That dollar amount results from a 25.4% increase compared to the $39.5 billion in Colombian exports for 2019.
Year over year, the value of Colombia’s total exports in 2023 declined by by -13.5% from $57.3 billion during 2022.
The 5 major buyers of Colombian exported products are the United States of America, Panama, mainland China, India and the Netherlands. Combined, that quintet of major customers purchased about half (51.4%) of products exported from Colombia in 2023.
Applying a continental lens, about a third (33.8%) of Colombia’s exports by value was delivered to North American countries while 29.3% was sold to importers in Latin America excluding Mexico but including the Caribbean. Colombia shipped another 19.3% worth of products to Asia.
Smaller percentages went to buyers in Europe (15.5%), Africa (1.8%), and Oceania (0.3%) led by Australia and New Zealand.
Colombia’s Top Trading Partners
Below is a list showcasing Colombia’s largest trading partners in terms of export sales. That is, countries that imported the most Colombian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Colombian exports.
- United States: US$13.9 billion (28.1% of total Colombian exports)
- Panama: $4.6 billion (9.3%)
- mainland China: $2.5 billion (5%)
- India: $2.4 billion (4.8%)
- Netherlands: $2.04 billion (4.1%)
- Ecuador: $2.01 billion (4.1%)
- Brazil: $1.89 billion (3.8%)
- Mexico: $1.88 billion (3.8%)
- Spain: $1.2 billion (2.3%)
- Peru: $1.1 billion (2.3%)
- Chile: $1 billion (2.1%)
- Poland: $946.7 million (1.9%)
- Türkiye: $848.4 million (1.7%)
- South Korea: $824.8 million (1.7%)
- Italy: $814.8 million (1.6%)
- Japan: $676.9 million (1.4%)
- Venezuela: $673.4 million (1.4%)
- Canada: $672.4 million (1.4%)
- Germany: $586.4 million (1.2%)
- Dominican Republic: $578 million (1.2%)
- Belgium: $539.8 million (1.1%)
- Israel: $499.2 million (1%)
- United Kingdom: $453.2 million (0.9%)
- Guatemala: $410.7 million (0.8%)
- Hong Kong: $364 million (0.7%)
Almost nine-tenths (87.7%) of Colombian exports in 2023 was delivered to the above trade partners.
The fastest-growing buyers of products exported from Colombia are Poland (up 108.9% from 2022), Hong Kong (up 85.2%), South Korea (up 35.3%), mainland China (up 14%) and Japan (up 11.7%).
Leading the decliners among Colombia’s top customers Türkiye (down -62.4% from 2022), Israel (down -53.6%), Canada (down -40.5%), Dominican Republic (down -35.9%) then Chile (down -34%).
Countries Causing Colombia’s Largest Trade Deficits
Colombia recorded an overall -US$38.5 billion trade deficit during 2023, increasing by 86.6% from the -$20.6 billion in red ink one year earlier in 2022.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Colombia incurred the highest trade deficits with the following top trade partners.
- mainland China: -US$11.1 billion (country-specific trade deficit in 2023)
- United States of America: -$2.3 billion
- Brazil: -$2.2 billion
- France: -$1.81 billion
- Germany: -$1.76 billion
- Mexico: -$1.2 billion
- Argentina: -$1.1 billion
- Vietnam: -$800.9 million
- Japan: -$683.9 million
- Canada: -$377.2 million
Among Colombia’s trading partners that cause the greatest negative trade balances, Colombian deficits with Canada (up 722.3%) and Germany (up 18%) grew from 2022 to 2023.
These cashflow deficiencies clearly indicate Colombia’s competitive disadvantages with the above countries, but also represent key opportunities for Colombia to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Colombia’s Largest Trade Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Colombia incurred the highest trade surpluses with the following top trade partners.
- Panama: US$4.6 billion (country-specific trade surplus in 2023)
- Netherlands: $1.4 billion
- Ecuador: $1.3 billion
- India: $989.3 million
- Poland: $780.6 million
- Türkiye: $592.2 million
- Venezuela: $542.5 million
- Dominican Republic: $536.4 million
- Israel: $403.9 million
- Peru: $342.8 million
Among Colombia’s trading partners that generate the greatest positive trade balances, Colombian surpluses with Peru (up 299.5%), Poland (up 151.2%) and Ecuador (up 33.3%) grew at the fastest pace from 2022 to 2023.
These positive cashflow streams clearly indicate Colombia’s competitive advantages with the above countries, but also represent key opportunities for Colombia to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Colombian Trading Partners
Six Colombian corporations rank among Forbes Global 2000. The following companies are selected examples of international trade companies headquartered in Colombia.
- Ecopetrol (fuel, petrochemicals)
- Grupo Argos (construction materials)
Wikipedia also lists exporters from Colombia. Selected examples are shown below.
- Alpina Productos Alimenticios (dairy products)
- Auteco (vehicles)
- Manuelita (sugar, fruits, vegetables)
- Organizacion Corona (ceramics)
- Ospina Coffee Company (coffee)
See also Colombia’s Top 10 Exports, Colombia’s Top 10 Imports, Peru’s Top Trading Partners, China’s Top Trading Partners and Panama’s Top 10 Exports
Research Sources:
Central Intelligence Agency, Field Listing: Imports – Commodities, The World Factbook. Accessed on May 7, 2024
Trade Map, International Trade Centre. Accessed on May 7, 2024
Investopedia, Net Exports Definition. Accessed on May 7, 2024
Wikipedia, List of Companies of Colombia. Accessed on May 7, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 7, 2024