Colombia's trade revenue accounted for more than 34 percent of the country's GDP in 2017, according to the World Bank, and its international trade has been growing and quadrupling. The country mainly trades with the United States, Germany, Panama, China, Brazil and the Netherlands. They have also signed a number of trade agreements with the United States, MERCOSUR countries, mainly Central America, the Caribbean countries and the European Union, as well as the ANC. In addition, they have signed Pacific alliances with Chile, Mexico and Peru to strengthen trade relations with Asian markets.
Exit
Coal
Coal is one of Colombia's main exports, with 33.834 million tonnes exported in the first five months of 2019, and they remain strong in coal exports. The data showed that they exported less coal in the same period in 2019 than in the same period in 2018.
However, they rebounded in the months after May, with the government reporting $738 million in revenue from coal sales to overseas markets, up 30 percent from $568 million in 2018. Colombian coal prices are expected to remain stable for the rest of the year.
Colombia remains one of the world's leading mining nations, with large reserves of natural minerals, including coal.
Oil
Colombia produces crude oil, with export earnings from this product reaching $11.1 billion. Through December 2018, the country reported an average daily production of 591.985 barrels. Colombia became an oil exporter in the mid-1980s and has not looked back since, as the US is a major importer of Colombian crude.
Colombia's crude oil exports account for 57% of the country's total exports. It exports oil through the state-owned Colombian Petroleum Corporation, also known as Ecopetrol, but the country consumes its gasoline and other fuels locally. Profits from oil exploration in the country used to be split 50 ⁄ 50 between the state and the private sector, but the private sector has invested less in the oil sector due to attacks on oil interests by many insurgents.
Flowers
Colombia is a major exporter of flowers with a wide range of markets. Due to its mild climate, the country's proximity to the equator provides a unique environment for flowers to grow. The country is the second largest exporter of fresh cut flowers in the world, with a 15% global market share. Their large flowers, thick stems, and strong fragrance make them easy to distinguish.
Of the 400 farmers who grow flowers in Colombia, 300 grow flowers for export. The country has 4,000 hectares of land dedicated to the professional production of flowers, with roses occupying the largest share. Interestingly, Colombia is the world's largest exporter of chrysanthemums, not roses, because of stiff competition from countries such as Kenya that grow the fine roses. In addition to roses, Colombia also produces mini carnations, pom-poms, chrysanthemums and six-flowered flowers. The US gets 80% of its roses from Colombia, followed by Russia and the UK.
banana
Colombia was the sixth largest banana exporter in 2019. Bananas worth $859 million were exported in 2018 with the US and Europe as the main markets. This is a 1.4% increase for the same product in 2017. In 2019, banana exports brought in revenues worth $868 million. The country was able to achieve this growth by planting more areas and renewing plantations that have ceased production.
Import
Although Colombia has very strict regulations on importing cars into the country, it is still the main import into the country. Colombian authorities do not allow the import of used cars, so only brand new cars can be imported. The exception is foreign diplomats who move to Colombia, but they must first register with the Ministry of Foreign Affairs.
The number of imported cars increased in 2018, with Chevrolet being the most imported and sold brand in the country. About 50,000 of the car were sold throughout the year. French brand Renault came in second with 49,700 units.
Mechanical
Most of the machinery imported into the country is agricultural machinery and computers. The country spent $5.8 billion on machinery and equipment imports. Most of these exports enter the country as corporate imports.
Since the country joined the WTO's Information Technology Agreement in 2012, which requires member states to remove tariffs on most information technology products, Colombia has enjoyed importing some of the latest agricultural, manufacturing and processing plant machinery and equipment, which do have contribute to its development. economy.
