Colombian imports totaled US$62.8 billion in 2023, up by 24.6% compared to $50.4 billion in the South American country’s spending five years earlier for 2019.

Year over year, Colombian import purchases fell by -18.9% starting from $77.4 billion during 2022.

Based on the average exchange rate for 2023, the Colombian peso depreciated by -31.8% against the US dollar since 2019 and fell by -1.6% from 2022 to 2023. Colombia’s weaker local currency makes its imports paid for in stronger US dollars relatively more expensive when converted starting from the Colombian peso.

Colombia’s Largest International Suppliers

The latest available country-specific data shows that 77.9% of products imported into Colombia was supplied by exporters in: United States of America (25.8% of the Colombian total), mainland China (21.6%), Brazil (6.4%), Mexico (4.9%), Germany (3.7%), France (3.3%), Argentina (2.25%), India (2.24%), Japan (2.17%), Spain (2%), Italy (1.8%) and Canada (1.7%).

Applying a continental lens, almost a third (32.9%) of Colombia’s total imports by value were purchased from trade partners in North America. Asian countries satisfied 32.6% of import purchases by Colombia. Another 18.6% worth of goods originated from Europe, with 14.9% coming from exporters in Latin America excluding Mexico but including the Caribbean.

Tinier percentages of Colombian imports were furnished by suppliers in Africa (0.8%) and Oceania (0.1%) led by Australia and New Zealand.

Given Colombia’s population of 52.2 million people, its total $62.8 billion in 2023 imports translates to some $1,200 in yearly product demand from every person in South America’s second-most populated country. That dollar metric lags the average $1,500 per capita one year earlier in 2022.

Colombia’s Top 10 Imports

The following product groups represent the highest dollar value in Colombia’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Colombia.

1. Mineral fuels including oil: US$6.5 billion (10.3% of total imports)
2. Machinery including computers: $6.4 billion (10.3%)
3. Electrical machinery, equipment: $6 billion (9.6%)
4. Vehicles: $4.8 billion (7.6%)
5. Pharmaceuticals: $3.7 billion (5.8%)
6. Cereals: $2.7 billion (4.3%)
7. Plastics, plastic articles: $2.7 billion (4.2%)
8. Aircraft, spacecraft: $2.4 billion (3.8%)
9. Organic chemicals: $2.3 billion (3.6%)
10. Optical, technical, medical apparatus: $1.9 billion (3%)

Colombia’s top 10 imports accounted for 62.6% of the overall value of its product purchases from other countries.

Pharmaceuticals represent the lone grower among Colombia’s top 10 import categories, up 4.2% from 2022 to 2023.

The severest decliners year over year were Colombian imports of plastics both as materials and items made from plastic (down -31.6% from 2022), organic chemicals (down -29.9%), vehicles (down -25.4%), then electrical machinery and equipment (down -23.8%).

Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented below is at the more granular 4-digit level.

At the more detailed level, Colombia’s top 10 imported products are refined petroleum oils (8.2% of the Colombian total), cars (4.4%), phone devices including smartphones (3.6%), medication mixes in dosage (also 3.6%), aircraft or spacecraft (3.5%), corn (3%), blood fractions including antisera (1.8%), computers including optical readers (also 1.8%), solid residues including soya-bean oilcake (1.5%), then crude oil (1.2%).

Combined, those 10 major Colombian imports attracted nearly a third (32.6%) of the country’s overall spending on imported products in 2023.

Colombia’s Main Imports of Fuels

In 2023, Colombian importers spent the most on the following 10 subcategories of mineral fuels including oil.

1. Processed petroleum oils: US$5.2 billion (down -24.4% from 2022)
2. Crude oil: $768.2 million (up 134.6%)
3. Petroleum gases: $475.1 million (up 209.1%)
4. Electrical energy: $33.6 million (up 178.7%)
5. Petroleum jelly, mineral waxes: $23.5 million (down -51.5%)
6. Coal tar oils (high temperature distillation): $9.4 million (up 48.3%)
7. Coal, solid fuels made from coal: $7.2 million (up 767.1%)
8. Peat: $4.9 million (down -12.1%)
9. Petroleum oil residues: $4.3 million (up 72.1%)
10. Coke, semi-coke: $1.7 million (up 4868.6%)

Among these import subcategories, Colombian purchases of coke and semi-coke (up 4,869%), coal including solid fuels made from coal (up 767.1%) then petroleum gases (up 209.1%) grew at the fastest pace from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels including oil imports among Colombian businesses and consumers.

Colombia’s Main Machinery Imports

In 2023, Colombian importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$1.1 billion (down -31.4% from 2022)
2. Heavy machinery (bulldozers, excavators, road rollers): $355.5 million (down -10.6%)
3. Centrifuges, filters and purifiers: $309.6 million (down -1.9%)
4. Air or vacuum pumps: $301.8 million (up 3.7%)
5. Liquid pumps and elevators: $292.2 million (down -10.1%)
6. Taps, valves, similar appliances: $274.1 million (down -12.9%)
7. Miscellaneous machinery: $228.2 million (down -15.4%)
8. Transmission shafts, gears, clutches: $228 million (down -6.9%)
9. Piston engine parts: $221.5 million (down -11%)
10. Printing machinery: $192.7 million (down -14%)

Among these import subcategories, Colombian purchases of air or vacuum pumps (up 3.7%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Colombian businesses and consumers.

Colombia’s Main Imports of Electrical Products

In 2023, Colombian importers spent the most on the following 10 subcategories of electrical products including consumer electronics.

1. Phone devices including smartphones: US$2.3 billion (down -23.2% from 2022)
2. TV receivers/monitors/projectors: $452.7 million (down -28.8%)
3. Solar power diodes/semi-conductors: $412.8 million (up 14.9%)
4. Insulated wire/cable: $362.4 million (down -25.3%)
5. Electrical converters/power units: $335.2 million (up 14.8%)
6. Lower-voltage switches, fuses: $179.1 million (down -21.5%)
7. Microphones/headphones/amplifiers: $154.2 million (down -20.5%)
8. Electric generating sets, converters: $145.3 million (down -78.5%)
9. Electric storage batteries: $140.8 million (down -13.5%)
10. TV/radio/radar device parts: $131.2 million (down -36.5%)

Among these import subcategories, Colombian purchases of solar power diodes and semi-conductors (up 14.9%) then electrical converters or power units (up 14.8%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Colombian businesses and consumers.

Colombia’s Main Imports of Vehicles

In 2023, Colombian importers spent the most on the following 10 subcategories of vehicles and related products.

1. Cars: US$2.7 billion (up 1.7% from 2022)
2. Trucks: $679.4 million (down -49.5%)
3. Automobile parts/accessories: $608.4 million (down -24.7%)
4. Tractors: $221 million (down -66.3%)
5. Motorcycle parts/accessories: $133 million (down -35.3%)
6. Motorcycles: $131.2 million (down -22.4%)
7. Chassis fitted with engine: $101.7 million (down -3.4%)
8. Bicycles, other non-motorized cycles: $42.3 million (down -41.4%)
9. Special purpose vehicles: $41.2 million (up 20.2%)
10. Trailers: $34.7 million (down -32.6%)

Among these import subcategories, Colombian purchases of special purpose vehicles (up 20.2%) then cars (up 1.7%) grew from 2022 to 2023.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of vehicles-related imports among Colombian businesses and consumers.
 

See also Colombia’s Top Trading Partners, Colombia’s Top 10 Exports, Peru’s Top Trading Partners, China’s Top Trading Partners and Top US Trading Partners

Research Sources:
Central Intelligence Agency, Trade CentreCountry Profiles. Accessed on May 14, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 14, 2024

International Trade Centre, Trade Map. Accessed on May 14, 2024

Organization for Economic Co-operation and Development, Exchange Rates data (Domestic Currency per U.S. dollar, 2000-2023). Accessed on May 14, 2024