Colombia
Slowing economic growth, rising macroeconomic policy risks
Last update – January 2024
Country rating
MEDIUM RISK FOR ENTERPRISE
Economic risk
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP | USD343.9bn (World ranking 44, World Bank 2022) |
Population | 51.9mn (World ranking 28, World Bank 2022) |
Form of state |
Presidential republic |
Head of state | Gustavo Petro (President) |
Next elections |
2026, presidential |
Strengths & weaknesses
- Natural resource base: agricultural, energy and minerals
- Strong medium-term growth
- Pro-business environment
- Fiscal sustainability principle included in the Constitution
- Support from international financial institutions
- Independent monetary authorities
- Sensitive to commodity price fluctuations and the U.S. business cycle
- Difficult security situation with long running domestic insurgency and drug trafficking
- Rule of law and control of corruption remain areas of concern
- High informality in the job market
- Skewed income distribution
Economic overview
Trade structure by destination/origin
(% of total, 2022)
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Exports | Rank | Imports | ||
United States 27.1% | 1 |
25.0% United States |
||
Panama 10.3% | 2 |
24.6% China |
||
Netherlands 5.5% | 3 |
7.2% Brazil |
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India 4.4% | 4 |
5.5% Mexico |
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Brazil 4.1% | 5 |
3.2% France |
Trade structure by product
(% of total, 2022)
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Exports | Rank | Imports |
Petroleum, petroleum products and related materials 35.4% |
1 | 8.0% Petroleum, petroleum products and related materials |
Coal, coke and briquettes 24.4% |
2 | 7.1% Road vehicles |
Coffee, tea, cocoa, spices, and manufactures thereof 8.5% |
3 | 6.4% Organic chemicals |
Gold, non-monetary (excluding gold ores and concentrates 3.8% |
4 | 6.3% Telecommunication and sound recording apparatus |
Crude animal and vegetable materials, n.e.s. 3.4% |
5 | 5.3% Cereals and cereal prparations |
Contact
Roberta Fortes
Allianz Trade
Allianz Trade