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Foreign Trade in Figures

Colombia's foreign trade represents around 40.9% of the country’s GDP, according to the World Bank’s latest figures. Colombia mainly exports petroleum oils (32.9%), coal (18.3%), coffee (7.2%), gold (5.2%), and cut flowers (3.6%), whereas the country's main imports include petroleum oils (8.8%), telephone sets (3.9%), motor vehicles (3.5%), aircrafts (3%), maize or corn (2.8%), and medicaments (2.6% - data Comtrade 2022).

According to data from Comtrade, in 2022, the main export partners were the United States (26.9%), Panama (10.2%), Netherlands (4.7%), India (4.3%), and Brazil (4.1%); with imports coming chiefly from the United States (24.5%), China (24.2%), Brazil (7.1%), Mexico (5.4%), and France (3.2%). Colombia has signed trade agreements with the ANC countries (Andean Community of Nations), the MERCOSUR countries, the Central American and Caribbean countries and the European Union. Along with Mexico, Chile and Peru, Colombia founded the Pacific Alliance in 2012, designed to boost trade relations with Asian emerging markets. The country is also part of numerous free trade agreements with Chile, Guatemala, Honduras, El Salvador, Canada, Mexico, Switzerland, Norway, Iceland, Liechtenstein and the United States. The free-trade agreement with the United States, which came into force in May 2012, has had a particularly large impact in the Colombian economy, given that the United States is the country's biggest trade partner.

In 2022, the country’s goods exports increased by 41.4% to USD 57 billion, with imports following a slower pace (+26.6% y-o-y) to USD 77.4 billion. As per services, exports stood at USD 12.2 billion against USD 17.5 billion in imports (data WTO). The overall trade deficit was estimated at 7.2% of the country’s GDP, from 7.6% one year earlier (World Bank). According to data from DANA, in 2023, imports in Colombia fell by 18.9% y-o-y, while exports increased by 25.5%. The decrease in Colombian exports has also resulted in only a 3.8% growth in the number of national companies reaching international markets: from 8,890 companies in 2022 to 9,228 in 2023.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 51,23352,70343,48961,10177,413
Exports of Goods (million USD) 41,77439,48931,00840,28756,999
Imports of Services (million USD) 14,89314,95210,13414,14217,537
Exports of Services (million USD) 10,73110,6685,9157,81812,247

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 36.537.634.140.248.6
Trade Balance (million USD) -6,394-9,863-8,870-13,984-12,028
Trade Balance (Including Service) (million USD) -10,556-14,148-13,105-20,002-16,427
Imports of Goods and Services (Annual % Change) 5.87.3-19.926.723.9
Exports of Goods and Services (Annual % Change) 0.63.1-22.715.914.9
Imports of Goods and Services (in % of GDP) 20.621.720.623.928.1
Exports of Goods and Services (in % of GDP) 15.915.913.516.320.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -3.11.51.82.31.9
Volume of imports of goods and services (Annual % change) -6.82.20.40.61.1

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Colombia has signed many international trade agreements, including:

- Latin American Association of Integration - ALADI
- Andean Community - CAN -Colombia, Equator, Peru, Bolivia
- CAN - Mercosur
- Central American and the Caribbeans
- FTA - Free Trade Agreement Colombia and Chile
- FTA Colombia, El Salvador, Guatemala and Honduras
- FTA Colombia, Peru and Canada
- FTA G2- Group of Two - Colombia and Mexico
- FTA Colombia and Peru - EFTA
- FTA Colombia and United States
- Trade Union CAN - UE

Colombia is part of the Pacific Alliance.

For more information consult this link.

 

Main Partner Countries

Main Customers
(% of Exports)
2022
United States 26.9%
Panama 10.2%
Netherlands 4.7%
India 4.3%
Brazil 4.1%
See More Countries 49.9%
Main Suppliers
(% of Imports)
2022
United States 24.5%
China 24.2%
Brazil 7.1%
Mexico 5.4%
France 3.2%
See More Countries 35.6%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

57.3 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 28.3%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 18.3%
Coffee, whether or not roasted or decaffeinated;...Coffee, whether or not roasted or decaffeinated; coffee husks and skins; coffee substitutes containing coffee in any proportion 7.2%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 5.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.6%
See More Products 36.4%
77.4 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 8.8%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.9%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.5%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles 3.0%
Maize or cornMaize or corn 2.8%
See More Products 78.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

13.4 bn USD of services exported in 2022
46.57%
21.90%
18.13%
7.06%
1.66%
1.65%
1.21%
1.00%
0.63%
0.19%
0.01%
17.6 bn USD of services imported in 2022
35.64%
24.34%
9.89%
9.09%
7.87%
7.15%
2.90%
1.92%
0.65%
0.54%
0.01%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: March 2024

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