Political and Economic Stability

In the years prior to the 2008 global financial crisis, Colombia experienced increasing economic growth as its government continued to introduce investor friendly reforms and improve domestic security. Since 2008, Colombia has been making a concerted effort to expand its foreign export markets and is expected to maintain a business-friendly environment in the near future. The political environment is currently stable and it is expected that the recently elected President Juan Carlos Santos will continue with the same policies as his predecessor.

Canada and Colombia signed a bilateral free trade agreement (FTA) in 2008.  The agreement is expected to be implemented in the near future, and will significantly expand import and export opportunities between Canadian and Colombian businesses. For up to date information on the Canada-Colombia FTA, please visit the Department of Foreign Affairs and International Trade Canada online at:  http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/andean-andin/can-colombia-colombie.aspx.

In terms of security, the Department of Foreign Affairs and International Trade (DFAIT) recommends that Canadians exercise caution when traveling in Colombia and that certain regions be avoided altogether. For detailed and up-to-date information on travel security, please refer to the DFAIT Travel Report for Colombia: http://www.voyage.gc.ca/countries_pays/report_rapport-eng.asp?id=60000.

Trade Opportunities

Colombia is highly dependent on its petroleum exports, which constitute almost half of its total export earnings.  Nevertheless, Colombia has a diverse climate and topography which permit the cultivation of a wide variety of crops, while its increasingly skilled workforce produces high quality and low-cost goods and services.  As a result, Colombian exporters can provide a range of products that are in high demand amongst North American consumers. Despite the geographic proximity of the two countries, Canada is only Colombia’s 24th largest export partner, the United States being its most important.  This reality indicates that there is ample room for Canadian businesses to increase and expand imports from Colombia.

Bananas, coffee and sugar are Colombia’s most important exports to Canada after natural resources. Beyond these staple products, however, Colombian producers have a wide variety of fruits and vegetables to offer Canadian importers. The high quality of produce and year-round available supply makes Colombian produce very attractive to Canadian importers. The most popular agricultural exports are tropical fruits such as coconuts, mangoes, passion fruit, papaya, and pineapple.

There is significant opportunity to expand Canadian imports of these products, while baby banana, pitahaya, lime, physalis and watermelon crops provide new opportunities for Canadian importers.  Also available for import are processed fruits and vegetables, fruit juices and beverages, fruit concentrates, fruit pulp, and confectioned sugar treats.

Colombia is the world’s 2nd largest exporter of cut flowers. The sector has been experiencing steady growth over past years and has introduced several initiatives to produce environmentally friendly and sustainable plantations, which grow a wide assortment of flowers. For more information on import opportunities for Colombian flowers, visit the Association of Colombian Flower Exporters at www.asocolflores.org.

Colombia’s talented artisans make use of an extensive selection of natural materials including wood, leather, precious stones, ceramic, and a variety of natural fibres to craft home décor items and household furniture. Similarly, these natural materials are used to produce clothing, accessories and other household textiles.  Colombia’s clothing and textile industries offer some of the most promising opportunities for Canadian businesses, as does the jewellery sector, particularly for accessories made from gold and semiprecious stones.

Increasing in importance is Colombia’s service economy, which is primarily comprised of tourism and information technology exports such as call centers, software development, and animation.

Upcoming Trade Shows

International Footwear & Leather Show
3-6 August, 2010
Corferias-Centro de Convensiones, Bogota, Colombia
www.ifls.com.co

Fair Home (Feria del Hogar)
2-19 September, 2010
Corferias-Centro de Convenciones, Bogota, Colombia
www.feriadelhogar.com

Expoartesanias
Gifts and Handicrafts Show
10-21 December, 2010
Corferias-Centro de Convenciones, Bogota, Colombia
www.expoartesanias.com

Contact Information

Colombian Government Trade Commission
100 King Street
Toronto, ON
(416) 363-9225