Colombia
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD billion)
GDP (USD) 333 bn Goods Exports 58
GDP per capita (USD) 7,100 Imports 52
GDP volume growth (year-on-year) + 2.5% Net + 5
Population 46.93m Services Exports 5
MMR (year average) 4.03% Imports 9
Exchange rate COP / USD (year average) 1,848.1 Net – 5
BoP (goods, services & income) as % of GDP – 4.5% Source: IFS, IMF, January 2013International/Regional memberships
Comunidad Andina / Andean Community
(CAN): founding member since 26 May
1969.
International Monetary Fund (IMF):
since 27 December 1945.
World Trade Organization (WTO):
since 30 April 1995.Government trade policy
Trade policy is implemented by the Ministry
of Trade, Industry and Tourism (MinCIT —
http://www.mincomercio.gov.co). Colombia implements the ad valorem
common external tariff (CET) of the Andean
Community (CAN —
http://www.comunidadandina.org) to its imports.
National export credit insurance provider:
Segurexpo de Colombia (Segurexpo —
http://www.segurexpo.com).
Banco de Comercio Exterior de Colombia
(Bancoldex — http://www.bancoldex.com)
operates Colombia’s state-supported export
credit programmes.
Colombia maintains 24 free zones, including
Barranquila, Bogotá, Cartagena and Cali.Currency and exchange controls
Official currency: Colombian peso (COP).
Exchange rate arrangement: floating.
The Banco de la República, the Colombian
central bank, (www.banrep.gov.co) formulates
foreign exchange policy. The Banco de
la República, the Ministry of Finance
(www.minhacienda.gov.co), the Financial
Superintendency (www.superfinanciera.gov.co)
and the National Customs and Tax Directorate
(DIAN — http://www.dian.gov.co) are responsible for
the enforcement of exchange controls.
The average gross risk exposure over
three business days by exchange market
intermediaries participating in the forward
foreign exchange markets may not exceed
550 percent of their total capital. Foreign exchange transactions of USD 200
or more require an exchange declaration to
be made.
There is a foreign currency cash limit of
USD 10,000 for individuals entering or
leaving the country.
Export proceeds are required to be
repatriated and must be surrendered to
authorised intermediaries within six months.
Exporters are allowed to retain proceeds in
accounts abroad registered with the central
bank.
The Financial Superintendency has to
approve acquisitions equal to 10 percent or
more of domestic financial institutions.