink to section
Scale

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.

Explore Rankings