Colombia

Slowing economic growth, rising macroeconomic policy risks

B2

MEDIUM RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in January 2023.

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GDP USD 314.32bn (World ranking 43, World Bank 2021)
Population 51.27mn (World ranking 29, World Bank 2021)
Form of state Presidential republic
Head of state Gustavo Petro (President)
Next elections 2026 (Congress & Presidential)
  • Natural resource base: agricultural, energy and minerals
  • Strong medium-term growth
  • Pro-business environment
  • Fiscal sustainability principle included in the Constitution
  • Support from international financial institutions
  • Independent monetary authorities
  • Sensitive to commodity price fluctuations and the U.S. business cycle
  • Difficult security situation with long running domestic insurgency and drug trafficking
  • Rule of law and control of corruption remain areas of concern
  • High informality in the job market
  • Skewed income distribution

Trade structure by destination/origin

(% of total, annual 2021)

Exports Rank Imports
United States 28.1%
1
24.2% China
China 8.8%
2
23.2% United States
Panama 5.8%
3
6.2% Mexico
India 5.4%
4
5.7% Brazil
Brazil 5.0%
5
3.4% Germany

Trade structure by product

(% of total, annual 2021)

Exports Rank Imports
Petroleum, petroleum products and related materials 32.6%
1
7.8% Road vehicles
Coal, coke and briquettes 13.7%
2
6.7% Medicinal and pharmaceutical products
Coffee, tea, cocoa, spices, and manufactures thereof 8.8%
3
6.1% Petroleum, petroleum products and related materials
Gold, non-monetary (excluding gold ores and concentrates) 7.6%
4
6.0% Telecommunication and sound recording apparatus
Crude animal and vegetable materials, n.e.s. 4.4%
5
5.1% Iron and steel
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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