• Analysis and Studies
• Colombia: a look at the market

Colombia is a country located in the northwest corner of South America. It is the fourth-largest country in Latin America and is home to over 50 million people.

Colombia has a rich history which includes indigenous civilizations, Spanish colonialism, and modern-day challenges such as drug trafficking and political instability. Despite these challenges, Colombia has made significant progress in recent years and is now considered one of the fastest-growing economies in the region.

The economy of Colombia

Thanks to the efforts of the government to improve infrastructure and education and attract foreign investments, Colombia has emerged as a popular tourist destination.

The economy of Colombia is largely driven by the service sector, but the agricultural sector is also important, particularly for exports such as coffee and cut flowers.

In 2021, Colombia was the number 42 economy in the world in terms of GDP. Its top exports are Crude Petroleum ($11.3B), Coal Briquettes ($5.11B), Coffee ($3.22B), Gold ($2.61B), and Refined Petroleum ($2.14B), exporting mostly to United States ($11.7B), China ($3.69B), Panama ($2.4B), India ($2.27B), and Brazil ($2.07B).

On the other side, the top imports of the country are Refined Petroleum ($3.18B), Broadcasting Equipment ($2.44B), Cars ($2.26B), Vaccines, blood, antisera, toxins and cultures ($1.74B), and Packaged Medicaments ($1.65B), importing mostly from China ($15.1B), United States ($14.6B), Brazil ($3.44B), Mexico ($3.34B), and Germany ($2.01B).

Despite its economic growth, Colombia still faces significant challenges such as income equality, poverty, and high levels of violence.

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