COLOMBIA
Economy
Foreign trade
Colombian exportation has registered a rising tendency, which had it´s highest peak in 2012, with 60.125 million US$ FOB. It developed 5.64% over the year before. During the period 2002- 2013, this behavior was enhanced by dynamism in traditional exportations primarily. They reported an average progress of 20.62%, heightened by oil, its derivatives and coal.

The value of Colombian exportation in the last decade had an average development of 15.57% per year. This growth was first encouraged by non- traditional exportations, which gained participation until the year 2008. It was also encouraged by traditional exportation, which would regain past levels of participation that year, and would have an average advancement of 22.4% from that moment on.

This reversal of roles between the export sectors that occurred in 2008 is partly explained as an effect of the world crisis, which affected the country that year. The rapid recovery regarding national foreign trade, in 2010, is notable. After having dropped 12.7% in 2009, those levels increased 20.9% in 2010 and 43.3% in 2011. Nevertheless, the effects of the crisis in the European Community produced a more moderate 5.6% growth in 2012.
Annual colombian exports by sectors in millions U$ FOB 2000 - 2014
Traditional exports
Non traditional exports
Source: DANE. By Fundesarrollo.
Starting in 2011, products from the mining sector represented more than 50% of exportations, regarding the main exportation products. They reached a participation of 66% during 2014. The industrial sector had a participation of 36.9% in the previous year, the elaboration of foods, beverages and chemical products are especially important in this sector.

The main destinations of Colombian exportations were USA (31.4%), representing a 15% fall over the past year, China (8.7%), which increased participation level by 56% over the past year, Venezuela (3.8%), representing a 12% fall in production levels, and Ecuador (3.4%), which increased their levels within Colombian exportations. NAFTA (33.5%) and the European Union (15.7%) were the trade groups that absorbed around 50% of Colombian exports that year.
Exports composition 2014
Exports
Participation (%)
Traditional exports
69,9
Oil and its derivatives
53
Coal
12
Coffee
5
Iron nickel
1
Non traditional exports
30,1
Total exports
100
Source: DANE. By Fundesarrollo
Imports in Colombia over the last 13 years (2000-2014) have been rising, reaching the value of U.S. $ 64.028 million CIF in 2014, with an average growth of 14.1%. At this time, the consumer goods constituted the most dynamic group, with an average growth rate of 16% and a 22% in 2013. The good performance of this sector is recorded by an increase in imports of durable consumer goods, which reported an average growth of 19% during the period.

Intermediate goods and raw materials had a lower average growth of 13%, but its importance is greater than that of consumer goods, with an average of 45% between 2000 and 2013. This high level of participation is explained by the importance of raw materials and intermediate products imported by the Colombian industry for its operation, which had on average 37% of total imports in the country.

In 2013, imports in Colombia registered only a 0.6% growth regarding the total value of imports in 2012. This is due to the slow development of consumer goods (1.3%), especially fuels that had an average growth of 38% between 2000 and 2012, and only grew 12.5% in 2013, %; raw materials and intermediate goods (0.8%) and the slight drop in imports of capital goods by 0.1%.
Annual imports in millions US$ CIF 2000 - 2014
Capital goods
Intermediary goods
Consumer Goods
Source: DANE. By Fundesarrollo.
Imported products with greater share of the total value of imports in 2013 according to CUODE classification (Classification of Foreign Trade, according to economic use or destination) were raw materials and intermediate products for industry (29.1%), capital goods for industry (20.4%) and durable consumer goods (11.3%).
Imports composition 2014
Imports
Participation (%)
Consumer goods
22.3
Non durable Consumption
10,6
Durable Consumption
11,6
Raw Materials and Intermediary Products
43.7
Fuel, Lubricants and Related Items
11,8
Raw materials and Intermediary Products for agriculture
3,2
Raw Materials and Intermediary products for industry
28,7
Capital Goods and Construction Materials
34.0
Construction Materials
3,1
Capital Goods for agriculture
0,3
Capital Goods for the industry
20,1
Transportation Equipment
10,6
Total imports
100
Source: DANE. By Fundesarrollo.
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