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Colombia's Top Import And Exports
Hello viewers, welcome to the Big Man Business Youtube channel, Here is another highly informative video. in this video, we're going to be talking about Columbia's Top Import And Exports. Keep watching, we got it all covered.
Colombia has the world's 37th largest economy, with annual exports of 43.2 billion dollars and imports of 49.3 billion dollars, resulting in a negative trade balance of minus 6.04 billion dollars.
In the fifteen years leading up to 2016, Colombia received more than 150 billion dollars in total foreign direct investment.
Analysts generally agree that as armed conflicts within the country are gradually replaced by a stable political process, economic conditions may improve in the future.
This video provides an overview of Colombia's economy, including primary imports and exports.
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Colombia’s Top Trading Partners
Colombia, located in the northwestern region of South America, shipped 31 billion dollars in goods around the world in 2020.
This figure represents a minus 0.2 percent decrease from 2016 and a minus 21.4 percent decrease from 2019 to 2021.
In terms of value, 35.5 percent of Colombia's exports were delivered to North American countries, while 26.2 percent were sold to Latin American importers excluding Mexico but including the Caribbean.
Colombia shipped an additional 20.8 percent of its goods to Asia and 13.9 percent to Europe.
Africa with 0.6 percent and Oceania, led by Australia, received lower percentages of 0.5 percent.
Here is a list of 15 of Colombia's most important trading partners in terms of export sales.
That is the country that imported the greatest number of Colombian shipments in terms of dollar value in 2021.
The percentage of total Colombian exports for each import country is also shown.
The United States: 10.6 billion dollars account for 24.5 percent of total Colombian exports
10.4 billion dollars from China account for 23.9 percent
2.9 billion dollars for Mexico account for 6.7 percent
Brazil has a trade worth of 2.4 billion dollars with Colombia which is 5.6 percent
Germany received 1.6 billion dollars standing at 3.8 percent
France with 958.6 million dollars which is 2.2 percent
India with 937 million dollars which is also 2.2 percent
Japan with 879.1 million accounts for 2 percent
Spain with 798.1 million dollars accounts for 1.8 percent
Ecuador with 789.9 million dollars accounts for 1.8 percent too.
Canada got 751.1 million dollars from trade with Colombia which is 1.7 percent
Argentina with 724.5 million dollars account for 1.7 percent
680.9 million for Peru accounting for 1.6 percent
Italy received 679.2 million dollars accounting for 1.6 percent
676.4 million dollars in South Korea accounts for 1.6 percent
More than four fifths or 82.6 percent of Colombian exports in 2021 were delivered to the 15 trade partners listed above.
South Korea was the only top importer that increased its purchases of Colombian exports by 3 percent between 2019 and 2021.
The other 14 countries saw declines ranging from minus 0.8 percent for China to minus 28.2 percent for France.
Colombia’s Top 10 Imports
Colombian imports are expected to cost 43.5 billion in 2020, a minus 3.1 percent decrease from 2016 and a minus 13.7 percent decrease from 2019 to 2021.
According to the average 2020 exchange rate, the Colombian peso has depreciated by minus 21 percent against the US dollar since 2016 and by minus 12.6 percent from 2019 to 2021.
Because of Colombia's weaker local currency, imports paid for in stronger US dollars are relatively more expensive when converted from the Colombian peso.
Using a continental lens, Asian trade partners accounted for more than a third or 35.1 percent of Colombia's total imports by value.
North American countries supplied nearly a third or 32.9 percent of Colombia's imports, with Europe accounting for the remaining 16 percent.
At 14.5 percent, exporters from Latin America excluding Mexico and the Caribbean contributed a smaller share.
Africa with 0.3 percent and Oceania with 0.1 percent led by Australia, provided smaller percentages.
With a population of 50.9 million people, Colombia's total of 43.5 billion dollars in 2020 imports equates to roughly 850 dollars in annual product demand from every person in South America's second most populous country.
During 2020, these product groups that will be mentioned have the highest dollar value in Colombia's import purchases.
The percentage share of each product category in terms of total imports into Colombia is also shown.
5.2 billion dollars for machinery, including computers, accounted for 11.9 percent of total imports
5 billion dollars in electrical machinery and equipment accounted for 11.4 percent
3.5 billion dollars for automobiles stands at 8 percent
2.5 billion dollars for pharmaceuticals account for 5.8 percent
Mineral fuels, including oil, are worth 2.2 billion dollars which is 5.1 percent
Plastics and plastic products are valued at 2.1 billion dollars which is 4.8 percent
Cereals are worth 2 billion dollars which stands at 4.5 percent
1.9 billion dollars for organic chemicals represents 4.3 percent
1.5 billion dollars for optical, technical, and medical equipment stands at 3.4 percent
1.2 billion dollars for iron and steel represents 2.7 percent
Colombia's top ten imports accounted for 61.8 percent of the total value of its foreign product purchases.
Imported cereals are the sole grower among Colombia's top ten import categories, increasing 9.5 percent from 2019 to 2020, owing to increased Colombian purchases of internationally sourced corn, wheat, and rice.
Mineral fuels, including oil, experienced the greatest year over year decline of minus 49.1 percent.
Colombia’s Top 10 Exports
The Republic of Colombia, located in northwest South America and sharing a portion of its northern border with Panama, shipped 31 billion dollars in goods around the world in 2020.
This figure represents a minus 0.2 percent decrease from 2016 and a minus 21.4 percent decrease from 2019 to 2020.
According to the average 2020 exchange rate, the Colombian peso has depreciated by minus 21 percent against the US dollar since 2016 and by minus 12.6 percent from 2019 to 2020.
Colombia's weaker peso makes exports paid for in stronger US dollars less expensive for international buyers.
According to the most recent country specific data, 72.6 percent of Colombian exports were purchased by importers in the following countries: the United States with 30.4 percent of the global total, China with 8.6 percent, Panama with 4.9 percent, Ecuador with 4.7 percent, Brazil with 4.1 percent, Mexico with 3.7 percent, Italy with 3.1 percent, Turkey with 2.9 percent, Peru with 2.8 percent, India with 2.6 percent, Chile with 2.5 percent, and the Netherlands with 2.3 percent.
In terms of value, 35.5 percent of Colombia's exports were delivered to North American countries, while 26.2 percent were sold to Latin American importers excluding Mexico but including the Caribbean.
Colombia exported another 20.8 percent of its goods to Asia.
Europe with 13.9 percent, Africa with 0.6 percent, and Oceania led by Australia received smaller percentages with 0.5 percent.
With a population of 50.9 million people, Colombia's total of 31 billion dollars in 2020 exports equates to approximately 600 dollars for each resident of the South American sovereign state.
The export product groups listed below have the highest dollar value in Colombian global shipments in 2020.
The percentage share of each export category in terms of total Colombian exports is also shown.
Mineral fuels, including oil, totaled 12.9 billion dollars which represent 41.6 percent of total exports
3 billion dollars in gems and precious metals standing at 9.6 percent
2.5 billion dollars for coffee, tea, and spices standing at 8.2 percent
1.4 billion dollars for live trees, plants, and cut flowers standing at 4.6 percent
Plastics and plastic products are valued at 1.3 billion dollars which are 4.3 percent
1.3 billion dollars for fruits and nuts account for 4.1 percent
598.8 million dollars for animal or vegetable fats, oils, and waxes account for 1.9 percent
512 million dollars for electrical machinery and equipment which is 1.6 percent
506.2 million dollars for sugar and sugar confectionery account for 1.6 percent
478 million dollars for iron and steel account for 1.5 percent
Colombia's top ten exports accounted for nearly four fifths of the total value of its global shipments which is around 79.2 percent.
Gems and precious metals were the fastest growing export category among the top ten, increasing by 52.7 percent from 2019 to 2020, driven by higher international revenues from exported gold.
Animal or vegetable fats, oils, and waxes came in second with a 14.1 percent increase in export sales.
Colombia's fruit and nut shipments experienced the third-fastest increase in value, increasing by 10.9 percent.
Mineral fuels, including oil, were the leading decliner among Colombia's top ten export categories, with a minus 40.3 percent drop year on year.
Colombia's most valuable exported goods are crude oil with 22.9 percent of global total, coal plus solid fuels made from coal with 11.4 percent, gold with 9.3 percent, coffee with 8.1 percent, refined petroleum oils with 5 percent, fresh or dried flowers with 4.5 percent, bananas including plantains with 3.2 percent, coke and semi coke with 2 percent, iron ferroalloys with 1.4 percent, and palm oil with 1.4 percent.
Colombia's total exported goods account for 4.3 percent of its overall Gross Domestic Product valued at 719 billion dollars in Purchasing Power Parity US dollars in 2020.
In 2020, exports will account for 4.3 percent of total GDP in PPP terms, compared to 5.2 percent in 2019.
Those percentages indicate a decreasing reliance on products sold in international markets for Colombia's total economic performance, albeit over a short timeframe.
The unemployment rate is another important indicator of a country's economic performance.
According to Trading Economics, Colombia's average unemployment rate was 17.3 percent in January 2021, up from 12.2 percent the previous year.
Bogotá is Colombia's capital city.
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Sources :
https://www.icontainers.com/us/2020/01/31/colombia-main-imports-exports/
https://commodity.com/data/colombia/
https://www.worldstopexports.com/colombias-top-10-exports/
https://www.worldstopexports.com/colombias-top-10-imports/
https://www.worldstopexports.com/colombias-top-15-import-partners/
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