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2023
Economic Complexity
Trade 0.23Rank 51 of 132
2021
Economic Complexity
Technology 0.53Rank 41 of 96
2022
Economic Complexity
Research 0.81Rank 30 of 140
2023
Product
Exports | Imports $54.8B | $61.8B54 of 226 |  55 of 226
2023
Per Capita Product
Exports | Imports $1.05k | $1.18k124 of 220 |  145 of 220

About

Overview In 2023, Colombia was the number 42 economy in the world in terms of GDP (current US$), the number 54 in total exports, the number 55 in total imports, the number 104 economy in terms of GDP per capita (current US$) and the number 51 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Colombia are Crude Petroleum ($13B), Coal Briquettes ($10.4B), Gold ($3.22B), Coffee ($3.19B), and Refined Petroleum ($2.69B), exporting mostly to United States ($14.8B), Panama ($4.66B), India ($2.51B), China ($2.5B), and Netherlands ($2.38B).

Imports The top imports of Colombia are Refined Petroleum ($4.62B), Cars ($2.69B), Broadcasting Equipment ($2.23B), Planes, Helicopters, and/or Spacecraft ($2.21B), and Packaged Medicaments ($2.16B), importing mostly from United States ($16B), China ($13.7B), Brazil ($3.98B), Mexico ($3.06B), and Germany ($2.31B).

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.

Latest Trends

Latest Trade

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.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Crude Petroleum$13B
Top Destination (2023)United States$14.8B

In 2023, Colombia exported a total of $54.8B, making it the number 54 exporter in the world. During the last five reported years the exports of Colombia have changed by $8.87B from $45.9B in 2018 to $54.8B in 2023.

The most recent exports are led by Crude Petroleum ($13B), Coal Briquettes ($10.4B), Gold ($3.22B), Coffee ($3.19B), and Refined Petroleum ($2.69B). The most common destination for the exports of Colombia are United States ($14.8B), Panama ($4.66B), India ($2.51B), China ($2.5B), and Netherlands ($2.38B).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
Poland$710M (+ 69.8%)
China$301M (+ 13.7%)
Malaysia$177M (+ 111%)
Fastest Growing Import Markets (2022 - 2023)
Guyana$126M (+ 5.67k%)
Nigeria$75.6M (+ 84.9%)
Ireland$70M (+ 27.1%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

Type
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Depth
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Service Trade

Service Trade

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).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)0.23Rank 51 of 132
Economic Complexity (Technology)0.53Rank 41 of 96
Economic Complexity (Research)0.81Rank 30 of 140

Most Specialized Products by RCA Index

Colombia has a high level of specialization in Cut Flowers (85.4), Coke (47.6), Bananas (34.1), Coffee (30.8), and Coal Briquettes (20.6). 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

The highest complexity exports of Colombia according to the product complexity index (PCI) are Tube or pipe fittings (e.g. couplings, elbows, sleeves), of iron or steel (1.21), Electrical insulators of any material (1.19), Prepared glues and other prepared adhesives, n.e.c. or included; products suitable for... (1.03), Acids; carboxylic acid with additional oxygen function and their anhydrides, halides, peroxides,... (0.88), and Tools; hand-operated mechanical appliances, weighing 10kg or less, used in the preparation,... (0.88). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Colombia according to the relatedness index, were Cocoa Beans (0.18), Other Oily Seeds (0.18), Cassava (0.18), Bran (0.17), and Fruit Juice (0.17). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Colombia is not specialized in.

Product Space

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

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.

Relatedness Space (2023)

Diversification Frontier

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Colombia's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨49th to the 51st⁩ 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

ECI (Trade) Ranking by Country

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