Overview: In 2018 Colombia was the number 37 economy in the world in terms of GDP (current US$), the number 55 in total exports, the number 52 in total imports,
the number 96 economy in terms of GDP per capita (current US$) and the number 56 most complex economy according to the Economic Complexity Index (ECI)
In 2018, Colombia exported a total of $43.2B, making it the number 55 exporter in the world. During the last five reported years the exports of Colombia have changed by -$17.6B from $60.8B in 2013 to $43.2B in 2018.
In 2018 Colombia imported $49.3B, making it the number 52 trade destination in the world. During the last five reported years the imports of Colombia changed by -$8.13B from $57.4B in 2013 to $49.3B in 2018.
In 2018, Colombia exported $9.24B worth of services. The top services exported by Colombia in 2018 were Personal travel ($5.56B), Air transport ($1.63B), Miscellaneous business, professional, and technical services ($1.14B), Sea transport ($207M), and Telecommunications services ($201M).
The top services imported by Colombia in 2018 were Personal travel ($4.83B), Miscellaneous business, professional, and technical services ($1.62B), Sea transport ($1.55B), Air transport ($1.38B), and Reinsurance ($899M).
This section shows forecasts for total product exports and imports for Colombia. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for Colombia are:14: AAP.A25TM N° 29Acuerdo de Alcance Parcial Suscrito al Amparo del Artículo 25 del TM80 entre la República de Colombia y la República de Panamá18: AAP.A25TM N° 5 Acuerdo de Alcance Parcial entre la República de Guatemala y la República de Guatemala y la República de Colombia19: AAP.A25TM N° 6 Acuerdo de Alcance Parcial Suscrito entre la República de Colombia y la República de Nicaragua20: AAP.A25TM N° 7 Acuerdo de Alcance Parcial Suscrito entre la República de Colombia y la República de Costa Rica21: AAP.A25TM N° 8 Acuerdo de Alcance Parcial Suscrito entre la República de Colombia y la República de El Salvador22: AAP.A25TM N° 9 Acuerdo de Alcance Parcial Suscrito entre la República de Colombia y la República de Honduras23: AAP.AG N° 02 - Acuerdo de Alcance Parcial para la Liberación y Expansión del Comercio Intrarregional de Semillas Suscrito por el Art. 12 del TM8025: AAP.C Nº 28 Acuerdo de Alcance Parcial de Naturaleza Comercial entre la República de Colombia y la República Bolivariana de Venezuela32: AAP.CE N° 24 Acuerdo de Complementación Económica para el Establecimiento de un Espacio Ampliado entre Colombia y Chile (acuerdo N° 24)34: AAP.CE N° 33 Acuerdo de Complementación Económica N° 33 Colombia México Venezuela45: AAP.CE N° 49 Acuerdo de Complementación Económica N° 49 Celebrado entre la República de Colombia y la República de Cuba61: AAP.CE N° 59 - Complementación Económica entre Argentina, Brasil, Paraguay, Uruguay, Colombia, Ecuador y Venezuela79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia80: AR.AM N° 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay82: AR.CEYC N° 7 Acuerdo de Cooperación e Intercambio en las Áreas Cultural, Educacional y Científica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, México, Panamá, Paraguay, Perú, Uruguay)83: AR.PAR N° 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador México Panamá Paraguay Perú Uruguay Venezuela)136: Most Favoured Nation duty rate treatement154: Preferential tariff Agreement between Caribbean Community (CARICOM) member states178: Preferential tariff for Canada182: Preferential tariff for Chile219: Preferential tariff for European Union countries (AA) Association Agreement238: Preferential tariff for Iceland249: Preferential tariff for Korea, Republic of270: Preferential tariff for Mexico281: Preferential tariff for Norway289: Preferential tariff for Peru307: Preferential tariff for Switzerland and Liechtenstein311: Preferential tariff for The Andean Community ( Spanish: Comunidad Andina, CAN)328: Preferential tariff for United States
During the last 20 years Colombia's economy has become relatively less complex, moving from the 51st 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.
Colombia has a high level of specialization in Cut Flowers (68.7), Coke (36.5), Coffee (32.3), Bananas (31.8), and Coal Briquettes (22.3). Specialization is measured using RCA, an index that takes the ratio between Colombia observed and expected exports in each product.
The top export opportunities for Colombia according to the relatedness index, are Other Oily Seeds (0.16), Insect Resins (0.16), Cocoa Beans (0.16), Fruit Juice (0.15), and Coconuts, Brazil Nuts, and Cashews (0.15). 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 it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a 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 emissions.
Colombia
