The Treasurer’s Guide to Trade Finance

Colombia

Trade information

Key trading partners

Imports by origin

USA 25.0%

China 15.0%

EU 13.7%

Mexico 11.1%

Brazil 5.0%

Other 30.2%

Source: WTO, September 2012

Exports by destination

USA 38.5%

EU 15.6%

Chile 3.9%

China 3.5%

Panama 3.4%

Other 35.1%

Colombia imports exports

Bank accounts

ƒ Foreign currency bank accounts can be held
by the following resident persons or entities
in Colombia: companies located in free trade
areas, international transport companies,
travel agencies, port and airport service
companies, non-resident companies and
their employees, multilateral entities and their
employees as well as diplomatic missions.

ƒ Residents can hold foreign currency
accounts overseas, although certain

transactions (i.e. debt payments,

investments in financial assets, purchases of

derivatives and trade-related transactions)

can only be effected on accounts registered

with the central bank.

ƒ Non-resident companies can hold local

currency and foreign currency bank accounts

in Colombia. However, COP accounts can

only be used for trade-related operations.

Principal exports

Petroleum, coffee, coal, nickel, emeralds,
apparel, bananas and cut flowers.

Documentation

Imports

ƒ Commercial invoice (with complete description
of goods to be imported), bill of lading, packing
list and, sometimes, a certificate of origin.

ƒ Importers must also file a customs
declaration with DIAN and provide transport
documentation.

ƒ An additional sanitary certificate from the
National Institute for Surveillance of Foods
and Medicines (www.invima.gov.co) is
required for imports of processed foods,
cosmetics and insecticides.

ƒ Most imports equal to or exceeding
USD 5,000 also require an (Andean)
customs value declaration (declaración de
valor en Aduanas).

Exports

ƒ Commercial invoice (with complete

description of goods to be exported), bill

of lading, packing list and, sometimes, a

certificate of origin.

Licences

Imports

ƒ Most products can be imported freely upon

registration with the Ministry of Trade,

Industry and Tourism.

ƒ Armaments, ammunition and explosives,

pharmaceutical and chemical products,

poultry parts, tyres, items that claim customs

duty exemptions, second-hand and irregular

goods, goods subject to the annual licensing

system and goods imported by official

institutions, with the exception of petrol, urea

and other fuels, require import licences.