Sunday, December 10, 2023

These are 10 facts about the commercial relationship between Colombia and the US

Regarding the meeting where President Gustavo Petro will participate this Friday in the Alliance for Economic Prosperity of the Americas, APEP, called by President Joe Biden from the Colombian American Chamber, AmCham Colombia, we share 10 facts about the current state of commercial relations between Colombia and the United States.

  1. So far this year, through September, the United States remains Colombia’s top trading partner. Exports were recorded at $9,852 million, representing 27% of total sales, according to DANE figures.
  2. 59% of products exported to the US belong to the non-mining-energy sector, versus 41% from the mining-energy sector, between January and September, according to DANE.
  3. 315 Colombian products have more than 50% of the market in several states of the United States.
  4. American travelers are the main tourists visiting Colombia. Between January and August of the year, 734,974 visitors arrived, according to figures from MinCIT.
  5. Colombia has been the largest recipient of economic aid from the United States in the Western Hemisphere for the past 50 years.
  6. According to a study conducted by AmCham Colombia, the agroindustrial sector has the potential to grow up to 250% in the next four years.
  7. On average, every year, more than 3,000 companies export products to the United States, according to information from DIAN.
  8. The United States has consolidated itself as the main historical investor in Colombia. Investment in 2022 was recorded at 4,975.5 million, the highest recorded in the country since 1994, the oldest data provided by the Bank of the Republic. In the first half of this year, the flow reached US$2,861.4 million. The investment reached more than 15 sectors of the country, including commerce, telecommunications, oil and mining, finance, manufacturing industry, electricity, gas and water, construction, and agriculture, among others.
  9. Nearly 70% of imports from the United States are products that are not produced in Colombia and that, for the most part, become part of local production chains.
  10. Thanks to the benefits of the Free Trade Agreement, there are now 11,497 items that can be exported without tariffs to the United States.
World Nation News Desk
World Nation News Desk
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