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Colombia

Colombia

Rohan D
Rohan Deshpande

Country Expert
   

Colombia Statistics

Colombia is among the biggest economies in Latin America and is an upper middle-income economy.
The government has in recent years shown a keen interest in exporting the nation’s pop culture through video games, movies, fashion, music, TV shows, and cosmetics to diversify the economy and improve the country’s image on the world stage.
$ 1 crores
GDP in USD trillion
1 crores
Population (2019)
1 million
Area ( km. sq. )
Government Authority

colombia-pm1

Iván Duque Márquez

Prime Minister of Colombia
Highlights

Import Of Colombia

In 2018 Colombia imported a total of $49.3B, making it the number 52nd trade destination in the world.
Main Import Countries

Export Of Colombia

In 2018 Colombia exported a total of $43.2B, making it the number 55th exporter in the world.
Main Export Countries

Major Sectors

Manufacturing Textile and Fashion Construction Agriculture Energy

The nation has been producing domestic appliances since the 1930s, but it was not until the 1990s when the corporations in the country began exporting the products to neighbouring countries. The country is also a hub for foreign appliance manufacturing with companies such as GE, LG, and Whirlpool showing interest in setting plants in the country. The country is currently the third largest producer of appliances after Mexico and Brazil. The country is also a major producer of electronics in South America and provides the second largest market for high tech electronics in South America. Corporation in the country began aggressive exporting electronics to foreign markets in the 2000s. The government also launched a national campaign to boost the market share for local companies.

The city of Medellin is the nation’s traditional center of textile production. In 2015 the garment industry experienced growth rates of 4.4% while the textile industry dropped by 7.7%. From 2004 to 2014 the nations fashion industry grew at a rate of 4.2% per year and reached production of $8.7 billion only behind Brazil and Argentina. A large domestic market boosts manufacturing of clothing. The industry faces challenges in competing with contraband products that find their way into the country. An estimated 40% of national clothing sales are linked to smuggled goods.

The construction industry in the country has been growing at a rate of 20% per year and plays a crucial role in the country’s economy. The country is currently witnessing a construction boom with the government investing heavily in the construction of heavy transportation infrastructure in a bid to attain the “Fourth Generation Network" plan. The government rolled out a plan to construct 4,349.598 miles of roads between 2016 and 2020 to reduce travel time by 30% and transportation cost by 20%. The transportation infrastructure that is being targeted for improvement includes railway systems, port facilities, expansion of the airport, and enhancing navigation of Magdalena River.

Agriculture remains one of the most import sectors in the economy and it provided about a fifth of the nation's jobs in 2006. The nation's diverse climate allows the cultivation of numerous crops and forest products including tropical hardwoods in the hot areas and eucalyptus and pine in colder areas.

The oil industry in the Colombia has been among the most prominent in the country and has played a key role in propelling the country's economic growth. The industry accounted for about one-fifth of Foreign Direct Investment over the last decade. The industry provides about half of the country’s export revenues and about 30% of the government's income. The lowering in global oil prices from over $100 per barrel in 2014 to about $30 in 2016 had a huge impact on the nation's economy.

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Latest News

Trade Fair Exhibition

colombia ss
Efficiency Security Safety Fair (ESS Fair)

Date : 21-08 Aug 2020
Place : Bogotá , Colombia

colombia expo
Expo Camacol

Date: 29-08 Aug 2020
Place : Medellín , Colombia

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