Overview In 2019 Colombia was the number 38 economy in the world in terms of GDP (current US$), the number 54 in total exports, the number 51 in total imports, the number 93 economy in terms of GDP per capita (current US$) and the number 56 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Colombia are Crude Petroleum ($13B), Coal Briquettes ($5.62B), Refined Petroleum ($2.91B), Coffee ($2.38B), and Gold ($1.48B), exporting mostly to United States ($12.4B), China ($4.58B), Panama ($2.35B), Ecuador ($1.96B), and Brazil ($1.47B).

Imports The top imports of Colombia are Refined Petroleum ($3.62B), Cars ($2.37B), Broadcasting Equipment ($2.13B), Packaged Medicaments ($1.35B), and Corn ($1.09B), importing mostly from United States ($13.7B), China ($10.2B), Mexico ($3.69B), Brazil ($3.18B), and Germany ($1.99B).

In 2019, Colombia was the world's biggest importer of Vehicle Chassis ($241M)

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.

Historical Data

#permalink to section

Yearly Exports

#permalink to section
Value
Compare to
Depth

Top Export (2019): Crude Petroleum, $13B

Top Destination (2019): United States, $12.4B

In 2019, Colombia exported a total of $40.5B, making it the number 54 exporter in the world. During the last five reported years the exports of Colombia have changed by -$15.7B from $56.2B in 2014 to $40.5B in 2019.

The most recent exports are led by Crude Petroleum ($13B), Coal Briquettes ($5.62B), Refined Petroleum ($2.91B), Coffee ($2.38B), and Gold ($1.48B). The most common destination for the exports of Colombia are United States ($12.4B), China ($4.58B), Panama ($2.35B), Ecuador ($1.96B), and Brazil ($1.47B).

Explore Visualizations

Yearly Imports

#permalink to section
Value
Compare to
Depth

Top Import (2019): Refined Petroleum, $3.62B

Top Origin (2019): United States, $13.7B

In 2019 Colombia imported $51.1B, making it the number 51 trade destination in the world. During the last five reported years the imports of Colombia changed by -$10.3B from $61.4B in 2014 to $51.1B in 2019.

The most recent imports of Colombia are led by Refined Petroleum ($3.62B), Cars ($2.37B), Broadcasting Equipment ($2.13B), Packaged Medicaments ($1.35B), and Corn ($1.09B). The most common import partners for Colombia are United States ($13.7B), China ($10.2B), Mexico ($3.69B), Brazil ($3.18B), and Germany ($1.99B).

Explore Visualizations

Flow

Fastest Growing Export Markets (2018 - 2019)

Fastest Growing Import Markets (2018 - 2019)

Colombia Exports Services (2019): $9.94B

Colombia Imports Services (2019): $13.8B

In 2019, Colombia exported $9.94B worth of services. The top services exported by Colombia in 2019 were Personal travel ($5.65B), Transportation ($1.97B), Other business services ($1.48B), Computer and information services ($351M), and Government services, n.i.e. ($183M).

The top services imported by Colombia in 2019 were Personal travel ($4.98B), Transportation ($3.2B), Other business services ($1.39B), Financial services ($1.32B), and Insurance services ($1.05B).

Tariffs by Product

#permalink to section

The top product import tariffs by their MFN Ad Valorem value for Colombia are Bovine carcasses and half carcasses, fresh or chilled (80%) and Bovine carcasses and half carcasses, frozen (80%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

*The tariffs applied to imports for Colombia are:
14: AAP.A25TM N┬░ 29Acuerdo de Alcance Parcial Suscrito al Amparo del Art├şculo 25 del TM80 entre la Rep├║blica de Colombia y la Rep├║blica de Panam├í
18: AAP.A25TM N┬░ 5 Acuerdo de Alcance Parcial entre la Rep├║blica de Guatemala y la Rep├║blica de Guatemala y la Rep├║blica de Colombia
19: AAP.A25TM N┬░ 6 Acuerdo de Alcance Parcial Suscrito entre la Rep├║blica de Colombia y la Rep├║blica de Nicaragua
20: AAP.A25TM N┬░ 7 Acuerdo de Alcance Parcial Suscrito entre la Rep├║blica de Colombia y la Rep├║blica de Costa Rica
21: AAP.A25TM N┬░ 8 Acuerdo de Alcance Parcial Suscrito entre la Rep├║blica de Colombia y la Rep├║blica de El Salvador
22: AAP.A25TM N┬░ 9 Acuerdo de Alcance Parcial Suscrito entre la Rep├║blica de Colombia y la Rep├║blica de Honduras
23: AAP.AG N┬░ 02 - Acuerdo de Alcance Parcial para la Liberaci├│n y Expansi├│n del Comercio Intrarregional de Semillas Suscrito por el Art. 12 del TM80
25: AAP.C N┬║ 28 Acuerdo de Alcance Parcial de Naturaleza Comercial entre la Rep├║blica de Colombia y la Rep├║blica Bolivariana de Venezuela
32: AAP.CE N┬░ 24 Acuerdo de Complementaci├│n Econ├│mica para el Establecimiento de un Espacio Ampliado entre Colombia y Chile (acuerdo N┬░ 24)
34: AAP.CE N┬░ 33 Acuerdo de Complementaci├│n Econ├│mica N┬░ 33 Colombia M├ęxico Venezuela
45: AAP.CE N┬░ 49 Acuerdo de Complementaci├│n Econ├│mica N┬░ 49 Celebrado entre la Rep├║blica de Colombia y la Rep├║blica de Cuba
61: AAP.CE N┬░ 59 - Complementaci├│n Econ├│mica entre Argentina, Brasil, Paraguay, Uruguay, Colombia, Ecuador y Venezuela
79: AR.AM N┬░ 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia
80: AR.AM N┬░ 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador
81: AR.AM N┬░ 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay
82: AR.CEYC N┬░ 7 Acuerdo de Cooperaci├│n e Intercambio en las ├üreas Cultural, Educacional y Cient├şfica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, M├ęxico, Panam├í, Paraguay, Per├║, Uruguay)
83: AR.PAR N┬░ 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador M├ęxico Panam├í Paraguay Per├║ Uruguay Venezuela)
136: Most Favoured Nation duty rate treatement
154: Preferential tariff Agreement between Caribbean Community (CARICOM) member states
178: Preferential tariff for Canada
182: Preferential tariff for Chile
219: Preferential tariff for European Union countries (AA) Association Agreement
238: Preferential tariff for Iceland
249: Preferential tariff for Korea, Republic of
270: Preferential tariff for Mexico
281: Preferential tariff for Norway
289: Preferential tariff for Peru
307: Preferential tariff for Switzerland and Liechtenstein
311: Preferential tariff for The Andean Community ( Spanish: Comunidad Andina, CAN)
328: Preferential tariff for United States
392: AAP.CE Nº 72 Argentina Brasil Colombia Paraguay y Uruguay. Acuerdo Contempla entre sus objetivos la conformación de un área de libre comercio

Economic Complexity

#permalink to section

Most Specialized Products by RCA Index

#permalink to section

Colombia has a high level of specialization in Cut Flowers (73.8), Coke (46.3), Coffee (35.5), Bananas (31.3), and Coal Briquettes (19.7). Specialization is measured using RCA, an index that takes the ratio between Colombia observed and expected exports in each product.

Most Complex Products by PCI

#permalink to section

The highest complexity exports of Colombia according to the product complexity index (PCI) are Abrasive cloths, papers etc (including sandpaper) (1.18), Pipe fittings, of iron or steel (1.1), Polymers of styrene, in primary forms (0.95), Motor vehicle chassis fitted with engine (0.9), and Electrical insulators of any material (0.82). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

#permalink to section

The top export opportunities for Colombia according to the relatedness index, are Mat├ę (0.17), Other Oily Seeds (0.17), Insect Resins (0.17), Manganese Ore (0.16), and Cassava (0.16). 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 ÔÇőÔÇőindicate 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'sÔüę ÔüĘeconomy has become relatively less complex, moving from the ÔüęÔüĘ50th to the 56thÔüę 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