Colombia's economy has experienced growth over the past five years despite a serious armed conflict
within the country. It is the only South American country with coastlines on both the North Pacific Ocean and Caribbean Sea.
Key Industries: |
Textiles, Food Processing, Oil, Clothing and Footwear, Beverages, Chemicals, Gold, Coal, Emeralds |
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Key Imports: |
Industrial Equipment, Transportation Equipment, Consumer Goods, Chemicals, Paper Products, Fuels,
Electricity
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Key Exports: |
Petroleum, Coffee, Coal, Nickel, Emeralds, Apparel, Bananas, Cut Flowers |
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In 2006, the Countrys leading markets for exports were U.S. 35.8 %, Venezuela 11.4 % and
Ecuador
5.4%. Its leading suppliers were U.S. 26.8 %, Brazil 8.6 %, Mexico 8.5 %, China 6.0 %, Venezuela 5.6 % and Japan 4.1 %.
Its pending trade agreements include the North American Free Trade Agreement, NAFTA, and the Andean Trade Pact.
Energy Information Technology Telecommunications Banking Aviation Agriculture Oil and Gas
2007 is regarded by policy makers, and the private sector, as one of the best economic years in recent history. The economy continues to improve in
part because of austere government budgets, efforts to reduce public debt
levels, an export-oriented growth strategy, improved domestic security, and high
commodity prices. Ongoing economic problems facing the government include reforming the pension system, reducing high unemployment, and
funding new exploration to offset declining oil production. The government's economic reforms and democratic security strategy, coupled with increased
investment, have resulted in a growing sense of confidence in the economy. However, the business sector continues to be concerned about failure of the
US Congress to approve the signed Free Trade Agreement.
Additional Resources:
American Chamber of Commerce Colombia
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Capital: |
Bogota |
Key Cities: |
Barranquilla, Cali, Medellin |
Population |
45.6 million (2007 E) |
GDP Growth % |
5.4 (08 E)
5.0 (09 F)
|
GDP |
171.6 billion US$ |
GDP per Capita |
3,763 US$ |
Inflation Rate Change (%) |
4.6 (08 E/09 F) |
Exports |
37.6 (09 F) billion
US$ |
Imports |
40.0 (09 F) billion
US$ |
Exchange Rate
Local Currency-US$ |
1,823.0 (09 F) |
E = Estimate F = Forecast |
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