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Colombia Country Commercial Guide FY 2007

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Market Overview

Colombia ranks solidly with the group of progressive, industrializing countries worldwide that have well-diversified agriculture, resources, and productive capacities.  Currently, Colombia is the fourth largest U.S. market in the region, after Mexico, Brazil and Venezuela, and is ranked as the 31st market for U.S. exports globally.  Since the election of President Uribe in May 2002 (and subsequent re-election in 2006), Colombia has become one of the most stable economies in the region.  Good government policies, steady growth, low inflation and plenty of opportunities make it more than worthwhile for investors to take a serious look at Colombia. 

Facts to consider:

  • Economic growth for 2006 was a healthy 6.6%. GDP per capita has increased to over USD 2,000, aided by the appreciation of the Colombian peso in the last year (approximately 2%).

  • For 2006, the exchange rate closed at COP 2,200 per $1. 

  • Net Foreign Direct Investment in Colombia for the period of January – September 2006 reached US $4.35 billion. US FDI in 2005 was $1.3 billion (2006 figures not yet available). US investment is particularly strong in the mining and oil and gas sectors. 

  • During 2006, US imports from Colombia reached $9.2 billion, and exports from the United States to Colombia totaled $6.2 billion.  Colombia is currently the 33rd largest trading partner for U.S. goods. 

  • Consumer price inflation fell from 4.9 percent in 2005 to 4.48% in 2006. 

  • Unemployment in Colombia was 11.8% in 2006, an increase over 2005’s figure of 10.4. 

  • Although security concerns continue to stem from the 40-year-old guerrilla war, the Uribe Administration’s policies have dramatically reduced terrorist attacks, kidnappings and crime. Consequently, US businesses are coming to Colombia in record numbers to seek opportunities in a myriad of sectors. 

  • On November 22, 2006, the United States and Colombia signed a bilateral trade agreement, the U.S./Colombia Trade Promotion Agreement. As of this writing, the Agreement has not been approved by Congresses in either country. However, the prospect of free trade has been a factor in the renewed US business interest in Colombia.

    To download complete Colombia Country Commercial Guide FY 2007 please click in:  Colombia Country Commercial Guide FY 2007 (646KB)