COLOMBIA ECONOMIC PERFORMANCE JUNE 2010

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1 COLOMBIA ECONOMIC PERFORMANCE JUNE 2010 Economy in brief o Colombian Economy grew 4.4% in Q1, 2010 o Investment is five times greater than in 2003 Inflation, unemployment and aims for the current year o Annual inflation up to May 2010 is 2.07% o Latest unemployment figures as of March 2010 Doing Business Report o Colombia climbed 42 positions in recent years Foreign Direct Investment Trade and Commercial Relations o The main destinations of Colombian exports are the United States and China o Trade balance with the United Kingdom decreased almost USD 100 Million up to March 2010 United Kingdom and Colombian Economy Highlights Suggested Websites 1

2 Economy in brief The Colombian Economy grew 4.4% in Q In the first quarter of 2010 the Colombian economy increased by 1.1 percent over last quarter of Source: DANE GDP per capita has grown 46% since Although Colombia s GDP per capita is still below some Latin American countries, the efforts made at the public and private sectors have contributed to almost doubling GDP since Colombia s current population is 44,977,800. Source: The CIA World Fact Book 2

3 Economic growth and security. Colombia s insecurity index has decreased during the past eight years, which can be supported with the economic growth rates. Source: ANDI FDI in Colombia is five times greater than in Source: Proexport 3

4 Annual % Deficit at the Central Government, was 6.8% of GDP in According to Central Government and chief analysts the deficit is expected to increase in Source: ANDI, Central Bank Inflation, Unemployment and Aims for the current year Annual inflation up to May 2010 is 2.07%. The Central Bank set target inflation for 2010 between 2% and 4%, with 3% target for legal purposes. Source: Central Bank 4

5 Unemployment rate reached 11.8% in March During recent months, the unemployment rate has decreased in relation to the unemployment rate experienced in January, due to a bulge in demand for labour during the preceding holiday periods of November and December. Source: DANE Doing Business Report Colombia climbed 42 positions between 2007 and 2010, and is now ranked 37 th in the Doing Business Report. Colombia has been named as Top 10 reformer for the last 4 years. Doing Business Ranking Variation, * (Change in positions) Source: Doing Business Report

6 USD Millions Foreign Direct Investment Foreign Direct Investment decreased 32% during 2009 compared with During 2009 FDI in Latin America decreased 41%. Projected FDI for this year is at USD 8.5 billion. FDI flows into Colombia during 2009 were USD 7.2 billion, according to the Central Bank (Banco de la Republica). The U.K is the second largest investor in Colombia, accounting for an estimated invested stock of up to USD 18 billion. COLOMBIA FDI FLOWS MAIN SECTORS % SHARE (III QUARTER 2009) Source: Central Bank and Proexport. 6

7 USD Millions Trade and Commercial Relations Main Destinations of Colombian Exports up to April 2010 are the United States and China. In the last year, China, the Dominican Republic and Brazil increased their share as Colombian export s main destinations. Source: DANE, Proexport Total Colombian Exports. Up to April 2010, Colombian exports accounted for USD 12.6 billion, increasing 26% compared to the same period in Source: DANE, Proexport 7

8 Exports by sectors and total imports. Commodity exports have increased 49% up to March 2010, compared with the same period in 2009, and added value product exports have decreased 9%. COLOMBIA AND THE WORLD USD Millions EXPORTS % Part Var 08/ % Part Var 09/ Jan - Mar 2010 Jan - Mar Var 10/09 Jan - Mar COMMODITIES 14, , % 41% 17, % -10% 3, , % OIL AND ITS DERIVATES 7, , % 67% 10, % -16% 1, , % COAL 3, , % 44% 5, % 7% 1, , % COFFEE 1, , % 10% 1, % -18% % FERRONIQUEL 1, % -49% % -16% % ADDED VALUE PRODUCTS 16, , % 13% 14, % -19% 3, , % METALMECHANIC 1, , % 26% 1, % -27% % TEXTILES 1, , % 7% 1, % -42% % CHEMISTRY 1, , % 26% 1, % -4% % PLASTICS 1, , % 12% % -22% % FLOWERS 1, , % -1% 1, % -4% % BANANA % 15% % 28% % VEHICLES 1, % -46% % -55% % OTHERS 8, , % 21% 8, % -17% 2, , % TOTAL 30, , % 32, % 7, , % IMPORTS 32, , % 32, % 7, , % TRADE BALANCE - 2, , Source: DANE, Proexport 8

9 The United Kingdom is Colombia s 8 th trade partner. The UK is the eighth destination for Colombian exports, USD 164 million in the first quarter 2010, showing a 24% decrease in relation to Colombian imports from the UK accounted for USD 115 million in the first quarter 2010, which is an 81% increase compared with the same period in EXPORTS TO THE U.K % Part COLOMBIA AND THE UNITED KINGDOM USD Millions Var 08/ % Part Var 09/ Jan-Mar 2010 Jan-Mar Var 10/09 Jan-Mar COMMODITIES % 66% % 14% % COAL % 61% % 25% % OIL AND ITS DERIVATES % 147% % 22% COFFEE % 30% % -33% % ADDED VALUE PRODUCTS % 26% % 3% % FATS AND OILS (INCLUDING PALM OIL) % 15% % -70% % BANANA % 228% % 108% % FLOWERS % 3% % -10% % COFFEE DERIVATES % 2% % 25% % MINERALS % -34% % -72% % OTHERS % 0% % 0% % TOTAL EXPORTS % % % IMPORTS FROM THE U.K. MACHINERY % 10% % -12% % BEVERAGES % 3% % 6% % PHARMACEUTICALS % 29% % 18% % AUTOMOTIVE PARTS % -2% % 16% % VEHICLES % 33% % -18% % IRON/STEEL PRODUCTS % 52% % -8% % ORGANIC PRODUCTS % 48% % -23% % TOTAL IMPORTS % % % TRADE BALANCE % % % Source: DANE, Proexport Trade balance value between Colombia and the UK decreased almost USD $100 million in the first quarter 2010 compared to the same period in A contributor to this was a 43% reduction in coal exports. Source: DANE, Proexport 9

10 Tourism grew 6.4% between January and May 2010, compared with the same period of Last year tourism grew 10.7%, where foreign travellers to Colombia increased from 1,222,966 in 2008 to 1,353,760 in FOREIGN TRAVELLERS TO COLOMBIA Jan - May 2010 Jan - May UNITED STATES (1) 258, , , , , ,791 VENEZUELA (2) 141, , , ,082 94,402 74,448 ECUADOR (3) 100, ,508 93, ,833 36,147 46,082 PERU (5) 47,706 58,332 66,283 77,734 32,236 32,573 SPAIN (6) 66,422 66,748 67,350 77,922 30,361 28,590 UNITED KINGDOM (16) 17,560 18,788 17,097 18,950 7,308 7,964 Source: DAS, Proexport 10

11 UK and Colombian Economy Highlights Santos sweeps to the presidency - Platform for security, stability and development win big. Juan Manuel Santos won a stunning victory in his bid to succeed outgoing President Alvaro Uribe. Colombian voters gave him and his platform a lopsided 69.1 percent majority against opponent Antanas Mockus. Source: The Washington Times Santos designated Juan Carlos Echeverry as the new Finance Minister. Echeverry studied Economy, and has a Ph. D. from NY University. He has worked as a consultant for the BID (Inter-American Development Bank), and was former director of DNP (National Planning Department). Source: Semana. Canadian Parliament seals free trade agreement with Colombia. Colombia's Free Trade Agreement (FTA) with Canada was finally signed after the Canadian House of Commons approved the document. Both countries began talks in 2007 and since then, the free trade agreement has been in negotiation. This treaty ratifies the will of the government to diversify its markets. Source: El Tiempo. Colombia and the United Kingdom signed a Bilateral Investment Treaty. Through this agreement, Colombia and the United Kingdom established a framework to promote investment through the creation of an environment that protects the investor, his investment and related flows, without creating obstacles to investments from either country. Source: Colombian Economic magazine, Dinero. Colombia and the European Union have officially sealed the deal for the trade agreement. In the framework of the 6 th summit of Latin America, the Caribbean and the European Union, the successful culmination of negotiations for the trade agreement between the EU, Colombia and Peru was made official with the presentation of the final text. The text will be translated into all 21 official languages of the EU, whose versions will be equally authentic within approximately three months. Source: FTA European Union. Colombian exports seen close to USD $ 40 billion. Colombia s total exports should rise to close to USD $ 40 billion this year, breaking the previous record of USD $ 37 billion set by the Andean country in Exports which reached almost USD $ 33 billion in 2009, are rising on commodity prices, the U.S. economic recovery, and diversification of exports that once went to Venezuela before a diplomatic dispute battered sales of Colombian products. Source: Reuters. Colombia has one of the most competitive economies in the region according to Swiss business school IMD. The country climbed from the 51 st to the 45 th place over the last year, while it improved its rating. At present, it is higher than Mexico, Argentina and Venezuela. Although different international studies rate Chile as the most competitive country in Latin America, a ranking published last week by Swiss business school IMD shows that Colombia has the economy that made the most progress in the region in this regard over the last year. Source: Portafolio. 11

12 Suggested Websites Invest In Colombia Proexport Ministry of Commerce, Industry and Tourism Embassy of Colombia in the United Kingdom National Planning Department Central Bank - Banco de la República La República (Finance/Business News) Portafolio (Finance/Business News) Financial Times (UK Issue) Proexport London Colombian Trade Bureau 2 Conduit Street 6th Floor London, W1S 2XB Tel.: 44 (0) Fax: 44 (0)

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