Colombia Business Opportunities

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
Key Imports:	Industrial Equipment, Transportation Equipment, Consumer Goods, Chemicals, Paper Products, Fuels, Electricity
Key Exports:	Petroleum, Coffee, Coal, Nickel, Emeralds, Apparel, Bananas, Cut Flowers

Trade Environment

In 2010, the Country’s leading markets for exports were U.S. 42.0 %, EU 12.0%, China 5.2% and Ecuador 4.5%. Its leading suppliers were U.S. 25.5 %, China 13.4%, Mexico 9.4 %,Brazil 5.9 % and Germany 4.1%.

In 2011, completed trade agreements include NAFTA, and the Andean Trade Pact (CAN). Currently working on a trade accord with Canada.

Business and Market Sector Opportunities

Energy • Information Technology • Telecommunications • Banking • Aviation Agriculture • Oil and Gas

Economic Background and Situation

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 issues 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

Latin America Economics

Successful Market Economies in Latin America

Free Trade Agreements

South America Information

South America and Capitals

Information Resources

Latin American Chambers of Commerce

Colombia Fast Facts
Capital:	Bogota
Key Cities:	Barranquilla, Cali, Medellin
Population	45.9 million (2012 E)
GDP Growth %	4.5 (‘11 E) 4.5 (‘12 F)
GDP	435.4 billion US$ (2010 E)
GDP per Capita	39,566 US$ (2020 E)
Inflation Rate Change (%)	3.1 (’11 E/’12 F)
Exports	40.8 (’10 E) billion US$
Imports	38.6 (’10 E) billion US$
Exchange Rate Local Currency-US$	1,824.0 (2012)
E = Estimate F = Forecast