Looking for an easy way to ship your cargo to Colombia? Choose the best freight forwarder to transport your goods to Colombia safely and on time.
Exporting goods to Colombia, whether it is for the first time, or on a regular basis, can be a challenging experience.
There are many elements to consider when shipping to a country such as Colombia. If you are in Canada or the US and not entirely familiar with the Latin American market, you should consider a cargo shipping company that knows the business culture, the language, the customs regulations and has a proven track record of success when it comes to freight shipping to Colombia.
WHAT CAN YOU EXPECT IN COLOMBIA?
Regulations in Colombia are not only very different from the ones in the US or Canada, communication methods and business etiquette are also very distinct: ● Corporate culture in Colombia is relationship-driven. Known as warm and friendly people, Colombians are generally recognized for being easy to deal with. They place considerable importance in developing personal relationships, rather than formal business connections which is the norm in the US or Canada. Therefore, it is important to develop easy going business “friendships” before they will consider you trustworthy. Third-party contacts are also a key to business success in Colombia. An established person vouching for you and presenting your company will help you gain trust in the market. ● Flexibility and spontaneity are also common traits of Colombians although in Colombia punctuality is highly valued in business. ● It is also important to consider the language as a possible barrier. Although most highly educated business executives speak English fluently, the average person speaks only Spanish.
QUICK FACTS ABOUT COLOMBIA (2018)
- Capital: Bogotá
- Other Large Cities: Medellin, Cali, Barranquilla, Bucaramanga, Cartagena, Cúcuta
- Population: 49,648,685 (Urban Population: 80.8%)
- Official languages: Spanish
- Time Zone : GMT - 5
- Currency: Colombian Peso (COP)
ECONOMIC SNAPSHOT (Source: IMF - World Bank, 2018)
- GDP: 330.97 billion USD (GDP Growth: 2.5% / GDP per capita: 6,642 USD)
- Inflation Rate: 3.2%
- Unemployment Rate: 9.1%
- Total Imports of Goods: 51,23 billion USD
- FDI Inward Flow: 11.53 billion USD (3,5% of GDP)
- Ease of Doing Business Score (2019) : 65th / 190
WHY DOING BUSINESS WITH COLOMBIA IS THE RIGHT DECISION
Colombia is the 4th biggest economy with the 3rd largest population in Latin America. It offers a unique and dynamic background for companies looking to expand internationally. The country has emerged as a strong economy in the region, taking advantage of its natural resources. Colombia is ranked 1st in Latin America for its ease of doing business (World Bank 2019). There are opportunities for foreign companies across a broad range of industries: Petrochemicals, agrochemicals, forest products, agriculture, etc. Colombia is also known as an important global source of gems, especially emeralds. Over 70% of fresh-cut flowers imported by the United States are Colombian. The new free trade agreements have recently boosted the growth of the Colombian economy. Eight free trade agreements have been signed with different regions of the world and thirteen others are in negotiation. Colombia’s principal trading partners are the USA, China, Europe and some Latin American countries. Colombian growing domestic consumption offers promising opportunities to North American exporters of high-quality consumer goods. The need for shipping to and from Colombia has been increasing exponentially during recent years. With LAC by your side, you will reinforce your company’s cargo shipping capability to Colombia. Our experienced professionals are very familiar with the market requirements in Colombia which is very important to avoid delays during the importation process. We provide you with all the necessary tools to break into the Colombian market, headache free.
COLOMBIA TRADE OVERVIEW
- MAIN IMPORTS: Petroleum, Telecommunication Equipment, Vehicles & Parts, Medicaments, Specialized Machinery, Aircrafts, Cereals, Electronics,
- MAIN EXPORTS: Petroleum, Coal, Coffee, Cut Flowers, Gold, Fruits, Palm Oil, Ferroalloy
- INDUSTRIES WITH STRONG BUSINESS OPPORTUNITIES: Mining, Agriculture, Transport Infrastructures, Construction, Oil & Gas, Renewable Energy, Medical Devices, Pharmaceuticals, Chemicals
- PRINCIPAL TRADING PARTNERS: USA, China, Canada, Japan, India, Mexico, Brazil, Peru, Ecuador, Panama, EU (Germany, France and Spain).