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Colombia
| Economy Overview |
| Colombia, with 45 million inhabitants, has the second largest population in South America. It is also the fourth largest in area on the continent. Bogota, the capital city, has 7.7 million inhabitants. Colombia is also among the top 30 of the richest economies of the world in terms of GDP in Purchasing Power Parity.
Colombian industry is well developed. Services account for 54% of GDP and 59% of employment. Colombia is the 3rd largest coffee producer in the world. Oil and Coal are also among its main export products. The main trade partners of the country are in the Americas, the USA being the largest import and export partner.
Low grade infrastructure due to difficult mountainous geography and poverty limit the development of a local market. The government is working to reverse this by offering many investment incentives and stimulating household consumption. Unfortunately drug trafficking and a guerrilla insurgency still stand in the way of security and economic development. Since 2000, the U.S. has spent more than $6 billion in mostly military and anti-narcotics aid.
In 2006 the U.S. and Colombia signed a free trade agreement. Colombia's Congress approved the agreement 2007 and Colombia's Constitutional Court completed its review in July 2008, and concluded that the Agreement conforms to Colombia's Constitution. President Obama has asked the Office of the U.S. Trade Representative to address some outstanding issues surrounding the agreement before sending it to the Senate for ratification. Keep up to date on progress with the agreement on the US Trade Representative website http://www.ustr.gov/trade-agreements/free-trade-agreements/colombia-fta.
You will find opportunities for outsourcing and investing and learn about the country at Proexport http://www.proexport.com.co, the website of the Colombian trade promotion agency |
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| Economy Statistics |
| Exports: |
$15.5 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
petroleum, coffee, coal, apparel, bananas, cut flowers [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
US 42.1%, Venezuela 9.7%, Ecuador 6% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$15.34 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
Partners: |
US 29.1%, Venezuela 6.5%, China 6.4%, Mexico 6.2%, Brazil 5.8% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Colombian American Chamber of Commerce |
| Address: |
250 Catalonia Ave.
Suite #407
Coral Gables, FL, 33134 |
| Phone: |
305-446-2542 |
| Website: |
http://www.colombiachamber.com/ |
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