Industry Focus >>Colombian Fastening
Tools Market Analysis

Hardware & Fastener Components - no.57/2023哥倫比亞緊固工具市場分析
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Colombia’s Economic Situation
Colombia is a country located in South America, which has an area of 1,140,619 square km and may be considered alarge country. Colombia, with a population of 51,049,000 people, is ranked 29th among 196 countries and has a moderate
population density (45 people per square km). Its capital is Bogota and its currency is Colombian pesos. Colombia is 45th bynominal GDP. Its national debt in 2021 was (203,111 million US dollars), (64.6% debt-to-GDP ratio) and its public debt percapita was 3,979 US dollars per inhabitant. The last annual rate of CPI published in Colombia was in October of 2022 andwas 12.2%. In terms of the human development index (HDI) of Colombia, which is the index used by the United Nations
to measure the progress of a country, was 0.767 points in 2019, leaving it in the 83rd place in the table of 189 countries
published. If the reason to visit Colombia is business, you must know it's in the 67th of the Doing Business ranking, which
provides objective measures of business regulations for local firms.

Colombia’s Fastening Tools
Situation
The trade value of Colombia’s fastening tools industry
in 2021 was USD 82.265 million. The share of imported
fastening tools share was 93.4% and the share of its
exported fastening tools was 6.7%. Two main categories offastening tools were HS Codes 8205 and 8207.
In terms of imported fastening tools, Colombia
imported USD 31.005 million of HS Code 8205 in 2020,
which was 43.9% more than the value in 2020. In 2020,
the imported tools by Colombia were USD 21.552 million.
The other data has been shown in the following table:
YearHS Code8205
Growth2017

2018

2019

2020

2021

23.147 29.509 25.731 21.552 31.005
25.7% -12.8% -16.2% 43.9%
Numbers in Million USD

Colombia imported USD 45.823 million of HS Code8207 in 2021, which was 34.7% more than the value
in 2020. In 2020 the imported tools by Colombia wereUSD 34.018 million. The other data has been shown in thefollowing table:
YearHS Code8207
Growth2017

2018

2019

2020

2021

43.612 41.872 46.597 34.018 45.823-4.0% 11.3% -27.0% 34.7%
Numbers in Million USD

In terms of exported fastening tools, Colombia hasexported USD 2.496 million of HS Code 8205 in 2021, which
was 44.4% more than the value in 2020. In 2020 the imported
tools by Colombia were USD 1.729 million. The other data
has been shown in the following table.
YearHS Code8205
Growth2017

2018

2019

2020

2021

1.613

4.185

4.592

1.729

2.496

159.5% 9.7%

-62.3% 44.4%
Numbers in Million USD

Colombia exported USD 2.941 million of HS Code8207 in 2021, which was -10.3% less than the value in
2020. In 2020 the imported tools by Colombia were USD
3.278 million. The other data has been shown in the following
table:
YearHS Code8207
Growth2017

2018

2019

2020

2021

2.494

4.218

4.542

3.278

2.941

69.1%

7.7%

-27.8% -10.3%
Numbers in Million USD

Main Partners of Colombia in 2021
in the Import Sector
HS Code 8205

• China exported USD 20.818 million, which was 67.1% ofthe whole import of Colombia.

Industry Focus >>• Taiwan exported USD 1.992 million, which was 6.4% of the whole import of Colombia.
• Other countries’ export was 13.7% of the whole import of Colombia.

HS Code 8207

• China exported USD 12.914 million, which was 28.2% of the whole import of Colombia.

• USA exported USD 11.368 million, which was 24.8% of the whole import of Colombia.
• Canada exported USD 3.493 million, which was 7.6% of the whole import of Colombia.
• Other countries’ export was 39.4% of the whole import of Colombia.

Main Partners of Colombia in 2021 in the Export
Sector:HS Code 8205

• Ecuador imported USD 0.903 million, which was 36.2% of the whole export of Colombia.

• USA imported USD 0.603 million, which was 24.2% of the whole export of Colombia• Peru imported USD 0.354 million, which was 14.2% of the whole export of Colombia.
• Brazil imported USD 0.222 million, which was 8.9% of the whole export of Colombia• Other countries’ import was 17.5% of the whole export of Colombia.

HS Code 8207

• USA imported USD 0.962 million, which was 32.7% of the whole export of Colombia.

• Ecuador imported USD 0.737 million, which was 25.1% of the whole export of Colombia.
• Mexico imported USD 0.239 million, which was 8.1% of the whole export of Colombia.
• Peru imported USD 0.189 million, which was 6.4% of the whole export of Colombia.
• Angola imported USD 0.107 million, which was 3.6% of the whole export of Colombia• Other countries’ import was 24.1% of the whole export of Colombia.

Last Word
Investors have more reasons to invest in Colombia, as it demonstrates why it is one of theworld’s most welcoming places. Not only is it one of the top 3 best countries to do business/// Article by Behrooz Lotfian

w it h i n L a t i n A m e r ica , but it s
economic sectors are prepared toshow the best of Colombia's industrialproduction. Colombia is open forbusiness. Colombia is a country witha growing Gross Domestic Productand increasingly attractive policies
for ent repreneurs. T ha n ks to its
privileged geographical position, thevariety of its climates and products,
as well as the development of a legal,
stable and flexible policy, the mostwelcoming place is the ideal platform
for global trade. The country’s large
coastline on both the Atlantic and thePacific oceans, which facilitates tradethrough the sea and the development
of different port areas. Moreover,
Colombia is directly connected to
five countries in the region, making
it a perfect place for bilateral tradedevelopment. For example:• The Colombian construction
market size was US$35.8 billion in2021. The market is projected toachieve a CAGR of more than 4%
during 2023-2026.
• I n 2 0 21, t h e ve h icle f le e tregistered a total of 17 million vehicles
in circulation, of which 39% wereautomobiles (6.7 million). In LatinAmerica, 5.5 million vehicles weremanufactured in 2021 and Colombia
remains the fourth largest producer
with 44,140 units. In 2021, 250,497
vehicles were sold in Colombia, 33%
more than in 2020, and it is expectedthat between 2022 and 2025, sales willgrow by an annual average of 4%.

Copyright owned by Fastener World ///Hardware & Fastener Components - no.57/2023• USA exported USD 3.958 million, which was 12.8% of the whole import of Colombia.

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