The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product. Colombia has experienced a historic economic boom over the last decade. Throughout the 20th century, Colombia was Latin America’s 4th and 3rd largest economy measured by Real GDP at chained PPPs. And between 2012-2014 it became the 3rd largest in Latin America (nominal) GDP. As of 2018. The GDP (PPP) per capita has increased to over US$14,000, and GDP (PPP) increased from US$250 billion in 1990 to nearly US$800 billion. Poverty levels were as high as 65% in 1990 but decreased to under 30% by 2014. And 27% by 2018, decreasing an average of 1.35% per year since 1990.
Petroleum is Colombia’s main export, making over 45% of Colombia’s exports. Manufacturing makes up nearly 12% of Colombia’s exports and grows at a rate of over 10% a year. Colombia has the fastest-growing information technology industry in the world. And has the longest fiber-optic network in Latin America. Colombia also has one of the largest shipbuilding industries in the world outside Asia.
Colombian Industries
Modern industries like shipbuilding, electronics, automobile, tourism, construction, and mining, grew dramatically during the 2000s and 2010s, however, most of Colombia’s exports are still commodity-based. Colombia is Latin America’s 2nd-largest producer of domestically-made electronics and appliances only behind Mexico. Colombia had the fastest-growing major economy in the western world in 2014, behind only China worldwide.
Since the early 2010s, the Colombian government has shown interest in exporting modern Colombian pop culture to the world (which includes video games, music, movies, TV shows, fashion, cosmetics, and food) as a way of diversifying the economy and entirely changing the image of Colombia; a national campaign similar to the Korean Wave. Colombia is only behind Mexico in cultural exports and is already a regional leader in cosmetic and beauty exports.
In 2018, Colombia’s global exchange represented 34.9% of the public GDP. The nation has encountered a five times expansion in unfamiliar exchange in the course of the most recent ten years. This, as indicated by the Economy Complexity Index (ECI), makes Colombia’s economy the 53rd generally complex on the planet. Colombia Export.
This development in global exchange is mostly because of the various exchange relations with different nations. In 2012, Colombia entered streamlined commerce with the United States which saw a critical lift in exchange with North America.
Colombia Aliens with Other Countries
Around the same time, Colombia dispatched the Pacific Alliance alongside Chile, Mexico, and Peru. The point was to assemble exchange relations between Latin America and arising Asian business sectors.
At present, Colombia’s primary exchanging accomplices incorporate the United States, China, Germany, the Netherlands, and adjoining Mexico, Brazil, and Panama.
Notwithstanding this, Colombia actually has a negative exchange balance. The nation spends more on imports than it makes in trades.
In this article, we take a gander at well-known Colombian merchandise trading hands across worldwide lines – the most elevated esteemed Colombia fares and imports.
Top 10 Colombia Exports
Colombia is the 55th biggest exporter on the planet.
In 2018, Colombia sent out products worth $41.8 billion all throughout the planet. This was recorded as a 10.6% expansion from the earlier year. The greater part of the fares was sold in North America, trailed by Latin America, Europe, Africa than Asia and Australia.
1. Rough Petroleum and Coal Briquettes
This is by a wide margin the biggest fare product in Colombia. It establishes about 57% of the complete fair esteem. Rough petrol takes the bigger offer while coal and coke briquettes trail in second.
2. Plastics
Utilizing information from 2018, Coffee and flavors made up 5.6 % of the complete fares. Study new changes in Colombia’s espresso industry.
3. Pearls and Precious Metals
Gold, pearls, platinum, and other valuable stones added up to 3.9% of the absolute fares in 2018. The United States is the main exporter of Colombian gold, taking in about 69% of the yearly gold shipment.
4. Espresso and Spices
Most plastic fares are sold as crude materials to plastic makers abroad. They made up about 3.7% of all fares made in 2018.
5. Live Trees and Cut Flowers
Cut roses are the essential bloom trade from Colombia. Live trees trades comprise of outlandish and local types of trees for different purposes. Together they make up 3.5% of the fares.
6. Foods grown from the ground
Colombia is a huge exporter of tropical organic products, nuts, and grains. Fares of bananas, rice, cocoa beans, and oilseeds add up to about 2.5% of all fares.
7. Steel and Iron
Steel and iron fares establish 1.6% of Colombia’s fares. The vast majority of the items are mechanical-level materials for assembling and development enterprises.
8. Vehicles
Colombia makes a considerable lot in vehicles sends out. In 2018, Colombia sold $645.7 million worth of vehicles to unfamiliar business sectors.
9. Waxes and Animal and Vegetable Oils
Colombia is home to a wide assortment of palm trees. Palm oil, along with other plant and creature oils, represented 1.5% in the all-out worth of imports in 2018.
10. Sugar and Confectionaries
Colombia is notable for its immense sugar ranches; sugar produce from this innovative area contributed 1.2% to Colombia’s fares last year.
Top 10 Colombia Imports
The worth of Colombia imports in 2018 was $ 51.2 billion altogether. This was 11.2 % up contrasted with 2017. Both North America and Asian nations each provided about 33% of the absolute imports, trailed by exporters in Europe, Latin America, and Africa.
1. Hardware and Computers
Imported hardware for the most part contains ranch apparatus and mechanical gear. They made up 11.3% of imports alongside PCs and IT hardware. Most are imported from Asia, the United States, and Europe.
2. Refine Fuel
Other hardware (domestic devices and contraptions, aside from PCs) are attached with the most imported products at 11.3 % in 2018.
3. Cars
Colombia is home to one of the biggest car markets in South America. In 2018, Colombia imported vehicles worth about $8.5 billion, an 8.5% part of the absolute worth of imports. The majority of the vehicles imported came from the U.S. also, Asia. This total incorporates spare parts.
4. Other Electronics
In 2018, Colombia imported about $3.5 billion worth of fuel oil. The majority of this was refined oil fuel. In spite of the fact that Colombia delivers a lot of oil, it actually needs to import some refined items, particularly diesel.
Colombia additionally imports a considerable measure of light unrefined petroleum to upgrade homegrown petroleum processing plants and quality.
5. Plastic Products
Plastic items from unfamiliar producers added to Colombia’s fare spending plan by a small amount of 4.9%. The plastic imports were added up to $2.5 billion out of 2018.
6. Natural Chemicals
A large portion of the $2.4 billion worth of drugs brought into Colombia in 2018 came from Asia. India and China traded huge shipments of drugs items, from medications to antibodies.
7. Drugs
4.5% of imports to Colombia in 2018 were as natural synthetic compounds. A large portion of the synthetic compounds is utilized in mechanical cycles.
8. Iron and Steel
Contrasted with 2017, steel and iron imported shot up by 34.1% in 2018; this is characteristic of developing interest for crude material from the assembling and development businesses.
9. Clinical and Technical Instruments
The U.S. sends out corn, wheat, soybeans, and grain to Colombia’s food market. Different nations in Asia, Europe, and South America additionally offer their benefit and grains to Colombia. The worth of cereals imported added up to a critical $1.7 billion – 3.3% of the all-out aggregate.
10. Oats and Grains
They incorporate clinical contraption and instruments, particular instruments, and optics. They finish up the best ten rundowns of Colombia imports at a worth of $1.3 billion every 2018.
More About Colombia Export
Starting during the 1990s, the public authority of Colombia chose to open up the country’s monetary doors by empowering more global exchange. This saw monstrous privatization of global exchange speculations and the lifting of a few limitations to support unfamiliar exchange.
New exchange coalitions with vital exchanging accomplices that have been progressing all through the last decade have definitely expanded Colombia fares and import exchanges.
The figures and expectations from worldwide exchange somewhat change each year. In any case, the overall advancement as of late is by all accounts preferring and boosting the development of the business.
Look at our blog to get familiar with the most recent news and patterns forming the country’s business climate.
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