Economic relations between Mexico and Colombia
Economic relations between Mexico and Colombia have strengthened through trade, investment and tourism flows, according to the Colombian government.
In the area of trade, exports of products from Colombia to Mexico broke a record in 2022, at US$2,048 million.
Conversely, external sales of Mexican goods to the Colombian market were 3,691 million dollars, a growth of 7.8% from 2021 to 2022.
The historical maximum of Mexico’s exports to Colombia occurred in 2011, when they reached 5,633 million dollars.
In 1994, Colombia and Venezuela signed a trade agreement with Mexico called the Group of Three Trade Agreement (G3-FTA), which entered into force in January 1995.
Later, in August 2009, Colombia and Mexico completed work to adapt the Agreement to the new commercial realities and in June 2010 signed the Modifying Protocol, which entered into force in August 2011.
The two nations are part of the Pacific Alliance, together with Chile and Peru.
In terms of the bilateral relationship, the trade balance with Mexico is traditionally in deficit for Colombia.
Among the main products exported from Colombia are: coal cokes and semi-cokes, pullets, palm oil and propylene polymers).
The main Colombian imports from Mexico are: televisions, automobiles, trucks, tractors and computers.
In sum, Colombia exports a significant amount of primary products to Mexico and imports a significant amount of industrial goods from Mexico.
Historically, both territories were home to indigenous cultures and parallel histories after 1492, both during the conquest and the independence process.
Indeed, on October 10, 1821, a few days after the consummation of Mexico’s independence, Colombia became the first country in the world to recognize this event.
There is a strong fraternal bond between the two nations, both culturally, economically and institutionally.
In terms of FDI, according to the Colombian government, Colombia’s investment in Mexico is growing and has an accumulated value of 4,684 million dollars since 1994.
Mexico’s FDI in Colombia has accumulated 7,158 million dollars since 1994.
The tourism sector is also very relevant and is experiencing great dynamism and outstanding growth rates.
Mexico is the second largest source of tourists to Colombia, and Colombia is the third largest source of tourists in Aztec territory.