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
2019 Service Exports | Imports : $9.94B | $13.8B, 30 of 76 | 28 of 76
Overview In 2020 Colombia was the number 40 economy in the world in terms of GDP (current US$), 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 Petroleum oils and oils obtained from bituminous minerals; crude ($7.46B), Coal; briquettes, ovoids and similar solid fuels manufactured from coal ($4.13B), Coffee, whether or not roasted or decaffeinated; husks and skins; coffee substitutes... ($2.54B), Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or... ($2.34B), and Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing... ($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 Transmission apparatus for radio-broadcasting or television, whether or not incorporating reception apparatus... ($1.99B), Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing... ($1.95B), Motor cars and other motor vehicles; principally designed for the transport of... ($1.47B), Medicaments; (not goods of heading no. 3002, 3005 or 3006) consisting of... ($1.31B), and Maize (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 Chassis; fitted with engines, for the motor vehicles of heading no. 8701 to 8705 ($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.
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.
Top Export (2020): Petroleum oils and oils obtained from bituminous minerals; crude, $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 Petroleum oils and oils obtained from bituminous minerals; crude ($7.46B), Coal; briquettes, ovoids and similar solid fuels manufactured from coal ($4.13B), Coffee, whether or not roasted or decaffeinated; husks and skins; coffee substitutes... ($2.54B), Gold (including gold plated with platinum) unwrought or in semi-manufactured forms, or... ($2.34B), and Petroleum oils and oils from bituminous minerals, not crude; preparations n.e.c, containing... ($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).
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).
Colombia has a high level of specialization in Flowers; cut flowers and flower buds of a kind suitable for bouquets or for ornamental purposes, fresh, dried, dyed, bleached, impregnated or otherwise prepared (87.7), Coke and semi-coke; of coal, lignite or peat, whether or not agglomerated; retort carbon (59.5), Coffee, whether or not roasted or decaffeinated; husks and skins; coffee substitutes containing coffee in any proportion (43), Bananas, including plantains; fresh or dried (40.4), and Coal; briquettes, ovoids and similar solid fuels manufactured from coal (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 Prepared glues and other prepared adhesives, n.e.c. or included; products suitable for use as glues or adhesives, put up for retail sale as glues or adhesives, not exceeding 1kg net weight (1.18), Abrasive powder or grain; natural or artificial, on a base of textile material, of paper, paperboard or of other material, whether or not cut to shape or sewn or otherwise made up (1.08), Bodies; (including cabs) for the motor vehicles of heading no. 8701 to 8705 (0.94), Tools, hand; files, rasps, pliers (including cutting pliers), pincers, tweezers, metal cutting shears, pipe cutters, bolt croppers, perforating punches and similar (0.92), and Wadding, gauze, bandages (dressings, adhesive plasters, poultices), impregnated or coated with pharmaceutical substances or in forms or packings for retail sale, for medical, surgical or veterinary use (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 Lac; natural gums, resins, gum-resins and oleoresins (for example, balsams) (0.19), Fruit juices (including grape must) and vegetable juices, unfermented, not containing added spirit; whether or not containing added sugar or other sweetening matter (0.19), Oil seeds and oleaginous fruits, n.e.c. in chapter 12; whether or not broken (0.19), Crustaceans; in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; smoked, cooked or not before or during smoking; in shell, steamed or boiled, whether or not chilled, frozen, dried, salted or in brine; edible flours, meals, pellets (0.18), and Manganese ores and concentrates, including ferruginous manganese ores and concentrates with a manganese content of 20% or more, calculated on the dry weight (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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