Colombian Market Overview

  • Population: 46,245,297 (2014)
  • GDP (purchasing power parity): $642.7 billion (2014)
  • GDP real growth rate: 5% (2014)
  • GDP per capita (PPP): $13,500 (2014)
  • Inflation: 2.9% (2014)
  • Forth largest economy in Latin America
  • Free market economy
  • Imports: $56.75 billion (2014)
  • Major commodities imported: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
  • Import partners: US 28%, China 18%, Mexico 9%, Brazil 4% (2013)
  • Colombian pesos (COP) per US dollar: 1,992

Advantages of the Colombian Market

  • It is the only country in South America with two seacoasts (Pacific and Caribbean)
    • Tactical shipping advantages in current global market.
  • Major security improvements,
  • Steady economic growth
  • Moderate inflation
  • Major commercial and investment ties to the United States, Europe, Asia, and Latin America
  • U.S.-Colombia Free Trade Agreement 2012
    • Colombia is the third largest market for U.S. exports in Latin America
  • Central America Free Trade Agreement (CAFTA) 2005

U.S.-Colombia Free Trade Agreement (FTA)

  • U.S.-Colombian FTA went into effect on May 15, 2012
    • Since the implementation of the FTA, U.S. exports to Colombia have increased nearly twenty percent.
  • Eliminated import tariffs on 80 percent of U.S. exports of consumer and industrial products to Colombia
    • Remaining tariffs will be phased out over the next decade
  • Other provisions include:
    • Strong protection for U.S. investors (legal stability)
    • Expanded access to service markets
    • Greater intellectual property rights protection
    • Market access for remanufactured goods
    • Increased transparency and improved dispute settlement mechanisms (arbitration)

Additional Free Trade Areas

Current Free Trade Areas

  • The CAFTA was passed in 2005
  • Guatemala, El Salvador, Honduras, Costa Rica, Nicaragua, and the Dominican Republic
  • Chile–United States Free Trade Agreement (2004)
  • Peru–United States Trade Promotion Agreement (2007)
  • Panama: Panama–United States Trade Promotion Agreement (2011)

Proposed Free Trade Areas

  • Free Trade Area of the Americas (FTAA)
    • Includes all countries on the Western Hemisphere, except Cuba
  • Ecuador: US–Ecuador Free Trade Agreement

For immediate questions please contact:

Tina Kasim
Program Manager
State of New Hampshire Office of International Commerce/ NH Department of Resources and Economic Development
(E) Tina.Kasim@dred.nh.gov
(T) 603.271.8444

Justin Oslowski
Director
New Hampshire Export Assistance Center / U.S. Commercial Service / International Trade Administration
U.S. Department of Commerce
(E) Justin.Oslowski@trade.gov
(T) 603.953.0210