The Colombian economy, with a great weight in the region, has resisted better than other Latin American ones to the fall of the prices of the raw materials. In addition, it has achieved an upward growth in GDP that has remained solid over recent years, resulting in a significant reduction in poverty and improvement of the economic conditions of the population.

The economic and industrial activity of the country is concentrated in the capital, Bogotá (facilities for investment and the creation of companies), and the cities of Medellín (financial center), Cali (one of the main industrial centers), Barranquilla (important port). maritime) and Cartagena (port and outstanding tourist destination).

Bilateral trade

Colombia is the third Latin American country by number of inhabitants, with a market of more than 46 million potential consumers. However, the level of income is not high and almost a third of the population has a very low purchasing power.

The recent evolution of Spanish exports has experienced a progressive growth. In 2016 they reached 886.59 million euros and in 2017 they reached 977.88 million euros, although last year sales to that country fell slightly to 972.52 million euros.

The main sectors of Spanish exports to the Colombian market so far this year are pharmaceutical, automotive, clothing, function products and machinery.

On the other hand, the recent evolution of imports from Colombia has been decreasing. In 2016, its volume was 1,050.91 million euros, while in 2017 it fell to 982.81 million and in 2018 it decreased slightly to 939.20 million euros.

Among the most imported products by Spain, oil and mineral fuels stand out, which account for 73% of the total. Much smaller percentages represent products such as coffee, tea and other spices (6.4%), fruits (2.6%), mineral residues (2.5%), cut plants and flowers (2.3%) and animal fats and vegetables (2%). tropical and foundry and iron and steel products. Spain is the eleventh destination country for Colombian exports.

The investments of Spanish companies in Colombia are very notable and there has been an upward trend in recent years. Since 1994, Spain has been among the three main foreign investors. In 2017, Spanish investment exceeded 2,615 million dollars.

Colombian investment in Spain is considerably lower, although in 2018 it improved considerably compared to the previous year (307 and 18 million dollars respectively).

Business opportunities in Colombia

Colombia offers Spanish exporting companies opportunities in sectors such as engineering services, equipment for mining and the oil industry, capital goods and agri-food and consumer products.

Among the most attractive sectors for foreign investment, the infrastructure sector stands out, with important investments planned by the Government of the country for the development of various projects.

There are also interesting business opportunities in commercial franchises, a sector in which Spanish chains have a consumer market with good prospects to increase their presence.

On the other hand, the natural and cultural attractiveness of Colombia make this country a tourist destination with great development potential. Spanish hotel companies have the opportunity to take advantage of the rise of Colombian tourism to help expand and improve the country's accommodation offer.

The need to increase Colombia's electricity generating capacity with clean energy sources is driving numerous projects focused on renewable energies. The Spanish companies in the sector, which have extensive international experience, have much to offer to participate in its implementation.

>> Related documents:

Colombia: country profile

Colombia: country guide

Colombia: economic and commercial report

Main sectors exported to Colombia

Main sectors imported from Colombia

Balance of trade

Spanish companies established in Colombia

OECD economic surveys: Colombia

>> Links of interest:

Bank of the Republic of Colombia

National Association of Industry – ANDI

Hispanic-Colombian Chamber of Commerce

National Administrative Department of Statistics – DANE

ProColombia: Exports, Tourism, Investment, Country Brand

Invest in Bogotá

ICEX Spain Exports and Investments

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