Republic of Colombia The South America Country Series · Cover Picture: Caño Cristales – Los...

The South America Country Series

Republic of Colombia

2017

Republic of Colombia

May 2017

ii Republic of Colombia

AcknowledgementsTeam Leader: Samir S. AmirLead Researcher: Aqsa Jawed

DisclaimerThe findings, interpretations and conclusions expressed do not necessarily reflect the views of the Board of Directors and Members of The Pakistan Business Council or the companies they represent.

Any conclusions of analysis based on ITC, World Data Bank, OECD Data, Doing Business and The World Factbook data are the responsibility of the author(s) and do not necessarily reflect the opinion of the UN, WTO, World Bank, OECD or CIA.

Although every effort has been made to cross-check and verify the authenticity of the data, The Pakistan Business Council, or the author(s), do not guarantee the data included in this work. All data and statistics used are correct as of February 2, 2017, and may be subject to change.

For any queries or feedback regarding this report, please contact [email protected] [email protected]

Cover Picture: Caño Cristales – Los Ochos by Mario Carvajal. Wikimedia Commons. This file is licensed under the Creative Commons Attribution 3.0 Unported license.

https://commons.wikimedia.org/wiki/File:CA%C3%91O_CRISTALES_%E2%80%93_LOS_OCHOS_01.jpg

iiiRepublic of Colombia

The Pakistan Business Council: An OverviewThe Pakistan Business Council (PBC) is a business policy advocacy forum, representing private-sector businesses that have substantial investments in Pakistan’s economy. It was formed in 2005 by 14 (now 60) of Pakistan’s largest businesses, including multinationals, to allow businesses to meaningfully interact with government and other stakeholders.

The Pakistan Business Council is a pan-industry advocacy group. It is not a trade body nor does it advocate for any specific business sector. Rather, its key advocacy thrust is on easing barriers to allow Pakistani businesses to compete in regional and global arenas.

The PBC works closely with the relevant government departments, ministries, regulators and institutions, as well as other stakeholders including professional bodies, to develop consensus on major issues which impact the conduct of business in and from Pakistan. The PBC has submitted key position papers and recommendations to the government on legislation and other government policies affecting businesses. It also serves on various taskforces and committees of the Government of Pakistan as well as those of the State Bank, SECP and other regulators with the objective to provide policy assistance on new initiatives and reforms.

The PBC conducts research and holds conferences and seminars to facilitate the flow of relevant information to all stakeholders in order to help create an informed view on the major issues faced by Pakistan.

The PBC’s Founding Objectives:

• To provide for the formation and exchange of views on any question connected with the conduct of businesses in and from Pakistan.

• To conduct, organize, set up, administer and manage campaigns, surveys, focus groups, workshops, seminars and field works for carrying out research and raising awareness in regard to matters affecting businesses in Pakistan.

• To acquire, collect, compile, analyse, publish and provide statistics, data analysis and other information relating to businesses of any kind, nature or description and on opportunities for such businesses within and outside Pakistan.

• To promote and facilitate the integration of businesses in Pakistan into the world economy and to encourage the development and growth of Pakistani multinationals.

• To interact with Governments in the economic development of Pakistan and to facilitate, foster and further the economic, social and human resource development of Pakistan.

The PBC is a Section 42 not-for-profit Company Limited by Guarantee. Its working is overseen by a Board of Directors elected every three years by the Membership with the Board being headed by a Non-Executive Chairman. The day-to-day operations of the PBC are run by a professional secretariat headed by a full-time, paid CEO. More information on the PBC, its members, and its workings, can be found on its website: www.pbc.org.pk

The PBC’s Member Companies

The PBC’s Member Companies

South Asia Pakistan Terminals

vi Republic of Colombia

Executive SummaryThe Pakistan Business Council (PBC), as a part of its ongoing research initiatives, is conducting a series of studies on key economies in South America. Country Profiles for Argentina, Brazil, Chile and Mexico have already been published. This brief Study aims to highlight the economy, trade and investment opportunities in Colombia.

Table below shows a comparison between the Colombian and Pakistani economies. In 2015, Pakistan’s population was about four times the size of the Colombian population. Whereas Colombia’s GDP shrunk between 2013 and 2015, Pakistan’s GDP grew in that period with GDP increasing from $ 231 billion in 2013 to $ 271 billion in 2015. And while the Colombian Peso depreciated nearly 47% against the US $ in that period, the Pakistani Rupee performed better as it depreciated only 1.1% in the same period. However, Colombia was able to attract more foreign direct investment than Pakistan; FDI inflows to Colombia were about 12 times FDI inflows to Pakistan in 2015.

Colombia Pakistan

2013 2014 2015 2013 2014 2015

Population, total (millions) 47.34 47.79 48.23 181.19 185.04 188.92

GDP (current US $ billions) 380.19 378.42 292.08 231.22 244.36 271.05

GDP growth (annual %) 4.87 4.39 3.08 4.40 4.67 4.71

Foreign direct investment, net inflows (current US $ billions) 16.21 16.32 11.73 1.33 1.87 0.98

Official exchange rate (LCU per US $, period average) 1,868.79 2,001.78 2,741.88 101.63 101.10 102.77

Located between Panama and Venezuela, Colombia is the fourth largest economy in South America and the thirty-ninth largest economy in the world. The country is rich in natural resources and depends heavily on energy and mining exports. An emerging market, Colombia’s main export earnings are from fuels. Colombia is the world’s fourth largest coal exporter and Latin America’s fourth largest oil producer.

Real GDP growth averaged 4.8% per year from 2010-2014 before it slowed down in 2015 to 3.08% falling further to 1.7% in 2016. The country’s economy is expected to recover in 2017. In 2015, the service sector contributed 59.19% to the GDP whereas industry and agriculture contributed 33.98% and 6.83% respectively to total GDP.

Trade between Pakistan and Colombia has remained low in the past ten years. In 2016, both sides expressed an interest to improve trade relations. In 2015, Pakistan’s import potential for top fifteen products from Colombia amounted to $ 1.47 billion whereas potential exports to Colombia were $ 1.18 billion. Medicaments for therapeutic or prophylactic purposes and polypropylene dominate the list of Pakistan’s potential imports from Colombia. Instruments and appliances used in medical, surgical or veterinary sciences, Portland cement and Semi-milled or wholly milled rice are Pakistan’s high potential exports to Colombia.

viiRepublic of Colombia

List of Tables

Executive Summary: .......................................................................................... viKey Social Indicators: .......................................................................................................................03Short Country History: .....................................................................................................................07Economic Overview: .........................................................................................................................08Colombia’s Main Industries: ...........................................................................................................12Natural Resources: ............................................................................................................................12Agriculture: ........................................................................................................................................12Industry: .............................................................................................................................................13Trade in Services: ..............................................................................................................................13Foreign Direct Investment: ..............................................................................................................15

Trade Overview: .................................................................................................19Trade Balance:....................................................................................................................................19

Major Trading Partners: ....................................................................................21Imports: ..............................................................................................................................................21Exports: ...............................................................................................................................................22

Major Imports: ....................................................................................................23

Major Exports: .....................................................................................................25

Colombia’s Regional Trade:.............................................................................29Colombia’s Trade with Latin America and the Caribbean: ........................................................29

Colombia’s Trade Alliances: ............................................................................37Latin America Integration Association (ALADI/LAIA): ............................................................38Andean Community (CAN): ...........................................................................................................42

Colombia’s Trade with Pakistan: ....................................................................49Imports from Colombia: ...................................................................................................................49Exports to Colombia: ........................................................................................................................51

Pakistan’s Potential Trade with Colombia: ..................................................54Trade Potential: .................................................................................................................................54

Colombia’s Trade with China and India .......................................................59Colombia’s Trade with China: ........................................................................................................59Colombia’s Trade with India: ..........................................................................................................62

Ease of Doing Business: ....................................................................................67Ease of Doing Business: ....................................................................................................................67Consulates: .........................................................................................................................................67

viii Republic of Colombia

List of TablesTable 1: Key Economic Indicators ......................................................................................................09

Table 2: Colombia’s Top 10 Origin of Imports.................................................................................21

Table 3: Colombia’s Top 10 Export Partners ....................................................................................22

Table 4: Colombia’s Top Imports at HS-02 Level ............................................................................23

Table 5: Colombia’s Top Imports at HS-06 Level ............................................................................24

Table 6: Colombia’s Top Exports at HS-02 Level ............................................................................25

Table 7: Colombia’s Top Exports at HS-06 Level ............................................................................26

Table 8: Top Sources of Imports from Latin America & the Caribbean .......................................30

Table 9: Top Export Destinations in Latin America & the Caribbean ..........................................30

Table 10: Colombia’s Top Imports from Latin America & the Caribbean ...................................32

Table 11: Colombia’s Top Exports to Latin America & the Caribbean ........................................33

Table 12: Colombia’s Preferential Trade Agreements ....................................................................37

Table 13: Top Sources of Imports from ALADI/LAIA ..................................................................39

Table 14: Top Export Destinations in ALADI/LAIA ......................................................................39

Table 15: Colombia’s Top Imports from ALADI/LAIA ................................................................40

Table 16: Colombia’s Top Exports to ALADI/LAIA ......................................................................41

Table 17: Top Sources of Imports from the Andean Community .................................................43

Table 18: Top Export Destinations in the Andean Community ....................................................43

Table 19: Colombia’s Top Imports from the Andean Community ...............................................44

Table 20: Colombia’s Top Exports to the Andean Community ....................................................45

Table 21: Pakistan’s Top Imports from Colombia at HS-02 Level ................................................50

Table 22: Pakistan’s Top Imports from Colombia at HS-06 Level ................................................51

Table 23: Pakistan’s Top Exports to Colombia at HS-02 Level ......................................................52

Table 24: Pakistan’s Top Exports to Colombia at HS-06 Level ......................................................53

Table 25: Pakistan’s Top Potential Imports from Colombia at HS-06 Level ...............................55

Table 26: Pakistan’s Top Potential Exports to Colombia at HS-06 Level .....................................56

Table 27: Colombia’s Top Imports from China ...............................................................................60

Table 28: Colombia’s Top Exports to China .....................................................................................61

Table 29: Colombia’s Top Imports from India .................................................................................63

Table 30: Colombia’s Top Exports to India ......................................................................................64

Table 31: Ease of Doing Business Indicators ....................................................................................67

ixRepublic of Colombia

List of TablesFigure 1: Population of Colombia ...................................................................................................... 09

Figure 2: GDP of Colombia, 2010-2015 ............................................................................................. 10

Figure 3: GDP growth rate of Colombia, 2010-2015 ........................................................................ 10

Figure 4: Foreign Direct Investment in Colombia, 2010-2015........................................................ 10

Figure 5: Official Exchange Rate (LCU) Per US dollar, 2010-2015 ................................................ 11

Figure 6: Exports and Imports as a percentage of GDP ................................................................. 11

Figure 7: GDP of Colombia as a percent of Sector Composition, 2015 ........................................ 12

Figure 8: Breakup of Total Exports-Services, 2015 .......................................................................... 14

Figure 9: Breakup of Total Imports-Services, 2015 .......................................................................... 14

Figure 10: Colombia’s Trade Balance ................................................................................................ 19

Figure 11: Breakup of Total Imports, 2015 ....................................................................................... 20

Figure 12: Breakup of Total Exports, 2015 ........................................................................................ 20

Figure 13: Colombia’s Top 5 Origin of Imports ............................................................................... 21

Figure 14: Colombia’s Top 5 Export Partners .................................................................................. 22

Figure 15: Colombia’s Trade with Latin America & the Caribbean ............................................. 29

Figure 16: Colombia’s Trade with ALADI/LAIA ........................................................................... 38

Figure 17: Colombia’s Trade with Andean Community ................................................................ 42

Figure 18: Pakistan’s Trade with Colombia ..................................................................................... 49

Figure 19: Potential Trade between Pakistan and Colombia, 2015 ............................................... 54

Figure 20: Colombia’s Trade with China .......................................................................................... 59

Figure 21: Colombia’s Trade with India ........................................................................................... 62

01Republic of Colombia

Section 1

Key Social Indicators


Key Social Indicators:Official Name: Republic of Colombia

Geographical Location: Northern South America, bordering the Caribbean Sea, between Panama and Venezuela, and bordering the North Pacific Ocean, between Ecuador and Panama.

Geographic Coordinates: 4.5709° N Latitude, 74.2973° W Longitude

Country Map:

10 | R e p u b l i c o f C o l o m b i a

Key Social Indicators:

Official Name: Republic of Colombia

Geographical Location: Northern South America, bordering the Caribbean Sea, between Panama and Venezuela, and bordering the North Pacific Ocean, between Ecuador and Panama.

Geographic Coordinates: 4.5709° N Latitude, 74.2973° W Longitude

Country Map:

04 Republic of Colombia


Total Area: 1,138,910 sq. km

land: 1,038,700 sq. km water: 100,210 sq. km

Land Boundary: 6,672 km

Border Countries: Brazil 1,790 km, Ecuador 708 km, Panama 339 km, Peru 1,494 km, Venezuela 2,341 km

Coastline: 3,208 km

Population: 47,220,856 (July 2016 est.)

Language: Spanish

Religion: Roman Catholic 90%, other 10%

Currency: Peso

Capital City: Bogota

Administrative Divisions: 32 departments and 1 capital district* ; Amazonas, Antioquia, Arauca, Atlantico, Bogota*, Bolivar, Boyaca, Caldas, Caqueta, Casanare, Cauca, Cesar,

Total Area: 1,138,910 sq. km

• land: 1,038,700 sq. km • water: 100,210 sq. km

Land Boundary: 6,672 km

Border Countries: Brazil 1,790 km, Ecuador 708 km, Panama 339 km, Peru 1,494 km, Venezuela 2,341 km

Coastline: 3,208 km

Population: 47,220,856 (July 2016 est.)

Language: Spanish

Religion: Roman Catholic 90%, other 10%

Currency: Peso

Capital City: Bogota

Administrative Divisions: 32 departments and 1 capital district* ; Amazonas, Antioquia, Arauca, Atlantico, Bogota*, Bolivar, Boyaca, Caldas, Caqueta, Casanare, Cauca, Cesar, Choco, Cordoba, Cundinamarca, Guainia, Guaviare, Huila, La Guajira, Magdalena, Meta, Narino, Norte de Santander, Putumayo, Quindio, Risaralda, Archipielago de San Andres, Providencia y Santa Catalina (colloquially San Andres y Providencia), Santander, Sucre, Tolima, Valle del Cauca, Vaupes, Vichada


Government System: Presidential Republic

Legal System: Civil law system influenced by the Spanish and French civil codes

Age Structure: • 0-14 years: 24.57% (male 5,940,903/female 5,659,594) • 15-24 years: 17.54% (male 4,216,437/female 4,066,079) • 25-54 years: 41.82% (male 9,788,057/female 9,958,982) • 55-64 years: 8.9% (male 1,973,215/female 2,230,609) • 65 years and over: 7.17% (male 1,412,209/female 1,974,771) (2016 est.

Life Expectancy at Birth: • total population: 75.7 years • male: 72.6 years • female: 79 years (2016 est.)

Urbanization: • urban population: 76.4% of total population (2015) • rate of urbanization: 1.66% annual rate of change (2010-15 est.)

Transportation: • Roads: 204,855 km (2015) • Railways: 2,141 km • Airports: 836 (2013) - Paved Runways: 121 - Unpaved Runways: 715 • Heliports: 3 (2013) • Major Seaports: Atlantic Ocean (Caribbean) - Cartagena, Santa Marta, Turbo: Pacific

Ocean - Buenaventura

Major International Airports:

Airport Name Location

El Dorado International Airport Bogotá

José María Córdova International Airport Medellín

Rafael Núñez International Airport Cartagena

Alfonso Bonilla Aragón International Airport Cali

Alfredo Vásquez Cobo International Airport Leticia

Gustavo Rojas Pinilla International Airport San Andrés

Matecaña International Airport Pereira

Simón Bolívar International Airport Santa Marta

Camilo Dazo International Airport Cúcuta

El Edén International Airport Armenia


Communication: • Country Code: +57 • Telephones- Fixed Lines: - Total Subscriptions: 7,109,254 - Subscriptions per 100 Inhabitants: 15 (July 2015 est.)

• Telephones- Mobile Cellular: - Total Subscriptions: 57.327 million - Subscriptions per 100 Inhabitants: 123 (July 2015 est.)

• Internet Users: - Total: 26.128 million - Percent of Population: 55.9% (July 2015 est.)


Short Country History:Colombia is the only country in South America which is named after Christopher Columbus, even though Columbus never visited the country. The first Spanish explorer, Alonso de Ojeda, arrived in Colombia in 1499. The Spanish established their first settlement in Santa Marta in 1525 and Cartagena and Bogota were founded in 1533 and 1538 respectively. The timeline below highlights important events of Colombia till the 20th century.


Short Country History:

Colombia is the only country in South America which is named after Christopher Columbus, even though Columbus never visited the country. The first Spanish explorer, Alonso de Ojeda, arrived in Colombia in 1499. The Spanish established their first settlement in Santa Marta in 1525 and Cartagena and Bogota were founded in 1533 and 1538 respectively. The timeline below highlights important events of Colombia till the 20th century.

Since its inception, the Gran Colombia and later the Republic of New Grenada was divided between two political parties, the Conservatives and the Liberals. This political rivalry led to violence in the period 1840 – 1903: an estimated 100,000 people were killed during the Thousand Days' War (1899–1902). The bitter divide between the Liberals and Conservatives led to another power struggle resulting in the period known as the ‚La Violencia‛ in the late 1940s and 1950s. The resulting rioting and property damage (estimated at $ 570 million throughout the country) came to be called the bogotazo and up to 300,000 people died during this period. In 1957, leaders of both parties introduced the ‚National Front‛ where both sides agreed to share power for the next 16 years and to alternate the presidency every four years till 1974.

In the 1960s and 1970s, guerrilla groups such as May 19th Movement (M-19), the National Liberation Army (ELN), and the Revolutionary Armed Forces of Colombia (FARC), created an atmosphere of violence and instability. In the 1980s, Colombia became a major centre for drug trafficking. Presence of guerrilla forces and powerful drug cartels made Colombia a dangerous country to live in. In 2004, UN declared that the 39-year-long war on drugs had displaced as many as 2 million people with thousands kidnapped or killed.

1549 1717 1810 1818 1830 1848 1863 1886 1903

Audencia of Santafe de Bogota, a judicial tribunal is formed

Viceroyalty of New Granada is formed, including present day Colombia, Panama, Venezuela and Ecuador

Local jurisdictions in New Granada rebel against Spanish officials

Republic of Greater Colombia or Gran Colombia is formed by Simon Bolivar, consisting of Colombia, Panama, Venezuela and Ecuador

Ecuador and Venezuela secedes from Gran Colombia – Republic of New Grenada is formed

The country adopts its present name: Republic of Colombia

Panama leaves the Republic

Name of the Republic is changed to United States of Colombia

Emergence of the Conservative and Liberal parties

Since its inception, the Gran Colombia and later the Republic of New Grenada was divided between two political parties, the Conservatives and the Liberals. This political rivalry led to violence in the period 1840 – 1903: an estimated 100,000 people were killed during the Thousand Days’ War (1899–1902). The bitter divide between the Liberals and Conservatives led to another power struggle resulting in the period known as the “La Violencia” in the late 1940s and 1950s. The resulting rioting and property damage (estimated at $ 570 million throughout the country) came to be called the bogotazo and up to 300,000 people died during this period. In 1957, leaders of both parties introduced the “National Front” where both sides agreed to share power for the next 16 years and to alternate the presidency every four years till 1974.

In the 1960s and 1970s, guerrilla groups such as May 19th Movement (M-19), the National Liberation Army (ELN), and the Revolutionary Armed Forces of Colombia (FARC), created an atmosphere of violence and instability. In the 1980s, Colombia became a major centre for drug trafficking. Presence of guerrilla forces and powerful drug cartels made Colombia a dangerous country to live in. In 2004, UN declared that the 39-year-long war on drugs had displaced as many as 2 million people with thousands kidnapped or killed.

In 1990, Cesar Gaviria became the President of Colombia after three other presidential candidates were assassinated by narco-terrorists. President Gaviria introduced a new constitution in 1991 that aimed to create peace between the rebel forces and the government. However, statistics indicate that violence was as prevalent at the end of Gaviria period as before. The last decade of the 20th century saw an increase not only in terrorism but also saw Colombia entering into its worst recession since the Great Depression.


In 2000, US offered assistance to the Colombian government to help control the drug trade and in 2002, Alvaro Uribe of the Liberal Party became the President of Colombia. His hard-line policies on rebels and drug traffickers provided the much-needed economic stability to the country. Subsequently, there was a decline in the number of terrorist attacks, crimes and kidnappings. In 2008, political tensions escalated in the region when Colombian forces entered Ecuador to raid a FARC encampment and which resulted in the killing of the FARC leader, Raul Reyes. In response, Ecuador, Venezuela and Nicaragua broke off diplomatic ties with Colombia. However, these countries ended their dispute shortly afterwards during a summit meeting in the Dominican Republic.

Juan Manuel Santos became the President of Colombia in 2010 and was re-elected for a second term in 2014. President Santos in 2012 initiated peace negotiations with the FARC rebels with the objective of trying to find a peaceful solution. Overcoming numerous impediments in reaching an agreement, the government and the FARC forces signed a peace deal in September 2016. However, a national referendum annulled the decision, with many people viewing the government as being too lenient on the FARC rebels. Despite this setback, the government and the FARC forces appear determined to continue negotiations for a peace agreement and the ceasefire that was part of the September 2016 peace deal is still in place.

Economic Overview:

Economy:

Colombia is the fourth largest country in South America in terms of area, and the 26th largest country in the world. In terms of GDP, Colombia ranked fourth in Latin America and 39th in the world in 2015. The country has abundant natural resources but depends heavily on energy and mining exports. Considered an emerging market, its main export earnings are from fossil fuels.

Colombia is the world’s fourth largest coal exporter and Latin America’s fourth largest oil producer. It is also a major producer of gold, silver, coal and platinum. The country is also a major producer of emeralds. Rich in hydel resources, Colombia generates roughly three-fourths of its electricity through hydroelectric plants. Colombia’s potential for hydroelectric power is greater than any other country in South America except Brazil.

The introduction of sound macroeconomic and fiscal policies by the Santos administration has allowed Colombia to become one of the fastest growing economies in the region. Unemployment hit a record low in 2015 at 8.9 percent and real GDP growth averaged 4.8 percent per year between 2010-2014. However, the fall in oil prices and a slowdown of the global economy had an adverse impact on the country’s economy; economic growth slowed down from 4.6 percent in 2014 to 3.1 percent in 2015. This further slowed down to 1.7 percent in 2016. It is, however, expected that the country’s economy will recover in 2017. A report published by the World Bank in mid-2016, predicted that GDP growth for Colombia would be 2.5 percent in 2017.

Falling oil prices have also led to a depreciation of the Colombian Peso over the last seven years. In 2010, the official exchange rate was 1,898 Colombian Peso for each US dollar. Following the fall in oil prices, the Colombian Peso depreciated to 2,741 Colombian Peso for


a US dollar in 2015 and 2,958 in September 2016. The weak Peso has led to inflation in the country and in 2015, the inflation rate was more than double of what Colombia’s Central Bank had predicted at the beginning of the year. In August 2016, the inflation rate had reached 8.1 percent, much higher than the targeted band of 2 – 4 percent.

Improvement in security conditions has promoted investments into Colombia, mostly in the mining and energy sectors. Foreign Direct Investment (net inflows) increased between 2011 and 2014 before falling in 2015. In the first quarter of 2016, some $ 4.3 billion in FDI flowed into Colombia, up 159.2% for the same period in the previous year. However, a decreasing trend in the GDP growth rate, inflation and falling government revenues caused major rating agencies to downgrade Colombia’s long-term outlook from stable to negative in early 2016.

The table below shows some key indicators and their trends over the years.

2010 2011 2012 2013 2014 2015

Population, total (millions) 45.92 46.41 46.88 47.34 47.79 48.23

Population growth (annual %) 1.10 1.06 1.02 0.98 0.94 0.91

GNI, Atlas method (current US $ billions) 254.32 286.99 334.89 367.53 380.87 344.29

GNI per capita, Atlas method (current US$) 5540 6180 7140 7760 7970 7140

GDP (current US $ billions) 287.02 335.42 369.66 380.19 378.42 292.08

GDP growth (annual %) 3.97 6.59 4.04 4.87 4.39 3.08

Exports of goods and services (% of GDP) 15.94 18.74 18.26 17.57 15.96 14.71

Imports of goods and services (% of GDP) 17.76 19.93 20.04 20.13 21.35 24.24

Foreign direct investment, net inflows (BoP, current US $ billions) 6.43 14.65 15.04 16.21 16.32 11.73

Official exchange rate (LCU per US $, period average) 1,898.57 1,848.14 1,796.90 1,868.79 2,001.78 2,741.88

Table 1: Key Economic Indicators


287.02

335.42 369.66 380.19 378.42

292.08

0

50

100

150

200

250

300

350

400

2010 2011 2012 2013 2014 2015

US

$ B

illio

ns

GDP (current US $)

45.92

46.41

46.88

47.34

47.79

48.23

44.50

45.00

45.50

46.00

46.50

47.00

47.50

48.00

48.50

2010 2011 2012 2013 2014 2015

Mill

ions

Population, total

Figure 2: GDP of Colombia, 2010-2015

Figure 1: Population of Colombia



287.02

335.42 369.66 380.19 378.42

292.08

0

50

100

150

200

250

300

350

400

2010 2011 2012 2013 2014 2015

US

$ B

illio

ns

GDP (current US $)

45.92

46.41

46.88

47.34

47.79

48.23

44.50

45.00

45.50

46.00

46.50

47.00

47.50

48.00

48.50

2010 2011 2012 2013 2014 2015

Mill

ions

Population, total

Figure 2: GDP of Colombia, 2010-2015

Figure 1: Population of Colombia



Figure 5: Official Exchange Rate (LCU) Per US dollar, 2010-2015

1,898.57 1,848.14 1,796.90 1,868.79 2,001.78

2,741.88

0

500

1000

1500

2000

2500

3000

2010 2011 2012 2013 2014 2015

Col

ombi

an P

eso

per

US

$

Official exchange rate (LCU per US $, period average)

15.94 18.74 18.26 17.57

15.96 14.71 17.76

19.93 20.04 20.13 21.35 24.24

0

5

10

15

20

25

30

2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5

EXPORTS AND IMPORTS AS A PERCENTAGE OF GDP

Exports of goods and services (% of GDP) Imports of goods and services (% of GDP)

Figure 6: Exports and Imports as a percentage of GDP


Colombia’s Main Industries:In the past, Colombia’s economy was mainly dependent on gold mining. However, the economy now is much broader: manufacturing and agriculture alongside mining are important sectors of the economy. In 2015, Colombia’s GDP mainly consisted of the service sector which contributed 59.19% to the GDP. Meanwhile, industry and agriculture contributed 33.98% and 6.83% respectively to total GDP.


Colombia’s Main Industries:

In the past, Colombia’s economy was mainly dependent on gold mining. However, the economy now is much broader: manufacturing and agriculture alongside mining are important sectors of the economy. In 2015, Colombia’s GDP mainly consisted of the service sector which contributed 59.19% to the GDP. Meanwhile, industry and agriculture contributed 33.98% and 6.83% respectively to total GDP.

Natural Resources:

With a GDP of about $ 292 billion in 2015, and having abundant natural resources, Colombia is an attractive place for investment. Colombia is rich in minerals, including coal, natural gas, petroleum, iron ore, nickel, gold, copper, emeralds and platinum. Ferronickel reserves are located along the San Jorge River and new fields of petroleum reserves were opened in the Llanos and in Amazonia in the late 20th century.

Colombia is the largest producer of coal in South America and is the world’s fourth largest coal exporter. The country is also Latin America’s fourth largest oil producer. Oil replaced coffee as the leading export in 1991. In 2015, Mineral fuels, mineral oils and products of their

6.83

33.98

59.19

GDP of Colombia as percentages of Sector Composition, 2015

Agriculture, value added (% of GDP) Industry, value added (% of GDP)

Services, etc., value added (% of GDP)

Figure 7: GDP of Colombia as a percent of Sector Composition, 2015

Natural Resources:

With a GDP of about $ 292 billion in 2015, and having abundant natural resources, Colombia is an attractive place for investment. Colombia is rich in minerals, including coal, natural gas, petroleum, iron ore, nickel, gold, copper, emeralds and platinum. Ferronickel reserves are located along the San Jorge River and new fields of petroleum reserves were opened in the Llanos and in Amazonia in the late 20th century.

Colombia is the largest producer of coal in South America and is the world’s fourth largest coal exporter. The country is also Latin America’s fourth largest oil producer. Oil replaced coffee as the leading export in 1991. In 2015, Mineral fuels, mineral oils and products of their distillation was Colombia’s major export to the world. Colombia is second to Brazil in hydroelectric power.

Agriculture:

Since 1945, share of agriculture in GDP has fallen consistently. Nevertheless, the sector has remained an important source of employment with one-fifth of jobs in 2006 being in the agriculture sector. During the first nine months of 2015 the contribution of agriculture to the


GDP was 2.9%, indicating an increase of 0.1% compared to the same period in 2014 (2.8%).Colombia enjoys a varied climate which allows for a wide variety of crops, including both tropical and temperate-zone crops, to be grown in the country. Bananas, sugarcane, wheat, barley, potatoes, coconut, rice and cotton are some of the crops that are grown in Colombia. Beans, grains, flowers, and temperate-zone fruit and vegetables are also grown in the lower altitudes. Irrigation and chemical fertilizers are widely used whereas traditional methods are mostly employed in remote areas.

Before being overshadowed by oil exports in the late 20th century, coffee was the backbone of the Colombian economy. Share of coffee in total exports ranged between 40 – 65% of total exports in the period 1964 – 86. In 1997, coffee’s share had dropped to 21%, and by 2000, it was only 8%. A fall in coffee prices in 2001 further reduced coffee’s share to 6.2%.

Colombia also has a vibrant livestock industry. During 2015, exports of livestock products reached $ 114 million. Major destinations for livestock exports in 2015 were Lebanon, Russia and the United States. Implementation of good agricultural practices along with sanitary programs and improvements in food safety conditions has triggered this boom in the livestock sector.

Industry:

Colombia’s industrial sector mostly developed after World War I. In 2015, industry contributed 33.9 percent to GDP. Colombia has many extraction and processing industries to cater to the vast natural resources that the country is home to.

Colombia is the third largest automobile manufacturer in Latin America and also the second largest motorcycle producer in the region. The automotive sector contributed four percent to the country’s GDP and accounted for 25,000 jobs in 2015. Many international auto manufacturers including General Motors (Chevrolet, Isuzu, and Volvo) and Daimler’s subsidiary Daimler Colombia are operating in the country.

Another important industry in Colombia is the textile industry which employs the largest share of workers. Apart from fulfilling the needs of domestic industry, the country also exports yarn and fabric. Along with the textile industry, food processing and chemical production are also important industries. Due to expansion of mass grocery retailers and improved cold storage facilities, Colombia has become an important market for value-added and packaged food products.

Other important industries include construction, electronics and domestic appliances, transportation and electric power and renewable energy.

Trade in Services:

The charts below show Colombian economy’s composition by major services. Exports and imports of services have been divided into four categories which are transport, travel, other commercial activities and goods-related services.

Transport covers sea, air and land as well as the movement of goods (freight), rentals of carriers and related supporting services. Travel covers goods and services acquired by


a traveller while in a foreign country. Other commercial services include construction, insurance and pension services. Telecommunications and information services are also part of this category. Goods-related services are manufacturing services on physical inputs owned by others and maintenance and repair services not included elsewhere.

In 2015, travel was the most important service exported by Colombia, comprising 59.4% of total services that were exported. This was followed by transport (22.3%), other commercial services (18%) and goods-related services (0.3%)


production are also important industries. Due to expansion of mass grocery retailers and improved cold storage facilities, Colombia has become an important market for value-added and packaged food products.

Other important industries include construction, electronics and domestic appliances, transportation and electric power and renewable energy.

Trade in Services:

The charts below show Colombian economy’s composition by major services. Exports and imports of services have been divided into four categories which are transport, travel, other commercial activities and goods-related services.

Transport covers sea, air and land as well as the movement of goods (freight), rentals of carriers and related supporting services. Travel covers goods and services acquired by a traveller while in a foreign country. Other commercial services include construction, insurance and pension services. Telecommunications and information services are also part of this category. Goods-related services are manufacturing services on physical inputs owned by others and maintenance and repair services not included elsewhere.

In 2015, travel was the most important service exported by Colombia, comprising 59.4% of total services that were exported. This was followed by transport (22.3%), other commercial services (18%) and goods-related services (0.3%)

Figure 8: Breakup of Total Exports-Services, 2015

Similar to the export trend, travel, with 39%, was the most important service that was imported by Colombia in 2015. This was closely followed by other commercial services at

22.3

59.4

18 0.3

Breakup of economy's total exports, 2015 (by main services item)

Transport Travel Other commercial services Goods-related services

Similar to the export trend, travel, with 39%, was the most important service that was imported by Colombia in 2015. This was closely followed by other commercial services at 38%. Transport amounted to 22.9% whereas goods-related services were just 0.1% of the total services imported in 2015.


38%. Transport amounted to 22.9% whereas goods-related services were just 0.1% of the total services imported in 2015.

Figure 9: Breakup of Total Imports-Services, 2015

Foreign Direct Investment:

Reforms introduced by the Santos administration coupled with an improvement in the security situation had helped upgrade Colombia’s government debt to investment grade in 2013 and 2014. This attracted fresh investment, mostly in the hydrocarbon sector. The ratification of the US-Colombia Free Trade Agreement and the establishment of free trade zones also helped attract investment into the country.

However, in early 2016, due to the falling crude prices, Standard and Poor downgraded its long-term outlook for Colombia from stable to negative. Fitch Ratings, a global leader in credit ratings, also downgraded the ratings of Bancolombia, the largest commercial bank in Colombia and one of the largest banks in Latin America.

Bogota, Colombia’s capital city, has received $ 16.77 billion in FDI in the last ten years mainly in the financial services and communication sector. However, fall in government revenues, rise in the costs of raw materials and a decline in oil prices has led to a fall in FDI. Economic slowdown has led to many multinationals terminating operations in Colombia including Apex Tool Group Colombia, PayPal, and banks such as Lloyds TSB Bank and Banistmo.

22.9

39

38

0.1

Breakup of economy's total imports, 2015 (by main services item)

Transport Travel Other commercial services Goods-related services


Foreign Direct Investment:

Reforms introduced by the Santos administration coupled with an improvement in the security situation had helped upgrade Colombia’s government debt to investment grade in 2013 and 2014. This attracted fresh investment, mostly in the hydrocarbon sector. The ratification of the US-Colombia Free Trade Agreement and the establishment of free trade zones also helped attract investment into the country.

However, in early 2016, due to the falling crude prices, Standard and Poor downgraded its long-term outlook for Colombia from stable to negative. Fitch Ratings, a global leader in credit ratings, also downgraded the ratings of Bancolombia, the largest commercial bank in Colombia and one of the largest banks in Latin America.

Bogota, Colombia’s capital city, has received $ 16.77 billion in FDI in the last ten years mainly in the financial services and communication sector. However, fall in government revenues, rise in the costs of raw materials and a decline in oil prices has led to a fall in FDI. Economic slowdown has led to many multinationals terminating operations in Colombia including Apex Tool Group Colombia, PayPal, and banks such as Lloyds TSB Bank and Banistmo.

Section 2

Trade


Trade Overview:With a trade-per-capita of $ 1,339 for the period 2013-2015, Colombia ranked 56 in exports and 47 in imports in the world. Trade as a sum of exports and imports of goods and services measured as a percentage of GDP was 38.5% in 2015.

Trade Balance:

The figure below shows Colombia’s trade balance for the last ten years. From 2006 - 2013, Colombia’s imports and exports followed a similar pattern before exports declined in 2015. Colombia’s exports to the world fell from $ 58.8 billion in 2013 to $ 35.7 billion in 2015. Imports also declined, but only by $ 5.3 billion between 2013 and 2015. As a result of this decline in Colombia’s exports to the world, the trade deficit which was $ 1.77 billion in 2006, increased to $ 18.37 billion in 2015.


Trade Overview:

With a trade-per-capita of $ 1,339 for the period 2013-2015, Colombia ranked 56 in exports and 47 in imports in the world. Trade as a sum of exports and imports of goods and services measured as a percentage of GDP was 38.5% in 2015.

Trade Balance:

The figure below shows Colombia’s trade balance for the last ten years. From 2006 - 2013, Colombia’s imports and exports followed a similar pattern before exports declined in 2015. Colombia’s exports to the world fell from $ 58.8 billion in 2013 to $ 35.7 billion in 2015. Imports also declined, but only by $ 5.3 billion between 2013 and 2015. As a result of this decline in Colombia’s exports to the world, the trade deficit which was $ 1.77 billion in 2006, increased to $ 18.37 billion in 2015.

-1.77 -2.91 -2.04 -0.04 -0.86

2.28 2.19

-0.56

-9.23

-18.37

26.2 32.9

39.7 32.9

40.7

54.7 58.1 59.4 64.0

54.1

24.4 30.0

37.6 32.9

39.8

57.0 60.3 58.8 54.8

35.7

-30

-20

-10

0

10

20

30

40

50

60

70

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ B

ILL

ION

S

Colombia's Trade Balance

Trade Balance Imports Exports

Figure 10: Colombia's Trade Balance

The chart below shows the composition of Colombia’s total imports by main commodity groups in 2015. Manufactures at 76.5% constituted the top commodity group in that year. Manufactures’ imports comprised of iron and steel, chemicals, machinery and transport equipment and textiles and clothing. Agricultural products consisting of food and raw materials amounted to 11.1% whereas fuels and mining products including ores and other minerals, fuels and non-ferrous metals were also 11.1% in 2015.


The chart below shows the breakup by the main commodity group of Colombia’s exports. Fuels and mining products (54.1%) is Colombia’s top export group. It is followed by manufactures (23.4%) and agricultural products (19.4%)


Major Trading Partners:

Imports:

Colombia’s top import partners are the United States of America ($ 15.6 billion), China ($ 10.3 billion) and Mexico ($ 3.85 billion). Colombia’s imports from USA are significantly greater than those from other countries.

Colombia’s Top 10 Origin of Imports

*All Values in USD Billion

2011 2012 2013 2014 2015

United States of America 13.66 14.14 16.43 18.26 15.58

China 8.18 9.56 10.36 11.79 10.03

Mexico 6.06 6.36 5.50 5.27 3.85

Germany 2.22 2.24 2.21 2.53 2.27

Brazil 2.74 2.80 2.59 2.47 2.08

France 1.82 1.15 1.45 1.85 1.92

Japan 1.44 1.65 1.48 1.53 1.23

India 0.98 1.12 1.14 1.37 1.20

Korea, Republic of 1.23 1.29 1.30 1.50 1.16

Peru 1.02 0.91 0.87 1.20 0.94 Table 2: Colombia’s Top 10 Origin of Imports


Major Trading Partners: Imports:

Colombia’s top import partners are the United States of America ($ 15.6 billion), China ($ 10.3 billion) and Mexico ($ 3.85 billion). Colombia’s imports from USA are significantly greater than those from other countries.

Colombia’s Top 10 Origin of Imports *All Values in USD Billion

2011 2012 2013 2014 2015 United States of America 13.66 14.14 16.43 18.26 15.58

China 8.18 9.56 10.36 11.79 10.03 Mexico 6.06 6.36 5.50 5.27 3.85 Germany 2.22 2.24 2.21 2.53 2.27 Brazil 2.74 2.80 2.59 2.47 2.08 France 1.82 1.15 1.45 1.85 1.92 Japan 1.44 1.65 1.48 1.53 1.23 India 0.98 1.12 1.14 1.37 1.20 Korea, Republic of 1.23 1.29 1.30 1.50 1.16 Peru 1.02 0.91 0.87 1.20 0.94 Table 2: Colombia's Top 10 Origin of Imports

0

2

4

6

8

10

12

14

16

18

20

2011 2012 2013 2014 2015

US

$ B

ILL

ION

S

Colombia's Top 5 Origin of Imports

United States of America China Mexico Germany Brazil

Figure 13: Colombia's Top 5 Origin of Imports


Exports:United States of America followed by Panama and China are Colombia’s top export partners. Similar to Colombia’s imports from the USA, Colombia’s exports to USA are significantly greater than its exports to other countries. Exports to USA significantly declined from $ 22.2 billion in 2012 to $ 10.05 billion in 2015. This decline can mainly be attributed to a decline in export of Petroleum oils and oils obtained from bituminous minerals, crude which declined from $ 13.8 billion in 2012 to $ 4.3 billion in 2015.

Colombia’s Top 10 Export Partners


2011 2012 2013 2014 2015

United States of America 21.95 22.22 18.69 14.47 10.05

Panama 1.96 2.92 3.22 3.62 2.39

China 1.99 3.34 5.10 5.76 2.26

Spain 1.72 2.94 2.88 3.26 1.58

Netherlands 2.52 2.50 2.27 2.12 1.49

Ecuador 1.91 1.91 1.97 1.88 1.43

Brazil 1.37 1.29 1.59 1.62 1.19

Peru 1.40 1.58 1.27 1.19 1.15

Venezuela, Bolivarian Republic of 1.75 2.56 2.26 1.99 1.06

Mexico 0.70 0.84 0.86 0.91 0.91

Table 3: Colombia’s Top 10 Export Partners


Exports:

United States of America followed by Panama and China are Colombia’s top export partners. Similar to Colombia’s imports from the USA, Colombia’s exports to USA are significantly greater than its exports to other countries. Exports to USA significantly declined from $ 22.2 billion in 2012 to $ 10.05 billion in 2015. This decline can mainly be attributed to a decline in export of Petroleum oils and oils obtained from bituminous minerals, crude which declined from $ 13.8 billion in 2012 to $ 4.3 billion in 2015.

Colombia’s Top 10 Export Partners *All Values in USD Billion

2011 2012 2013 2014 2015 United States of America 21.95 22.22 18.69 14.47 10.05 Panama 1.96 2.92 3.22 3.62 2.39 China 1.99 3.34 5.10 5.76 2.26 Spain 1.72 2.94 2.88 3.26 1.58 Netherlands 2.52 2.50 2.27 2.12 1.49 Ecuador 1.91 1.91 1.97 1.88 1.43 Brazil 1.37 1.29 1.59 1.62 1.19 Peru 1.40 1.58 1.27 1.19 1.15 Venezuela, Bolivarian Republic of 1.75 2.56 2.26 1.99 1.06

Mexico 0.70 0.84 0.86 0.91 0.91 Table 3: Colombia's Top 10 Export Partners

Figure 14: Colombia's Top 5 Export Partners

0

5

10

15

20

25

2011 2012 2013 2014 2015

US

$ B

ILL

ION

S

Colombia's Top 5 Export Partners

United States of America Panama China Spain Netherlands


Major Imports:The table below shows Colombia’s top imports from the world at HS-02 level. Machinery, electrical machinery and equipment, and mineral fuels are Colombia’s top imports at HS-02 level.

At HS-06 level, Colombia’s top imports consist of Medium oils and preparations ($ 2.63 billion), Light oils and preparations, of petroleum or bituminous minerals ($ 2.46 billion) and Aeroplanes and other powered aircraft ($ 2.03 billion).

Colombia’s Top Imports at HS-02 Level


Code Product label 2011 2012 2013 2014 2015

84 Machinery, mechanical appliances, nuclear reactors, boilers; parts thereof 7.44 8.14 7.92 8.21 6.92

85

Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles

4.99 5.45 5.99 6.63 5.59

27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 3.85 5.66 6.39 7.56 5.13

87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 6.53 6.46 5.40 6.19 4.22

88 Aircraft, spacecraft, and parts thereof 2.99 1.27 2.32 2.37 2.57

39 Plastics and articles thereof 2.19 2.32 2.43 2.70 2.38

30 Pharmaceutical products 1.69 2.08 2.32 2.38 2.33

29 Organic chemicals 2.18 2.19 2.39 2.38 2.07

90Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof

1.44 1.58 1.71 1.88 1.65

10 Cereals 1.71 1.84 1.85 1.69 1.65

72 Iron and steel 1.74 1.87 1.73 2.01 1.60

38 Miscellaneous chemical products 0.85 0.93 1.03 1.06 1.03

40 Rubber and articles thereof 1.15 1.21 1.15 1.13 0.97

73 Articles of iron or steel 1.59 1.38 1.19 1.26 0.91

31 Fertilisers 0.90 0.86 0.72 0.79 0.79

Table 4: Colombia’s Top Imports at HS-02 Level


Imports at HS-06:

Colombia’s Top Imports at HS-06 Level



271019 Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, n.e.s. 2.32 3.29 3.84 4.23 2.63

271012

Light oils and preparations, of petroleum or bituminous minerals which >= 90% by volume "incl. losses" distil at 210°C "ASTM D 86 method" (excluding containing biodiesel)

0.00 2.31 2.49 3.26 2.46

880240Aeroplanes and other powered aircraft of an of an unladen weight > 15000 kg (excluding helicopters and dirigibles)

2.40 0.75 1.39 1.49 2.03

870323

Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars, with spark-ignition internal combustion reciprocating piston engine of a cylinder capacity > 1.500 cm³ but <= 3.000 cm³

1.81 1.73 1.74 1.97 1.65

851712 Telephones for cellular networks "mobile telephones" or for other wireless networks 0.86 1.15 1.50 1.67 1.57

300490Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, put up in measured doses

0.72 0.82 0.93 1.05 1.06

100590 Maize (excluding seed for sowing) 0.91 0.98 1.00 0.92 0.93

847130Data-processing machines, automatic, portable, weighing <= 10 kg, consisting of at least a central processing unit, a keyboard and a display

0.66 0.84 1.04 1.18 0.71

999999 Commodities not elsewhere specified 0.50 0.56 0.65 0.66 0.62

851762Machines for the reception, conversion and transmission or regeneration of voice, images or other data, incl. switching and routing apparatus

0.67 0.59 0.63 0.71 0.56

230400Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil

0.43 0.53 0.57 0.57 0.49

300210 Antisera and other blood fractions and immunological products 0.30 0.41 0.48 0.49 0.47

870322


0.47 0.54 0.52 0.55 0.47

100199 Wheat and meslin 0.00 0.50 0.48 0.56 0.44

852872Reception apparatus for television, colour, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus

0.61 0.69 0.68 0.82 0.43

Table 5: Colombia’s Top Imports at HS-06 Level


Major Exports:The table below shows Colombia’s top exports to the world at HS-02 Level. Mineral fuels, Coffee, tea, mate and spices and Plastics and articles thereof are Colombia’s top three exports to the world.

At HS-06 level, petroleum oils and oils obtained from Bituminous minerals ($ 12.83 billion), Bituminous coal ($ 4.26 billion) and Coffee, excluding roasted and decaffeinated ($ 2.53 billion) were Colombia’s top exports to the world in 2015.

Colombia’s Top Exports at HS-02 Level



27 Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes 36.49 39.62 39.28 35.94 18.86

09 Coffee, tea, mate and spices 2.67 1.96 1.93 2.53 2.59

39 Plastics and articles thereof 1.51 1.54 1.60 1.62 1.42

71Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin

3.03 3.65 2.51 1.84 1.31

06 Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage 1.26 1.28 1.34 1.39 1.31

08 Edible fruit and nuts; peel of citrus fruit or melons 0.87 0.88 0.83 0.92 0.89

17 Sugars and sugar confectionery 0.88 0.77 0.65 0.82 0.61

38 Miscellaneous chemical products 0.32 0.37 0.54 0.49 0.55

30 Pharmaceutical products 0.41 0.46 0.50 0.52 0.50

87 Vehicles other than railway or tramway rolling stock, and parts and accessories thereof 0.41 0.58 0.86 0.55 0.50

72 Iron and steel 1.03 1.05 0.83 0.77 0.50

85

Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles

0.40 0.47 0.48 0.46 0.47

33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations 0.49 0.53 0.56 0.48 0.44

84 Machinery, mechanical appliances, nuclear reactors, boilers; parts thereof 0.41 0.45 0.48 0.49 0.42

15Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes

0.31 0.29 0.27 0.35 0.38

Table 6: Colombia’s Top Exports at HS-02 Level


Exports at HS-06 Level:

Colombia’s Top Exports at HS-06 Level



270900 Petroleum oils and oils obtained from bituminous minerals, crude 23.02 26.56 27.64 25.76 12.83

270112 Bituminous coal, whether or not pulverised, non-agglomerated 7.84 7.30 6.25 6.43 4.26

090111 Coffee (excluding roasted and decaffeinated) 2.61 1.91 1.88 2.47 2.53

710812Gold, incl. gold plated with platinum, unwrought, for non-monetary purposes (excluding gold in powder form)

2.59 3.19 2.08 1.44 0.96

271019 Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, n.e.s. 3.28 3.44 3.36 2.24 0.88

080390 Fresh or dried bananas (excluding plantains) 0.00 0.77 0.72 0.78 0.76

060319

Fresh cut flowers and buds, of a kind suitable for bouquets or for ornamental purposes (excluding roses, carnations, orchids, chrysanthemums and lilies)

0.51 0.55 0.58 0.61 0.61

720260 Ferro-nickel 0.83 0.88 0.68 0.64 0.43

271012


0.00 1.22 1.00 0.62 0.40

060311 Fresh cut roses and buds, of a kind suitable for bouquets or for ornamental purposes 0.38 0.36 0.37 0.37 0.32

270400 Coke and semi-coke of coal, of lignite or of peat, whether or not agglomerated; retort carbon 0.54 0.51 0.43 0.38 0.30

870323


0.08 0.29 0.62 0.27 0.29

300490

Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale

0.25 0.28 0.30 0.28 0.28

170199Cane or beet sugar and chemically pure sucrose, in solid form (excluding cane and beet sugar containing added flavouring or colouring and raw sugar)

0.51 0.39 0.24 0.30 0.26

390210 Polypropylene, in primary forms 0.27 0.28 0.29 0.30 0.26

Table 7: Colombia’s Top Exports at HS-06 Level


Section 3

Regional Trade Trends


Colombia’s Regional Trade:

Colombia’s Trade with Latin America and the Caribbean:

Latin America and the Caribbean consist of countries and dependencies between Mexico and the southern tip of South America. The region’s economy is forecast to grow at 1.8 percent in 2017 and continue to expand in 2018. Colombia is the third largest country in the region in terms of population and the fifth largest country when area is considered.

The figure below shows Colombia’s trade with Latin America and the Caribbean over the last ten years. The country had a trade surplus in eight out of the last ten years. In 2015, Colombia’s exports to Latin America and the Caribbean amounted to $ 12.21 billion whereas imports amounted to $ 11.25 billion resulting in a favourable balance of $ 0.96 billion.






-5

0

5

10

15

20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ BI

LLIO

NS

Colombia's Trade with Latin America


Figure 15: Colombia's Trade with Latin America & the Caribbean






-5

0

5

10

15

20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ BI

LLIO

NS

Colombia's Trade with Latin America


Figure 15: Colombia's Trade with Latin America & the Caribbean


Major Origin of Colombian Imports from Latin America and the Caribbean:

The table below shows the list of supplying markets from Latin America and the Caribbean for goods that are imported by Colombia. Mexico, Brazil and Peru were Colombia’s top import partners in 2015. Colombia’s imports from all partners in Latin America and the Caribbean declined between 2014 and 2015.

List of supplying markets from Latin America and the Caribbean for products imported by Colombia


2010 2011 2012 2013 2014 2015

Mexico 3.86 6.06 6.36 5.50 5.27 3.85

Brazil 2.37 2.74 2.80 2.59 2.47 2.08

Peru 0.79 1.02 0.91 0.87 1.20 0.94

Colombia 0.00 1.30 1.25 0.94 1.09 0.84

Ecuador 0.83 1.07 1.07 0.88 0.92 0.78

Chile 0.74 0.90 0.95 0.90 0.93 0.78

Argentina 1.51 1.87 2.31 1.73 1.01 0.50

Bolivia, Plurinational State of 0.27 0.17 0.28 0.55 0.55 0.43

Venezuela, Bolivarian Republic of 0.30 0.56 0.53 0.43 0.44 0.29

Trinidad and Tobago 0.37 0.58 0.50 0.45 0.46 0.25

Table 8: Top Sources of Imports from Latin America & the Caribbean

Major Export destinations in Latin America and the Caribbean:

In the region, Colombia’s top export partners comprise of Panama, Ecuador and Brazil with export values of $ 2.39 billion, $ 1.43 billion and $ 1.19 billion respectively. Except for exports to Mexico and Bahamas, exports to all other countries declined between 2013 and 2015.

List of importing markets in Latin America and the Caribbean for products exported by Colombia


2010 2011 2012 2013 2014 2015

Panama 0.94 1.96 2.92 3.22 3.62 2.39

Ecuador 1.82 1.91 1.91 1.97 1.88 1.43

Brazil 1.04 1.37 1.29 1.59 1.62 1.19

Peru 1.13 1.40 1.58 1.27 1.19 1.15


Mexico 0.64 0.70 0.84 0.86 0.91 0.91

Aruba 0.10 1.72 1.03 1.72 1.17 0.87

Chile 0.91 2.21 2.19 1.57 0.99 0.74

Bahamas 0.19 0.45 0.54 0.59 0.80 0.67

Dominican Republic 0.63 0.62 0.67 0.36 0.28 0.26

Table 9: Top Export Destinations in Latin America & the Caribbean


Major Imports from Latin America and the Caribbean:

In 2015, import value for the top fifteen products amounted to $ 3.84 billion or 34% of total imports from Latin America and the Caribbean. Colombia’s major imports from Latin America at HS-06 level consist of motor cars and other motor vehicles principally designed for the transport of persons, light oils and preparations, of petroleum or bituminous minerals and reception apparatus for television.

Colombia’s imports from Latin America and the Caribbean

*All Values in USD Million

Product code Product label 2010 2011 2012 2013 2014 2015

870323


457.76 1,116 1,101 1,053 1,211 993.80

271012

Light oils and preparations, of petroleum or bituminous minerals which >= 90% by volume "incl. losses" distil at 210°C "ASTM D 86 method"

0.00 0.00 1405.61 1037.20 727.72 478.06

852872

Reception apparatus for television, colour, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus, designed to incorporate a video display or screen

535.57 578.80 643.16 631.16 764.89 405.19

870322


26.66 279.09 282.12 267.26 287.92 256.13

870421

Motor vehicles for the transport of goods, with compression-ignition internal combustion piston engine "diesel or semi-diesel engine" of a gross vehicle weight <= 5 t

182.98 344.15 352.11 208.39 281.44 197.70

150710 Crude soya-bean oil, whether or not degummed 171.04 171.21 231.52 182.67 233.11 197.47

740811 Wire of refined copper, with a maximum cross-sectional dimension of > 6 mm 222.60 231.66 245.75 236.94 224.35 189.67

721420Bars and rods, of iron or non-alloy steel, with indentations, ribs, groves or other deformations produced during the rolling process

34.37 45.97 119.46 239.52 132.75 176.83

300490


122.91 149.39 150.62 170.81 176.95 172.42


335.79 359.13 437.06 391.48 356.30 159.87

290122 Propene "propylene" 181.01 228.66 212.49 242.53 308.81 143.68

210690 Food preparations, n.e.s. 76.53 84.73 94.81 102.20 88.48 130.54

847149

Data-processing machines, automatic, presented in the form of systems "comprising at least a central processing unit, one input unit and one output unit"

159.16 176.80 161.82 160.48 155.64 128.66


Colombia’s imports from Latin America and the Caribbean



330210

Mixtures of odoriferous substances and mixtures, incl. alcoholic solutions, with a basis of one or more of these substances, of a kind used in the food and drink industries; other preparations based on odoriferous substances, of a kind used for the manufacture of beverages

49.78 70.41 71.86 86.25 94.98 112.21

390760 Polyethylene terephthalate", in primary forms 95.11 145.84 120.93 133.41 160.78 106.28

Table 10: Colombia’s Top Imports from Latin America & the Caribbean

Major Exports to Latin America and the Caribbean:

Colombia’s top fifteen exports to Latin America and the Caribbean at HS-06 level amounted to $ 6.95 billion or 57% of total exports to Latin American and the Caribbean countries. Petroleum oils and oils obtained from bituminous minerals was the top export to Latin America with an export value of $ 3.82 billion in 2015. It was followed by bituminous coal ($ 716 million) and motor cars and other motor vehicles principally designed for the transport of persons ($ 286 million).

Colombia’s exports to Latin America and the Caribbean



270900 Petroleum oils and oils obtained from bituminous minerals, crude 1,490 5,871 5,451 4,509 5,033 3,824

270112 Bituminous coal, whether or not pulverised, non-agglomerated 675.95 1,009 932.36 1,029 1,059 716.20

870323


58.78 74.82 290.24 614.95 265.08 286.91

300490


199.77 229.25 263.65 283.24 273.30 271.70

390410 Poly"vinyl chloride", in primary forms, not mixed with any other substances 223.36 280.96 264.00 290.97 254.91 206.70

380891 Insecticides (excluding goods of subheading 3808.50) 25.82 27.42 54.22 171.94 116.66 204.59

390210 Polypropylene, in primary forms 185.73 242.13 241.23 243.76 249.39 198.75

170199 Cane or beet sugar and chemically pure sucrose, in solid form 280.94 408.29 343.93 160.86 209.27 197.67

270400Coke and semi-coke of coal, of lignite or of peat, whether or not agglomerated; retort carbon

253.24 229.94 252.10 230.52 215.02 184.15

271019Medium oils and preparations, of petroleum or bituminous minerals, not containing biodiesel, n.e.s.

877.41 1607.56 1880.10 2513.03 1195.65 178.11

170490 Sugar confectionery not containing cocoa, incl. white chocolate (excluding chewing gum) 108.64 156.84 162.17 190.78 287.77 145.47


Colombia’s exports to Latin America and the Caribbean



271012


0.00 0.00 724.25 610.03 209.36 144.84

961900Sanitary towels (pads) and tampons, napkins and napkin liners for babies, and similar articles, of any material

0.00 0.00 171.15 159.65 161.23 131.50

380892 Fungicides 95.42 96.33 101.35 103.93 129.81 124.48

310520

Mineral or chemical fertilisers containing the three fertilising elements nitrogen, phosphorus and potassium (excluding those in tablets or similar forms, or in packages with a gross weight of <= 10 kg)

35.08 52.28 24.30 56.42 91.20 109.25

Table 11: Colombia’s Top Exports to Latin America & the Caribbean


Section 3

Regional Trade Trends


Colombia’s Trade Alliances:Colombia joined the World Trade Organization on 30th April 1995 and had previously been a member of GATT since 3rd October 1981. Colombia has also signed a preferential trade agreement with 21 countries known as the Global System of Trade Preferences among Developing Countries (GSTP).

Colombia is a member of many different economic alliances including Latin American Integration Association (ALADI/LAIA), Union of South American Nations (UNASUR), The Community of Latin American and Caribbean States (CELAC) and the Inter-American Development Bank (BID). Colombia is a founding member of the Pacific Alliance, a regional trade bloc, and is also part of the Andean Community (CAN). In 2013, Colombia began its accession process to the OECD.

Colombia has signed Free Trade Agreements with Canada, Chile, Mexico, Costa Rica, United States of America and the Republic of Korea. The country has also signed free trade agreements with Israel and Panama but they are yet to be enforced. The country signed a free trade agreement with the European Free Trade Association (EFTA), a regional trade organization and free trade area in 2008. Additionally, Colombia also enjoys a Free Trade Agreement and Economic Integration Agreement with the European Union.

Colombia is also a beneficiary of the following Preferential Trade Agreements:

Name Sub-schemes Provider(s) Initial Entry into Force

Generalized System of Preferences - Australia 1 Australia 1/1/1974

Generalized System of Preferences - Japan 1 Japan 8/1/1971

Generalized System of Preferences - Kazakhstan 1 Kazakhstan 1/1/2010

Generalized System of Preferences - New Zealand 1 New Zealand 1/1/1972

Generalized System of Preferences - Russian Federation 1 Russian Federation 1/1/2010

Generalized System of Preferences - Turkey 2 Turkey 1/1/2002

Table 12: Colombia’s Preferential Trade Agreements


Latin America Integration Association (ALADI/LAIA):The Latin America Integration Association was formed in 1980 to replace the Latin American Free Trade Association (LAFTA). Comprising of 13 members, including Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela, the association aims to stimulate economic activity based on tariff preferences and minimal non-tariff barriers. About 70 percent of all trade amongst the member states is exempt from tariffs and it is expected that by 2019, due to ALADI agreements, South America would become a free trade zone.

The figure below shows Colombia’s trade with member ALADI countries over the years. From 2009 to 2015, imports from other ALADI countries have been greater than the country’s exports to partner countries within the ALADI. In the last ten years, Colombia has enjoyed a trade surplus with ALADI only in 2008, when the trade surplus was $ 0.92 billion.


Latin America Integration Association (ALADI/LAIA):

The Latin America Integration Association was formed in 1980 to replace the Latin American Free Trade Association (LAFTA). Comprising of 13 members, including Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela, the association aims to stimulate economic activity based on tariff preferences and minimal non-tariff barriers. About 70 percent of all trade amongst the member states is exempt from tariffs and it is expected that by 2019, due to ALADI agreements, South America would become a free trade zone.


-10

-5

0

5

10

15

20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ BI

LLIO

NS

Colombia's Trade with ALADI/LAIA


Figure 16: Colombia's Trade with ALADI/LAIA

The table below shows Colombia’s top import partners within ALADI. Mexico, Brazil and Peru are top supplying markets from ALADI for goods imported by Colombia. Imports from Mexico and Brazil declined between 2014 and 2015.


Latin America Integration Association (ALADI/LAIA):

The Latin America Integration Association was formed in 1980 to replace the Latin American Free Trade Association (LAFTA). Comprising of 13 members, including Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Panama, Paraguay, Peru, Uruguay and Venezuela, the association aims to stimulate economic activity based on tariff preferences and minimal non-tariff barriers. About 70 percent of all trade amongst the member states is exempt from tariffs and it is expected that by 2019, due to ALADI agreements, South America would become a free trade zone.


-10

-5

0

5

10

15

20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ BI

LLIO

NS

Colombia's Trade with ALADI/LAIA


Figure 16: Colombia's Trade with ALADI/LAIA


List of supplying markets from Latin American Integration Association (ALADI/LAIA) for products imported by Colombia


2010 2011 2012 2013 2014 2015

Latin American Integration Association (LAIA) Aggregation 10.94 15.97 16.74 14.63 14.08 10.71

Mexico 3.86 6.06 6.36 5.50 5.27 3.85

Brazil 2.37 2.74 2.80 2.59 2.47 2.08

Peru 0.79 1.02 0.91 0.87 1.20 0.94

Colombia 0.00 1.30 1.25 0.94 1.09 0.84

Ecuador 0.83 1.07 1.07 0.88 0.92 0.78

Table 13: Top Sources of Imports from ALADI/LAIA

Panama, Ecuador and Brazil are top destinations in ALADI for Colombian goods. Exports to LAIA declined gradually from 2012 to 2015. Similarly, exports to the top five markets declined from 2014 to 2015.

List of importing markets from Latin American Integration Association (ALADI/LAIA) for products exported by Colombia


2010 2011 2012 2013 2014 2015

Latin American Integration Association (LAIA) Aggregation 8.20 11.81 13.76 13.40 12.61 9.27

Panama 0.94 1.96 2.92 3.22 3.62 2.39

Ecuador 1.82 1.91 1.91 1.97 1.88 1.43

Brazil 1.04 1.37 1.29 1.59 1.62 1.19

Peru 1.13 1.40 1.58 1.27 1.19 1.15


Table 14: Top Export Destinations in ALADI/LAIA

Table below shows Colombia’s top fifteen imports from Latin America Integration Association (ALADI/LAIA) at HS-06 level. Motor cars and other motor vehicles principally designed for the transport of persons with an import value of $ 993 million was the top import in 2015. Reception apparatus for television at $ 405 million and light oils and preparations, of petroleum or bituminous minerals at $ 329 million ranked second and third in Colombia’s imports from ALADI.

Colombia’s imports from Latin American Integration Association (ALADI/LAIA)



870323


457.72 1,115 1,101 1,053 1,211 993.80


Colombia’s imports from Latin American Integration Association (ALADI/LAIA)



852872

Reception apparatus for television, colour, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus, designed to incorporate a video display or screen

535.57 578.80 643.15 631.16 764.89 405.19

271012


0.00 0.00 1034.36 641.74 393.83 329.54

870322


26.64 279.09 282.12 267.26 287.92 256.13

870421


182.98 344.15 352.04 208.37 281.44 197.70



721420Bars and rods, of iron or non-alloy steel, with indentations, ribs, groves or other deformations produced during the rolling process

34.37 45.97 119.46 239.52 132.75 176.83

300490


119.12 145.65 144.62 166.25 167.89 160.83


335.79 359.13 437.06 391.48 356.30 159.87

290122 Propene "propylene" 181.01 228.66 212.49 242.53 308.81 143.68

847149

Data-processing machines, automatic, presented in the form of systems "comprising at least a central processing unit, one input unit and one output unit"

159.15 176.80 161.82 160.48 155.63 128.66

210690 Food preparations, n.e.s. 76.41 80.84 89.76 97.35 82.08 125.19

390760 ”Polyethylene terephthalate", in primary forms 95.11 145.84 120.93 133.41 160.78 106.27

401120 New pneumatic tyres, of rubber, of a kind used for buses and lorries 47.58 110.90 124.04 96.58 96.79 88.26

Table 15: Colombia’s Top Imports from ALADI/LAIA

In 2015, Petroleum oils and oils obtained from bituminous minerals ($ 2.14 billion) was Colombia’s top export to ALADI. Bituminous coal ($ 643 million) and motor cars and other motor vehicles principally designed for the transport of persons ($ 283 million) were other top exports to ALADI.


Colombia’s exports to Latin American Integration Association (ALADI/LAIA)



270900 Petroleum oils and oils obtained from bituminous minerals, crude 960.83 2,935 4,021 3,407 3,482 2,140

270112 Bituminous coal, whether or not pulverised, non-agglomerated 558.87 872.09 837.81 937.08 898.18 643.32

870323


57.57 72.19 282.98 604.64 257.76 283.30

300490


179.34 205.88 237.64 253.60 241.82 241.18

390410 Poly"vinyl chloride", in primary forms, not mixed with any other substances 221.09 278.11 261.81 288.33 250.70 202.96

380891 Insecticides (excluding goods of subheading 3808.50) 21.90 22.64 49.04 164.22 109.77 195.69


250.77 229.71 251.77 230.01 214.68 183.77


170199

Cane or beet sugar and chemically pure sucrose, in solid form (excluding cane and beet sugar containing added flavouring or colouring and raw sugar)

207.79 305.99 267.33 119.91 160.35 153.33

271012


0.00 0.00 209.52 210.77 164.62 127.22


0.00 0.00 163.00 152.40 153.30 124.53


380892 Fungicides (excluding goods of subheading 3808.50) 65.24 73.82 80.38 77.72 102.04 101.90

310520Mineral or chemical fertilisers containing the three fertilising elements nitrogen, phosphorus and potassium

23.38 39.31 16.46 42.64 77.51 101.68

271121 Natural gas in gaseous state 178.93 318.78 424.62 412.47 279.44 95.62

Table 16: Colombia’s Top Exports to ALADI/LAIA


Andean Community (CAN):Bolivia, Colombia, Chile, Ecuador and Peru signed the Cartagena Agreement in 1969 to form the Andean Pact. In 1993, the Andean countries eliminated tariffs and formed a free trade zone and in 1997, the Andean Community was created to replace the Andean Pact. Facilitating integration and stimulating industrial and trade cooperation, are the two main aims of Andean Community. Venezuela which had joined in 1973 withdrew its membership in 2006 and Chile withdrew in 1977.

The table below shows Colombia’s trade with member states of the Andean Community. Colombia’s imports from the Andean Community increased significantly in 2011 when they reached a value of $ 3.55 billion from $ 1.89 billion in 2010. However, imports declined to $ 2.99 billion in 2015. On the other hand, exports to Andean Community increased significantly in 2010 ($ 3.06 billion) and after reaching a peak value of $ 3.61 billion in 2012, declined to $ 2.73 billion in 2015.


Andean Community (CAN):

Bolivia, Colombia, Chile, Ecuador and Peru signed the Cartagena Agreement in 1969 to form the Andean Pact. In 1993, the Andean countries eliminated tariffs and formed a free trade zone and in 1997, the Andean Community was created to replace the Andean Pact. Facilitating integration and stimulating industrial and trade cooperation, are the two main aims of Andean Community. Venezuela which had joined in 1973 withdrew its membership in 2006 and Chile withdrew in 1977.

The table below shows Colombia’s trade with member states of the Andean Community. Colombia’s imports from the Andean Community increased significantly in 2011 when they reached a value of $ 3.55 billion from $ 1.89 billion in 2010. However, imports declined to $ 2.99 billion in 2015. On the other hand, exports to Andean Community increased significantly in 2010 ($ 3.06 billion) and after reaching a peak value of $ 3.61 billion in 2012, declined to $ 2.73 billion in 2015.

-1

-0.5

0

0.5

1

1.5

2

2.5

3

3.5

4

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ BI

LLIO

NS

Colombia's Trade with the Andean Community


Figure 17: Colombia's Trade with the Andean Community

Table below shows Colombia’s import partners from the Andean Community. Peru followed by Colombia and Ecuador are the top three countries that supply imports to Colombia. Trade between Colombia and Colombia can be explained by re-import activity. Imports from all countries declined between 2014 and 2015.


List of supplying markets from Andean Community for a product imported by Colombia


2010 2011 2012 2013 2014 2015

Andean Community Aggregation 1.89 3.56 3.52 3.24 3.76 2.99

Peru 0.79 1.02 0.91 0.87 1.20 0.94

Colombia 0.00 1.30 1.25 0.94 1.09 0.84

Ecuador 0.83 1.07 1.07 0.88 0.92 0.78


Table 17: Top Sources of Imports from the Andean Community

Colombia’s top export partners in Andean Community are Ecuador ($ 1.43 billion), Peru ($ 1.15 billion) and Bolivia ($ 0.15 billion). Exports to the Andean Community declined between 2014 and 2015 by $ 0.48 billion.

List of importing markets from Andean Community for a product exported by Colombia


2010 2011 2012 2013 2014 2015

Andean Community Aggregation 3.06 3.45 3.62 3.39 3.21 2.73

Ecuador 1.82 1.91 1.91 1.97 1.88 1.43

Peru 1.13 1.40 1.58 1.27 1.19 1.15


Table 18: Top Export Destinations in the Andean Community

Top imports from Andean Community at HS 06 level consist of Motor cars and other motor vehicles principally designed for the transport of persons (cylinder capacity > 1.500 cm³ but <= 3.000 cm³), motor cars (cylinder capacity > 1.000 cm³ but <= 1.500 cm³) and crude soya-bean oil. Except for Undenatured ethyl alcohol and wafer board, import of top fifteen products from Andean Community declined from 2014 to 2015.

Colombia’s Imports from the Andean Community


Product Code Product Label 2010 2011 2012 2013 2014 2015

870323


81.03 418.51 377.67 253.69 262.76 224.80

870322


18.42 271.90 268.79 249.09 279.82 197.63


271012


0.00 0.00 0.31 29.97 287.16 192.22


Colombia’s Imports from the Andean Community




36.84 12.67 66.68 123.76 161.11 159.71


870421


127.52 250.10 177.74 59.42 104.79 78.05

870422

Motor vehicles for the transport of goods, with compression-ignition internal combustion piston engine "diesel or semi-diesel engine" of a gross vehicle weight > 5 t but <= 20 t

0.00 161.52 171.27 59.43 117.63 72.88

151110 Crude palm oil 11.86 17.51 48.54 50.50 63.43 62.47

160414 Prepared or preserved tunas, skipjack and Atlantic bonito, whole or in pieces 34.85 51.32 49.06 67.32 67.73 60.55

220710 Undenatured ethyl alcohol, of actual alcoholic strength of >= 80% 48.95 42.37 62.97 60.03 52.28 56.32

392020

Plates, sheets, film, foil and strip, of non-cellular polymers of ethylene, not reinforced, laminated, supported or similarly combined with other materials

35.63 43.79 48.81 49.05 58.03 47.52

870600Chassis fitted with engines, for tractors, motor vehicles for the transport of ten or more persons,

0.00 65.30 65.58 59.89 109.74 46.30

441019Wafer board and similar board, of wood, whether or not agglomerated with resins or other organic binding substances

16.69 21.80 28.02 32.37 37.58 44.89

870710Bodies for motor cars and other motor vehicles principally designed for the transport of persons

0.03 0.14 46.08 48.55 41.82 38.75

Table 19: Colombia’s Top Imports from the Andean Community

Table below shows the top fifteen Colombian exports to the Andean Community. In 2015, these amounted to $ 898 million. At HS-06 level, Colombia’s top three exports to the Andean Community consist of medicaments consisting of mixed or unmixed for therapeutic purposes, petroleum oils and cane or beet sugar.

Colombia’s Exports to the Andean Community




84.47 108.50 117.19 108.80 111.13 121.86

270900 Petroleum oils and oils obtained from bituminous minerals, crude 185.20 237.92 373.86 116.94 112.17 105.63

170199 Cane or beet sugar and chemically pure sucrose, in solid form 70.88 105.47 121.51 61.59 86.03 98.31



Colombia’s Exports to the Andean Community




0.00 0.00 84.56 92.37 89.01 76.92

271600 Electrical energy 60.36 102.97 41.22 65.92 98.38 59.48

380892 Fungicides 34.39 36.98 44.05 38.63 48.40 49.40

870323


50.50 60.57 64.61 63.62 58.53 49.27

870422


100.98 95.61 100.19 62.11 87.45 47.98

330300 Perfumes and toilet waters 34.61 45.38 60.05 73.79 51.46 43.82

330499

Beauty or make-up preparations and preparations for the care of the skin (other than medicaments), incl. sunscreen or suntan preparations

32.98 37.04 45.93 44.56 46.10 38.98

170490 Sugar confectionery not containing cocoa, incl. white chocolate 31.89 39.30 40.29 47.58 44.53 33.38

271012


0.00 0.00 41.63 42.55 43.19 30.38

390230 Propylene copolymers, in primary forms 29.11 31.29 37.26 30.51 35.73 28.73

480255Uncoated paper and paperboard, of a kind used for writing, printing or other graphic purposes,

26.97 21.11 24.72 33.11 21.87 27.92

Table 20: Colombia’s Top Exports to the Andean Community


Section 5

Trade with Pakistan


Colombia’s Trade with Pakistan:Diplomatic relations between the two countries were established in 1980. However, trade between Pakistan and Colombia has remained low for the last ten years. One of the major impediments identified for this is the lack of information about each other’s markets.

In 2016, both sides expressed an interest in improving trade relations and for this purpose signing a memorandum on improving Business to Business linkages for increasing bilateral trade between the two countries was proposed. Areas such as, chemicals, textiles, minerals, agriculture, technology transfer and infrastructure development were highlighted as important sectors in which trade could be improved.

The graph below shows that since 2006, Pakistan has enjoyed a surplus in its trade with Colombia. From 2006 - 2015, Pakistan’s imports from Colombia have remained almost negligible.

Pakistan’s exports to Colombia reached their highest point in 2012, when exports amounted to $ 58.57 million but declined to $ 42.94 million in 2015. Imports from Colombia increased from $ 1.38 million in 2014 to $ 9.03 million in 2015, an increase of $ 7.65 million. This increase in imports and decrease in exports from 2014 to 2015 has led to the decline in trade surplus from $ 53.08 million in 2014 to $ 33.9 million in 2015.


Imports from Colombia:

Imports from Colombia amounted to $ 9.03 million in 2015. Table below shows Pakistan’s top fifteen imports from Colombia at HS-02 level. Ships, boats and floating structures, iron and steel and plastics and articles thereof are Pakistan’s top imports from Colombia. In 2015, Pakistan imported $ 7.27 million worth of ships, boats and floating structures from Colombia which constitutes about 81 percent of total imports from Colombia.

Pakistan's Top Imports from Colombia at HS-02 Level



Total Imports 1.13 0.53 0.50 0.94 1.38 9.03

89 Ships, boats and floating structures 0.00 0.00 0.00 0.00 0.00 7.27

72 Iron and steel 0.24 0.24 0.15 0.43 0.48 0.64

39 Plastics and articles thereof 0.12 0.07 0.04 0.20 0.50 0.49

0

10

20

30

40

50

60

70

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ M

ILLI

ON

S

Pakistan's Trade with Colombia


Figure 18: Pakistan's Trade with Colombia

Imports from Colombia:

Imports from Colombia amounted to $ 9.03 million in 2015. Table below shows Pakistan’s top fifteen imports from Colombia at HS-02 level. Ships, boats and floating structures, iron and steel and plastics and articles thereof are Pakistan’s top imports from Colombia. In 2015, Pakistan imported $ 7.27 million worth of ships, boats and floating structures from Colombia which constitutes about 81 percent of total imports from Colombia.


Pakistan’s Top Imports from Colombia at HS-02 Level



Total Imports 1.13 0.53 0.50 0.94 1.38 9.03

89 Ships, boats and floating structures 0.00 0.00 0.00 0.00 0.00 7.27

72 Iron and steel 0.24 0.24 0.15 0.43 0.48 0.64

39 Plastics and articles thereof 0.12 0.07 0.04 0.20 0.50 0.49

76 Aluminium and articles thereof 0.00 0.00 0.00 0.00 0.00 0.25

09 Coffee, tea, maté and spices 0.00 0.00 0.01 0.08 0.12 0.14

17 Sugars and sugar confectionery 0.00 0.00 0.00 0.00 0.06 0.06

32Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring

0.00 0.00 0.00 0.00 0.00 0.06

84 Machinery, mechanical appliances, nuclear reactors, boilers; parts thereof 0.10 0.00 0.00 0.05 0.12 0.04

38 Miscellaneous chemical products 0.00 0.00 0.00 0.00 0.00 0.04

29 Organic chemicals 0.10 0.02 0.01 0.01 0.01 0.02

48 Paper and paperboard; articles of paper pulp, of paper or of paperboard 0.05 0.00 0.00 0.00 0.01 0.01

62 Articles of apparel and clothing accessories, not knitted or crocheted 0.00 0.02 0.00 0.01 0.01 0.01

74 Copper and articles thereof 0.00 0.00 0.00 0.00 0.00 0.01

96 Miscellaneous manufactured articles 0.00 0.00 0.00 0.00 0.00 0.00

64 Footwear, gaiters and the like; parts of such articles 0.00 0.00 0.00 0.00 0.00 0.00

Table 21: Pakistan’s Top Imports from Colombia at HS-02 Level

The table below shows imports from Colombia’s at HS-06 level. Vessels and other floating structures for breaking up at $ 7.27 million is the top import from Colombia. This is followed by Vinyl acetate copolymers and waste and scrap of tinned iron or steel.




890800 Vessels and other floating structures for breaking up 0.00 0.00 0.00 0.00 0.00 7.27

390529 Vinyl acetate copolymers, in primary forms (excluding in aqueous dispersion) 0.00 0.00 0.00 0.20 0.50 0.49

720430Waste and scrap of tinned iron or steel (excluding radioactive, and waste and scrap of batteries)

0.00 0.02 0.09 0.36 0.48 0.49

760200Waste and scrap, of aluminium (excluding slags, scale and the like from iron and steel production)

0.00 0.00 0.00 0.00 0.00 0.25

720449 Waste and scrap of iron or steel (excluding slag, scale and other waste of the production) 0.04 0.00 0.01 0.00 0.00 0.15

90190 Coffee husks and skins; coffee substitutes containing coffee in any proportion 0.00 0.00 0.00 0.05 0.09 0.12


320620 Pigments and preparations of a kind used for colouring any material or used as ingredients) 0.00 0.00 0.00 0.00 0.00 0.05





382490 Chemical products and preparations of the chemical or allied industries 0.00 0.00 0.00 0.00 0.00 0.04

844520 Textile spinning machines (excluding extruding and drawing or roving machines) 0.00 0.00 0.00 0.00 0.00 0.02

845140 Machines for washing, bleaching or dyeing textile yarns, fabrics or made-up textile articles 0.00 0.00 0.00 0.00 0.00 0.02

90422 Fruits of the genus Capsicum or of the genus Pimenta, crushed or ground 0.00 0.00 0.00 0.03 0.04 0.02

291815 Salts and esters of citric acid (excluding inorganic or organic compounds of mercury) 0.00 0.02 0.00 0.01 0.01 0.02

480100 Newsprint as specified in Note 4 to chapter 48, in rolls of a width > 36 cm or in square 0.00 0.00 0.00 0.00 0.00 0.01

620349 Men's or boys' trousers, bib and brace overalls, breeches and shorts of textile materials 0.00 0.00 0.00 0.01 0.01 0.01

Table 22: Pakistan’s Top Imports from Colombia at HS-06 Level

Exports to Colombia:

In 2015, Pakistan’s top exports to Colombia at HS-02 level consisted of Cotton, man-made staple fibres and other made-up textile articles. Table below shows top fifteen exports to Colombia at HS-02 level. Exports for these three products declined between 2014 and 2015: exports of cotton declined by $ 5 million, man-made staple fibres declined by $ 2.28 million whereas other made-up textiles declined by $ 1.99 million.

Pakistan’s Top Exports to Colombia at HS-02 Level



Total Exports 41.1 54.5 58.5 50.4 54.4 42.9

52 Cotton 24.91 33.44 32.70 27.62 25.40 20.38

55 Man-made staple fibres 8.23 12.23 12.10 13.89 16.61 14.33

63 Other made-up textile articles; sets; worn clothing and worn textile articles; rags 3.00 4.01 6.90 3.92 4.01 2.02

61 Articles of apparel and clothing accessories, knitted or crocheted 0.25 0.27 0.64 0.29 0.88 1.16

84 Machinery, mechanical appliances, nuclear reactors, boilers; parts thereof 0.00 0.00 1.76 0.64 0.35 1.11

90

Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof

0.73 1.01 1.27 0.85 0.95 1.10

42 Articles of leather; saddlery and harness; travel goods, handbags and similar containers; 0.05 0.18 0.23 0.47 0.57 0.73

95 Toys, games and sports requisites; parts and accessories thereof 1.74 0.12 0.12 0.15 0.92 0.72

62 Articles of apparel and clothing accessories, not knitted or crocheted 0.07 0.21 0.89 0.91 3.23 0.45





94Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings;

1.00 1.44 1.20 0.82 0.80 0.43

82 Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal 0.09 0.11 0.14 0.16 0.19 0.20

64 Footwear, gaiters and the like; parts of such articles 0.01 0.00 0.02 0.04 0.09 0.07

25 Salt; sulphur; earths and stone; plastering materials, lime and cement 0.02 0.01 0.27 0.11 0.18 0.06

17 Sugars and sugar confectionery 0.03 0.18 0.11 0.13 0.15 0.05

58 Special woven fabrics; tufted textile fabrics; lace; tapestries; trimmings; embroidery 0.00 0.08 0.00 0.01 0.05 0.04

Table 23: Pakistan’s Top Exports to Colombia at HS-02 Level

At HS-06 level, Pakistan’s exports to Colombia consist of plain woven fabrics (< 85% polyester staple fibres by weight, weighing <= 170 g/m², printed), Denim, containing >= 85% cotton by weight and weighing > 200 g/m², made of yarn and Plain woven fabrics of cotton, (< 85% cotton by weight, weighing <= 200 g/m², printed).




551341 Plain woven fabrics containing predominantly, but < 85% polyester staple fibres by weight 5.16 7.10 8.42 11.58 14.60 12.50

520942 Denim, containing >= 85% cotton by weight and weighing > 200 g/m², made of yarn 2.39 7.37 13.46 9.69 9.72 5.90

521051 Plain woven fabrics of cotton, containing predominantly, but < 85% cotton by weight, 4.79 3.41 7.34 5.86 4.10 4.58

521021 Plain woven fabrics of cotton, containing predominantly, but < 85% cotton by weight 1.76 1.96 2.46 5.01 5.75 3.66

521031 Plain woven fabrics of cotton, containing predominantly, but < 85% cotton by weight 1.30 0.87 0.86 1.44 0.85 1.07


630239 Bedlinen of textile materials (excluding of cotton and man-made fibres, printed, knitted) 1.47 1.55 2.42 1.86 1.70 0.88


520532Multiple "folded" or cabled cotton yarn, of uncombed fibres, containing >= 85% cotton by weight

0.34 1.68 0.42 0.19 0.44 0.72

901890 Instruments and appliances used in medical, surgical or veterinary sciences, n.e.s. 0.60 0.81 0.99 0.60 0.81 0.71

950662 Inflatable balls 1.69 0.12 0.09 0.14 0.86 0.65

521142 Denim, containing predominantly, but < 85% cotton by weight 0.37 2.87 0.24 0.84 0.71 0.59

843890Parts of machinery for the industrial preparation or manufacture of food or drink, n.e.s.

0.00 0.00 0.87 0.61 0.34 0.54





630260 Toilet linen and kitchen linen, of terry towelling or similar terry fabrics of cotton 0.20 0.33 0.82 0.39 1.00 0.45

843830Machinery for sugar manufacture (excluding centrifuges and filtering, heating or refrigerating)

0.00 0.00 0.81 0.00 0.00 0.44

Table 24: Pakistan’s Top Exports to Colombia at HS-06 Level


Pakistan’s Potential Trade with Colombia:

Trade Potential:

Trade potential is the potential that exists for a particular good, keeping other factors constant. By analyzing the export and import patterns of the countries, the trade potential indicates the maximum extent of trade that can take place between them. Export potential is calculated by subtracting Pakistan’s exports to the world or Colombia’s imports from the world (whichever value is lower) by Pakistan and Colombia’s current export of the selected commodity.

Export Potential = Min (Pakistan’s exports to the world of X, Colombia’s imports from the world for X) – Pakistan current exports to Colombia of X

The graph below shows Pakistan’s potential exports to and imports from Colombia. In 2015, Pakistan’s import potential for top fifteen products from Colombia amounted to $ 1.47 billion whereas potential exports to Colombia was $ 1.18 billion.


The graph below shows Pakistan’s potential exports to and imports from Colombia. In 2015, Pakistan’s import potential for top fifteen products from Colombia amounted to $ 1.47 Billion whereas potential exports to Colombia was $ 1.18 Billion.

Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes and polypropylene dominate the list of Pakistan’s potential imports from Colombia. This is followed by motor cars and other motor vehicles principally designed for the transport of persons and propylene copolymers, in primary forms.

Pakistan's Potential Imports from Colombia at HS-06 Level *All Values in USD Million

Product code Product label

Pakistan's imports

from Colombia

, 2015

Colombia's exports to world,

2015

Pakistan's imports

from world, 2015

Indicative

potential trade in

2015

$ 1.47 Billion

$ 1.18 Billion

P A K I S T A N ' S P O T E N T I A L I M P O R T S F R O M C O L O M B I A

P A K I S T A N ' S P O T E N T I A L E X P O R T S T O C O L O M B I A

0.00

0.50

1.00

1.50

2.00

PAKISTAN'S TRADE POTENTIAL FOR TOP 15 PRODUCTS, 2015

Figure 19: Potential Trade between Pakistan and Colombia, 2015

Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes and polypropylene dominate the list of Pakistan’s potential imports from Colombia. This is followed by motor cars and other motor vehicles principally designed for the transport of persons and propylene copolymers, in primary forms.


Pakistan’s Potential Imports from Colombia at HS-06 Level



Pakistan's imports

from Colombia,

2015

Colombia's exports to

world, 2015

Pakistan's imports

from world, 2015

Indicative potential trade in

2015

300490


0.00 280.16 283.66 280.16

390210 Polypropylene, in primary forms 0.00 255.75 412.10 255.75

870323


0.00 287.88 188.31 188.31

390230 Propylene copolymers, in primary forms 0.00 117.42 117.92 117.42


0.00 140.00 113.06 113.06

151110 Crude palm oil 0.00 213.53 84.93 84.93

380891 Insecticides (excluding goods of subheading 3808.50) 0.00 205.08 68.19 68.19

151190 Palm oil and its fractions, whether or not refined 0.00 57.24 1568.48 57.24

380893Herbicides, anti-sprouting products and plant-growth regulators (excluding goods of subheading 3808.50)

0.00 61.89 53.42 53.42

870422


0.00 47.98 67.99 47.98

390410 Polyvinyl chloride", in primary forms, not mixed with any other substances 0.00 252.88 44.64 44.64

210690 Food preparations, n.e.s. 0.00 44.48 50.99 44.48

760200 Waste and scrap, of aluminium 0.25 44.66 66.83 44.40

854449 Electric conductors, for a voltage <= 1.000 V, insulated, not fitted with connectors, n.e.s. 0.00 38.06 64.67 38.06

330290

Mixtures of odoriferous substances and mixtures, incl. alcoholic solutions, based on one or more of these substances, of a kind used as raw materials in industry

0.00 34.47 42.12 34.47

Table 25: Pakistan’s Top Potential Imports from Colombia at HS-06 Level

Indicative export potential for Pakistan’s exports to Colombia amounted to $ 1.18 billion in 2015. Pakistan has a substantial advantage in Instruments and appliances used in medical, surgical or veterinary sciences, Portland cement, Semi-milled or wholly milled rice and Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic purposes.


Pakistan’s Potential Exports to Colombia at HS-06 Level



Pakistan's exports to Colombia,

2015

Colombia's imports

from world, 2015

Pakistan's exports to

world, 2015

Indicative potential trade in

2015

901890 Instruments and appliances used in medical, surgical or veterinary sciences, n.e.s. 0.71 232.04 332.64 231.34

252329 Portland cement 0.00 149.04 337.38 149.04

100630 Semi-milled or wholly milled rice, whether or not polished or glazed 0.00 138.25 1416.15 138.25

390760 Poly"ethylene terephthalate", in primary forms 0.00 175.82 117.10 117.10

300490


0.00 1057.53 80.68 80.67

220710 Undenatured ethyl alcohol, of actual alcoholic strength of >= 80% 0.00 68.57 231.50 68.57

640399 Footwear with outer soles of rubber, plastics or composition leather, with uppers of leather 0.05 63.06 74.26 63.02

520942Denim, containing >= 85% cotton by weight and weighing > 200 g/m², made of yarn of different colours

5.90 54.92 447.17 49.02

520512

Single cotton yarn, of uncombed fibres, containing >= 85% cotton by weight and with a linear density of 232,56 decitex to < 714,29 decitex "> MN 14 to MN 43" (excluding sewing thread and yarn put up for retail sale)

0.04 48.34 1017.99 48.30

520100 Cotton, neither carded nor combed 0.00 46.33 105.59 46.33

620342 Men's or boys' trousers, bib and brace overalls, breeches and shorts, of cotton 0.03 41.00 762.16 40.96

481159

Paper and paperboard, surface-coloured, surface-decorated or printed, coated, impregnated or covered with artificial resins or plastics, in rolls or in square or rectangular sheets, of any size

0.00 45.32 40.18 40.18

521142

Denim, containing predominantly, but < 85% cotton by weight, mixed principally or solely with man-made fibres and weighing > 200 g/m², made of yarn of different colours

0.59 39.34 65.00 38.75

620462 Women's or girls' trousers, bib and brace overalls, breeches and shorts of cotton 0.03 37.65 528.52 37.62

300439

Medicaments containing hormones or steroids used as hormones but not antibiotics, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale

0.00 91.55 33.63 33.63

Table 26: Pakistan’s Top Potential Exports to Colombia at HS-06 Level

It should however be stressed that this method does not take into account the likely differences in tastes and the element of trade generation through the opening of new markets. This framework is theoretical and therefore, real exports would depend on the tariff structures, consumer preferences and industry locations.


Section 6

Trade with China and India


Colombia’s Trade with China and India

Colombia’s Trade with China:

China was Colombia’s third most important export partner and second most important import partner in 2015. In 2012, both countries signed a memorandum of understanding on strengthening trade remedy cooperation. In May 2015, Colombia and China agreed to conduct a feasibility study on a Sino-Colombian Free Trade Agreement. Being a major buyer of commodities from Colombia and having already signed free trade agreements with Peru, Chile and Costa Rica, it was contended that an FTA with Colombia would bring benefits to both sides. Fields such as mining, agriculture, technology and infrastructure were considered important areas where cooperation could be increased.

The graph below shows trade between Colombia and China from 2006-2015. Colombia’s trade with China has steadily increased in the last ten years. However, imports from China have grown much more rapidly than exports to China. As a result, Colombia has consistently faced a trade deficit with China from 2006 to 2015.

In 2015, imports declined from $ 11.79 billion to $ 10.03 billion, whereas exports declined by a much greater value: from $ 5.75 billion to $ 2.26 billion. Consequently, the trade deficit worsened from $ 6.03 billion in 2014 to $ 7.76 billion in 2015.


The graph below shows trade between Colombia and China from 2006-2015. Colombia’s trade with China has steadily increased in the last ten years. However, imports from China have grown much more rapidly than exports to China. As a result, Colombia has consistently faced a trade deficit with China from 2006 to 2015.

In 2015, imports declined from $ 11.79 billion to $ 10.03 billion, whereas exports declined by a much greater value: from $ 5.75 billion to $ 2.26 billion. Consequently, the trade deficit worsened from $ 6.03 billion in 2014 to $ 7.76 billion in 2015.

Figure 20: Colombia's Trade with China

Imports from China amounted to $ 10.03 billion in 2015 and mainly consisted of machinery and electrical machinery and equipment. Telephones for cellular networks "mobile telephones" or for other wireless networks with a value of $ 1.34 billion was the top import of Colombia from China. Other items included data-processing machines, machines for the reception, conversion and transmission or regeneration of voice, images and commodities not elsewhere specified.

Colombia's Imports from China at HS-06 Level *All Values in USD Million Product

code Product label 2010 2011 2012 2013 2014 2015

851712 Telephones for cellular 337.13 485.82 853.88 1,317 1,544 1,349

-10

-5

0

5

10

15

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ BI

LLIO

NS

Colombia's Trade with China

Trade balance Imports from China Exports to China

Imports from China amounted to $ 10.03 billion in 2015 and mainly consisted of machinery and electrical machinery and equipment. Telephones for cellular networks “mobile telephones” or for other wireless networks with a value of $ 1.34 billion was the top import of Colombia from China. Other items included data-processing machines, machines for the reception, conversion and transmission or regeneration of voice, images and commodities not elsewhere specified.


Colombia’s Imports from China at HS-06 Level



851712 Telephones for cellular networks "mobile telephones" or for other wireless networks 337.13 485.82 853.88 1,317 1,544 1,349

847130

Data-processing machines, automatic, portable, weighing <= 10 kg, consisting of at least a central processing unit, a keyboard and a display (excluding peripheral units)

520.84 609.37 794.16 929.95 1,055 627.63

851762

Machines for the reception, conversion and transmission or regeneration of voice, images or other data, incl. switching and routing apparatus

181.65 339.59 293.05 320.88 365.03 345.36

999999 Commodities not elsewhere specified 73.19 125.98 148.98 165.17 175.82 190.38

950300

Tricycles, scooters, pedal cars and similar wheeled toys; dolls' carriages; dolls; other toys; reduced-size scale" recreational models, working or not; puzzles of all kinds"

92.63 122.78 130.05 120.90 122.82 103.13

722790 Bars and rods of alloy steel other than stainless, hot-rolled, in irregularly wound coils 0.00 4.17 2.75 12.03 53.95 81.04

847141

Data-processing machines, automatic, comprising in the same housing at least a central processing unit, and one input unit and one output unit, whether or not combined

11.51 18.33 34.06 47.71 76.50 75.82

854370 Electrical machines and apparatus, having individual functions, n.e.s. in chapter 85 9.79 17.44 23.26 41.27 68.62 74.27

841510 Window or wall air conditioning machines, self-contained or "split-system" 29.12 36.49 60.32 79.60 77.66 73.95

310210Urea, whether or not in aqueous solution (excluding that in pellet or similar forms, or in packages with a gross weight of <= 10 kg)

5.01 32.21 33.91 38.28 75.68 73.86

847149

Data-processing machines, automatic, presented in the form of systems "comprising at least a central processing unit, one input unit and one output unit" (excluding portable weighing <= 10 kg and excluding peripheral units)

122.59 90.32 123.49 116.77 100.09 73.61

848180 Appliances for pipes, boiler shells, tanks, vats or the like 46.03 59.08 63.83 63.52 69.44 62.25

851770

Parts of telephone sets, telephones for cellular networks or for other wireless networks and of other apparatus for the transmission or reception of voice, images or other data, n.e.s.

22.02 35.98 44.42 57.27 69.06 61.83

401110New pneumatic tyres, of rubber, of a kind used for motor cars, incl. station wagons and racing cars

48.68 63.79 61.73 63.42 58.51 57.74

640299 Footwear with outer soles and uppers of rubber or plastics 68.85 104.36 127.47 87.45 74.32 56.22

Table 27: Colombia’s Top Imports from China

Colombia’s top exports to China consist of petroleum oils, ferro-nickel and waste and scrap of copper. Exports of petroleum oils fell between 2014 and 2015: from $ 5.19 billion to $ 1.79 billion. The table below shows Colombia’s top fifteen exports to China at HS-06 level.


Colombia’s exports to China at HS-06 Level



270900 Petroleum oils and oils obtained from bituminous minerals, crude 899.58 1,172 2,221 4,295 5,198 1,796

720260 Ferro-nickel 362.60 323.13 392.03 325.53 182.25 212.80

740400 Waste and scrap, of copper 214.85 235.55 227.68 230.41 159.93 134.57

270112 Bituminous coal, whether or not pulverised, non-agglomerated 356.20 138.63 344.08 65.93 75.06 14.34

410411

Full grains, unsplit and grain splits, in the wet state "incl. wet-blue", of hides and skins of bovine "incl. buffalo" or equine animals, tanned, without hair on

11.79 20.03 21.03 25.55 20.41 13.53

380892 Fungicides 3.45 6.49 8.01 12.40 10.05 12.73

271012


0.00 0.00 33.51 24.03 29.15 12.25

760200 Waste and scrap, of aluminium 14.08 15.88 28.73 39.00 12.55 11.13

410150

Whole raw hides and skins of bovine "incl. buffalo" or equine animals, whether or not dehaired or split, of a weight per skin > 16 kg, fresh, or salted, dried, limed, pickled or otherwise preserved

0.03 1.20 7.96 18.54 7.07 10.23

90111 Coffee (excluding roasted and decaffeinated) 0.60 2.08 4.24 3.84 5.68 7.70


0.00 7.04 9.65 11.79 1.88 5.20

152000 Glycerol, crude; glycerol waters and glycerol lyes 3.36 5.96 4.05 6.44 7.31 4.83

430219 Tanned or dressed furskins, whole, with or without heads, tails or paws, not assembled 0.00 0.00 0.05 0.09 0.14 2.46

410449Hides and skins of bovine "incl. buffalo" or equine animals, in the dry state "crust", without hair on, whether or not split

0.00 0.00 0.07 0.00 1.38 2.33

440349

Tropical wood specified in the Subheading Note 1 to this chapter in the rough, whether or not stripped of bark or sapwood, or roughly squared

5.12 2.67 2.06 2.06 8.73 2.02

Table 28: Colombia’s Top Exports to China


Colombia’s Trade with India:The resident Indian mission in Bogotá was established in February 1973 and both countries have enjoyed cordial, diplomatic relations since then. India was Colombia’s eighth most important import partner in 2015. In September 2008, a ‘Colombia-India Chamber of Commerce’ was formed in Bogota in order to facilitate trade between the two countries.

In the last five years, a number of business delegations from India have visited Colombia including HEMEXIL, PLEXCONCIL and Spice Board of India. In 2013, there were 36 Indian companies operating in Colombia. Some of the better known Indian companies present in Colombia are:

• IT (TCS, Tech Mahindra etc) • Pharmaceuticals (IPCA, CIPLA, Aurbindo Pharma, Dr. Reddy´s) • Agro-Chemicals (United Phosphorus, Shraddha Chemicals), • Automobiles and tractors (TVS, Bajaj, Hero, Sonalika and Mahindra), • Mining (Renuka energy)

The graph below shows trade balance between Colombia and India. A decline in Colombia’s oil exports has caused exports to India to fall sharply: exports to India fell from $ 2.73 billion in 2014 to $ 0.55 billion in 2015 whereas imports declined from $ 1.36 billion to $ 1.19 billion in 2015. This has caused Colombia’s trade surplus of $ 1.36 billion in 2014 to become a deficit in 2015 of $ 0.64 billion.


Mining (Renuka energy)

The graph below shows trade balance between Colombia and India. A decline in Colombia’s oil exports has caused exports to India to fall sharply: exports to India fell from $ 2.73 billion in 2014 to $ 0.55 billion in 2015 whereas imports declined from $ 1.36 billion to $ 1.19 billion in 2015. This has caused Colombia’s trade surplus of $ 1.36 billion in 2014 to become a deficit

in 2015 of $ 0.64 billion.

The table below shows Colombia’s top imports from India at HS-06 level. The value of imports in 2015 amounted to $ 1.19 billion with commodities not elsewhere specified and motor cars dominating the list of imports. Most items in the top fifteen imports from India fall under the category of electrical machinery and equipment and textiles and clothing.

Colombia's imports from India at HS-06 Level *All Values in USD Million



870322

Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars, with spark-ignition internal combustion reciprocating piston

16.90 25.66 70.40 63.24 66.50 71.59

-1-0.5

00.5

11.5

22.5

33.5

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

US

$ BI

LLIO

NS

Colombia's Trade with India

Trade Balance Imports from India Exports to India

Figure 21: Colombia's Trade with India

The table below shows Colombia’s top imports from India at HS-06 level. The value of imports in 2015 amounted to $ 1.19 billion with commodities not elsewhere specified and motor cars dominating the list of imports. Most items in the top fifteen imports from India fall under the category of electrical machinery and equipment and textiles and clothing.


Colombia’s imports from India at HS-06 Level




870322


16.90 25.66 70.40 63.24 66.50 71.59

760110 Aluminium, not alloyed, unwrought 0.00 0.00 0.65 10.72 39.49 51.86

871120Motorcycles, incl. mopeds, with reciprocating internal combustion piston engine of a cylinder capacity > 50 cm³ but <= 250 cm³

2.14 10.17 13.51 13.80 17.60 31.63

520523

Single cotton yarn, of combed fibres, containing >= 85% cotton by weight and with a linear density of 192,31 decitex to < 232,56 decitex "> MN 43 to MN 52" (excluding sewing thread and yarn put up for retail sale)

43.02 40.05 47.98 34.19 42.49 27.30


18.06 17.66 20.89 28.98 22.91 27.04

870321

Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars, with spark-ignition internal combustion reciprocating piston engine of a cylinder capacity <= 1.000 cm³

50.35 47.49 2.66 8.46 37.39 25.52

540233 Textured filament yarn of polyester (excluding that put up for retail sale) 11.50 19.15 21.66 18.53 21.60 22.21

871410 Parts and accessories of motorcycles, incl. mopeds, n.e.s. 0.00 0.00 11.63 13.10 17.21 19.85

850239Generating sets (excluding wind-powered and powered by spark-ignition internal combustion piston engine)

0.02 0.00 3.97 8.70 33.05 18.19

520512

Single cotton yarn, of uncombed fibres, containing >= 85% cotton by weight and with a linear density of 232,56 decitex to < 714,29 decitex "> MN 14 to MN 43"

11.45 19.71 24.73 15.74 16.41 15.38

292690 Nitrile-function compounds 7.50 7.12 8.00 34.72 24.44 14.76

382490

Chemical products and preparations of the chemical or allied industries, incl. those consisting of mixtures of natural products, n.e.s.

27.48 27.85 18.21 8.55 4.47 14.68

550953Yarn containing predominantly, but < 85% polyester staple fibres by weight, mixed principally or solely with cotton

4.25 30.76 33.67 19.71 17.32 13.86

520522

Single cotton yarn, of combed fibres, containing >= 85% cotton by weight and with a linear density of 232,56 decitex to < 714,29 decitex "> MN 14 to MN 43"

18.61 15.97 18.10 14.00 17.26 13.40

Table 29: Colombia’s Top Imports from India

Exports to India consist of petroleum oils ($ 436.4 million), gold including gold plated with platinum ($ 44.95 million) and polyvinyl chloride in primary forms ($ 23.15 million). Table below shows Colombia’s top fifteen exports to India at HS-06 level. It can be noticed that exports of petroleum oils declined significantly from $ 2.61 billion in 2014 to $ 436 million in 2015.


Colombia’s Exports to India at HS-06 Level



270900 Petroleum oils and oils obtained from bituminous minerals, crude 257.90 629.19 1,149 2,794 2,614 436.40

710812 Gold, incl. gold plated with platinum, unwrought, for non-monetary purposes 0.00 0.00 37.65 85.55 17.68 44.95

390410 Polyvinyl chloride, in primary forms, not mixed with any other substances 0.10 0.17 0.30 0.07 14.68 23.15


66.55 85.20 112.91 50.81 27.04 13.20

720260 Ferro-nickel 13.24 3.34 22.26 26.57 21.15 8.25

440399 Wood in the rough, whether or not stripped of bark or sapwood, or roughly squared 0.00 0.02 0.04 0.28 3.99 5.41

440349

Tropical wood specified in the Subheading Note 1 to this chapter in the rough, whether or not stripped of bark or sapwood, or roughly squared

2.81 4.22 6.82 9.06 8.39 5.15

710391

Rubies, sapphires and emeralds, worked, whether or not graded, but not strung, mounted or set, rubies, sapphires and emeralds, worked, ungraded, temporarily strung for convenience of transport

0.75 0.09 0.00 0.80 3.29 2.42


441300 Metallised wood and other densified wood in blocks, plates, strips or profile shapes 0.00 0.00 0.00 0.51 0.71 1.17

760200 Waste and scrap, of aluminium 0.43 0.87 2.13 1.92 1.24 1.01

811020 Antimony waste and scrap 0.61 0.32 0.49 0.92 0.91 0.80

180100 Cocoa beans, whole or broken, raw or roasted 0.67 0.67 0.50 0.00 0.48 0.62

720429 Waste and scrap of alloy steel 0.00 0.00 0.04 0.04 0.08 0.58

720421 Waste and scrap of stainless steel 0.00 0.00 0.00 0.11 0.07 0.54

Table 30: Colombia’s Top Exports to India


Section 7

Ease of Doing Business


Ease of Doing Business:

Ease of Doing Business:

The World Bank has developed an “Ease of Doing Business” index that helps to determine which economies have a simpler regulatory environment to start and run a business in. The index ranks economies from 1-189 and a high ranking (1-20) shows that the economy is friendly and more conducive to new businesses. In 2016, Colombia ranked at 51 but fell to 53 in 2017.The index is determined by measuring the economy across ten indicators. The table below shows the ten indicators and their rankings that define the Ease of Doing Business index for Colombia.

Topics DB 2017 Rank DB 2016 Rank Change in Rank

Overall 53 51 2

Starting a Business 61 80 19

Dealing with Construction Permits 34 35 1

Getting Electricity 74 69 5

Registering Property 53 53 -

Getting Credit 2 2 -

Protecting Minority Investors 13 10 3

Paying Taxes 139 133 6

Trading across Borders 121 118 3

Enforcing Contracts 174 177 3

Resolving Insolvency 33 31 2

Table 31: Ease of Doing Business Indicators

According to Transparency International, Colombia has a score of 37 out of 100 and ranks 83rd out of 168 countries in the Corruption Perceptions Index. This index ranks territories based on how corrupt the public sector of a country is perceived to be. A low score (0-20) shows that the country is really corrupt whereas a value closer to 100 means that the country is very clean.

Consulates:

Embassy of Colombia House #2, St.16, F-6/3, Islamabad, Punjab, Pakistan+92-51-2815230, +92-51-2815186

Pakistani Consulate in Bogota, ColombiaHonorary Investment Counsellor of Pakistan in Colombia Diagonal 109 No. 18-72, Santa Fe de Bogota- Colombia(+571) 213-7828

8th Floor, Dawood Centre, M. T. Khan Road, Karachi, PakistanTelephone: +92-21 35630528-29 Fax: +92-21 35630530 Website: www.pbc.org.pk P

rinte

d &

Des

igne

d at

: The

Tim

es P

ress

(Pvt

) Ltd

.

Republic of Colombia The South America Country Series · Cover Picture: Caño Cristales – Los...

Documents

Transcript of Republic of Colombia The South America Country Series · Cover Picture: Caño Cristales – Los...