Business

Statistics

• GDP: US$171.6 billion (2007 estimate).
• Main imports: Industrial equipment, transportation equipment, consumer goods, chemicals and paper products.
• Main exports: Oil, coffee, coal, clothes and bananas.
• Main trade partners: USA, Venezuela, Brazil, Mexico and China.

Economy

Colombia’s economy has grown steadily over the past few years. Annual growth has increased from 3.75% in 2003 to 5.13% in 2005 and 7% in 2007. Inflation was at 5.5% in 2007, while unemployment levels are dropping, though still relatively high at 11.2%.

While coffee is Colombia’s main agricultural export, the country has significant mineral and energy resources, particularly coal and natural gas. According to current projections, Colombia is expected to continue exporting oil until 2010 or 2011.

In February 2006, Colombia signed a Free Trade Agreement with the USA, which was set to come into force in early 2008; however, it is still awaiting the approval of US Congress.

Business Etiquette

Businesspeople are expected to dress smartly. English is widely understood in many business circles; the Colombian Ministry of Foreign Affairs has an official translation service, and there are a number of commercial interpreter services. A command of Spanish is always appreciated. The best months for business visits are March to November. The business community generally takes holidays from September to February, the driest months. It is advisable to avoid Barranquilla in June and July.

Office hours: Mon-Fri 0800-1200 and 1400-1800.

Business Contacts

Confederación Colombiana de Cámaras de Comercio (Chamber of Commerce)
Carrera 13, No 27-47, Oficina 502, Bogotá, Colombia
Tel: (1) 381 4100.
Website: www.confecamaras.org.co

Proexport Colombia
Calle 28, No 13A-15, Pisos 1, 35 y 36, Bogotá, Colombia
Tel: (1) 560 0100.
Website: www.proexport.com.co 

CORFERIAS (National Centre of Trade Fairs)
Carrera 37, No 24-67, Bogotá, Colombia
Tel: (1) 381 0000.
Website: www.corferias.com

Colombian Government Trade Bureau in the USA
1901 L Street, NW, Suite 700, Washington, DC 20036, USA
Tel: (202) 887 9000.
Website: www.coltrade.org