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Foreign Trade in Figures

Colombia's foreign trade represented 33.7% of the country’s GDP in 2020, according to the World Bank. Colombia mainly exports petroleum oils (40.3%), coal (12.4%), coffee (6%), gold (4.4%), and flowers (3.7%). The country's main imports include petroleum oils (7.9%), transmission apparatus for radio-telephony (4.8%), motor vehicles (4.6%), medicaments (3%), and maize (2.3%).

Colombia's main trade partners are the United States, China, Brazil, Mexico, Ecuador, Panama, and Germany. 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 2020, Colombian exports suffered from falling oil prices and the economic slowdown in its key partner markets brought on by the pandemic. Indeed, the country’s exports decreased from USD 39.4 billion in 2019 to USD 31 billion in 2020. Over the same period, imports of goods decreased from USD 52.7 billion in 2019 to USD 43.4 billion in 2020. As a result, Colombia's trade deficit reached USD 7.9 billion in 2020. According to WTO, imports of services in 2020 amounted to USD 9 billion, far greater than exports of services, which totalled USD 4.8 billion in 2020. Thus, the overall trade deficit in 2020 reached USD 12.4 billion.

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 44,89046,07651,23352,70343,489
Exports of Goods (million USD) 31,04536,89741,77439,48931,008
Imports of Services (million USD) 10,81612,29613,37313,7669,092
Exports of Services (million USD) 7,7968,1719,4799,7944,896

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

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 36.235.336.537.533.7
Trade Balance (million USD) -9,176-4,470-5,144-8,451-7,918
Trade Balance (Including Service) (million USD) -13,452-8,946-9,501-12,876-12,421
Imports of Goods and Services (Annual % Change) -3.51.05.87.3-18.0
Exports of Goods and Services (Annual % Change) -0.22.60.63.1-17.4
Imports of Goods and Services (in % of GDP) 21.520.120.621.720.0
Exports of Goods and Services (in % of GDP) 14.715.115.915.913.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20212022 (e)2023 (e)2024 (e)2025 (e)
Volume of exports of goods and services (Annual % change) 0.512.34.82.63.3
Volume of imports of goods and services (Annual % change) 6.25.74.23.03.1

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)
2020
United States 30.5%
China 8.9%
Ecuador 4.7%
Panama 4.6%
Brazil 4.1%
See More Countries 47.2%
Main Suppliers
(% of Imports)
2020
United States 24.5%
China 23.9%
Mexico 6.7%
Brazil 5.6%
Germany 3.8%
See More Countries 35.5%

Source: Comtrade, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

39.5 bn USD of products exported in 2019
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 32.9%
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 12.4%
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 7.4%
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 6.0%
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 4.4%
See More Products 37.0%
52.7 bn USD of products imported in 2019
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 7.9%
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 4.8%
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) 4.6%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses incl. those in the form of transdermal administration or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 3.0%
Maize or cornMaize or corn 2.3%
See More Products 77.3%

Source: Comtrade, 2021. 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

9.5 bn USD of services exported in 2018
58.79%
19.70%
12.11%
2.29%
2.25%
1.84%
1.11%
1.07%
0.66%
0.18%
12.5 bn USD of services imported in 2018
38.74%
24.42%
12.98%
8.02%
4.35%
3.77%
3.35%
2.42%
1.06%
0.89%
n/a%

Source: United Nations Statistics Division, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Actualitzacions: April 2022

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