What does Colombia export to the world’s most populated country?

The world will reach 8 billion people by the end of 2023, according to UN estimates. In terms of public policy, growth represents important challenges to raise the standard of living of all human lives and reduce poverty. However, in terms of trade, global growth can be seen as an opportunity for our country and the international business it maintains according to the products Colombia exports.

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Demographic data are once again in the spotlight on a day like today when, since 1990, every July 11, the United Nations (UN) celebrates World Population Day.

On this date, the National Association of Foreign Trade (Analdex) published a statement on trade relations between Colombia and the most populated country in the world, which, according to UN estimates, by the end of 2023 will be India, a country that will surpass China by 3 million people.

Thus, Analdex reported that Colombia’s annual exports to India are valued at close to US$2.4 billion, a figure that leaves the world’s most populous country as Colombia’s fourth largest export destination.

These are the goods exported by Colombia to the world’s most populated country

According to the State of the World Population Report, a document developed by the United Nations Population Fund (UNFPA), India’s population by 2023 will reach 1,428 million inhabitants, unlike China, which will close the year with 1,425 million inhabitants.

Thus, international trade with India represents an important opportunity for the Colombian economy, as well as with China, which is currently the seventh largest destination for Colombian exports with annual sales of close to US$2.1 billion.

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These figures show that Colombia has a very important market opportunity with more than 2.8 billion people.

According to the president of Analdex, Javier Diaz, “Colombia appears as the 36th supplier in India and the 50th with China”, said Diaz referring to TradeMap data.

He added that “the National Government wants to strengthen the trade agenda with the Global South, including Asia, and we believe that these two destinations, which import more than US$3.2 billion a year from the world, may represent some supply opportunities for national businessmen”, said the president of Analdex.

Colombian oil exports to India and China account for a large part of these trade relations

Figures from the National Administrative Department of Statistics (DANE) show that the main goods exported by Colombia to India are petroleum and extractive industry materials such as precious metals, coal, metal ore waste and scrap, as well as wood and plastic in primary forms.

Oil and some of its derivatives, as well as ferronickel, waste and scrap of metallic minerals, coal, precious metals and unroasted coffee are the main goods exported by Colombia to China.

In this regard, Diaz said, “We have a debt to diversify our exports, especially non-mining energy exports, to these destinations. China is part of Asia Pacific, a region that we should have conquered more through the Pacific Alliance, but there we are relegated compared to the sales of Chile, Mexico and Peru to that part of the world”.

In addition, DANE figures show that during the first five months of 2023, exports to India meant revenues of US$ 766.7 million for the country. This figure, compared to the same period of the previous year, shows a 35.5% drop in the value of exports to India.

Meanwhile, between January and May 2023, Colombia’s exports to China also fell by 12.9% compared to the same period in 2022 and represented revenues of US$928.2 million.

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