Colombia experienced high investment levels between 2002 and 2007 thanks to its promarket policies. Unfortunately, this came to an abrupt end when the global financial crisis hit bringing on negative growth rates due to the sudden decrease of Colombian exports. In this article, you will discover the benefits and challenges of doing business with a company in Colombia.

Colombia is located in South America with borders to Brazil, Ecuador, Panama, Venezuela and Peru. Its population is 45 million people. The legal tender is the Colombian Peso. Spanish is mainly spoken although the business community sometimes speaks English.

It exports mainly nickel, coffee, petroleum, apparel, emeralds, cut flowers and bananas. It imports transportation equipment, industrial equipment, chemicals, consumer goods, paper products, electricity and fuels. Colombia’s biggest trade partners are Ecuador, Venezuela and the United States.

What you can do to start your research is getting in touch with embassies and consulates to get as much information as possible. Online directories can also be helpful but they sometimes have outdated information which could make it harder to contact a company in Colombia. Newer B2B marketplaces with an emphasis on doing business in Latin America can be a good option. When doing business online, purchase credit reports to get financial and legal history of a potential business partner to decrease risks.

Colombia has learned the hard way that depending on a few countries for economic growth is not a safe bet. This was demonstrated during the economic crisis where the country experienced sharp decline of exports with its main trading partners: Venezuela and the united States. This has pushed Colombia to strongly encourage its exporters to diversify its trading partners.

As you can see, doing business with a company in Colombia has its benefits and challenges. It could take some time in the beginning to find the company in Colombia that matches your requirements. Try to always purchase a credit report in order to have a clearer information about who you are going to do business with.

Ariel Dess specializes in assisting companies successfully import and export with Latin America. To access to his valuable resources, tips and links, click here B2B business

Filed under: Category Business | Tags: B2B Colombia,Business,business colombia,colombia,company colombia,international trade,trade,trade colombia,wholesale by Ariel Dess