2014 Bogota Blog: Colombia's Exports and Free-Trade Accords
The Andean country saw exports jump 250 percent over the last decade, though the government aims to further expand international reach through trade pacts.
Colombia’s government is working on a trade strategy to expand international trade ties. Exports account for less than a fifth of Colombia’s GDP, in comparison to other Pacific Alliance countries. In Chile, Mexico, and Peru, exports accounted for 34 percent, 33 percent, and 26 percent of GDP respectively, according to 2012 World Bank data. The Andean country has 13 free-trade agreements (FTAs) in force, and last year it signed five new deals—with Costa Rica, Israel, the Pacific Alliance, Panama, and South Korea. Colombia is also in talks to sign trade accords with Turkey and Japan. In 2013, over two-thirds of Colombia’s exports went to FTA partner countries.
Last year, Colombia’s top two export destinations were countries with FTAs in effect: the United States and the EU. Plus, Panama—the number four export destination—signed a free-trade accord with Colombia in September.
Colombia’s main export was oil in 2013, accounting for nearly half of all export products. Plus, a manufacturing product—cars—made it to the top 10 exports while in 2012 the main 10 products were natural resources or natural resource derivatives.
Though exports grew 250 percent over the last decade, exports actually fell slightly in 2013 over the previous year. The government attributed this change to a decrease in non-monetary gold exports.