Colombia: Difference between revisions

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The [[financial sector]] has grown favorably due to good liquidity in the economy, the growth of credit and the positive performance of the Colombian economy.<ref name="strongmacroeconomicmanagement">{{cite web |url=http://www.imf.org/en/news/articles/2018/04/30/pr18154-imf-executive-board-concludes-2018-article-iv-consultation-with-colombia |title=IMF Executive Board Concludes 2018 Article IV Consultation with Colombia |access-date=2 May 2018 |publisher=imf.org |archive-date=4 June 2022 |archive-url=https://web.archive.org/web/20220604213121/https://www.imf.org/en/news/articles/2018/04/30/pr18154-imf-executive-board-concludes-2018-article-iv-consultation-with-colombia |url-status=live }}</ref><ref>{{cite web|url=https://www.superfinanciera.gov.co/jsp/loader.jsf?lServicio=Publicaciones&lTipo=publicaciones&lFuncion=loadContenidoPublicacion&id=61066|title=Informe de operaciones|access-date=9 March 2014|publisher=superfinanciera.gov.co|language=es|archive-date=1 June 2022|archive-url=https://web.archive.org/web/20220601230140/https://www.superfinanciera.gov.co/jsp/loader.jsf?lServicio=Publicaciones&lTipo=publicaciones&lFuncion=loadContenidoPublicacion&id=61066|url-status=live}}</ref><ref>{{cite web|url=http://www.banrep.gov.co/reporte-estabilidad-financiera|title=Reporte de Estabilidad Financiera|access-date=9 March 2014|publisher=banrep.gov.co|language=es|archive-date=21 March 2022|archive-url=https://web.archive.org/web/20220321200635/https://www.banrep.gov.co/reporte-estabilidad-financiera|url-status=live}}</ref> The [[Colombian Stock Exchange]] through the Latin American Integrated Market ([[Mercado Integrado Latinoamericano|MILA]]) offers a regional market to trade equities.<ref>{{cite web|url=http://www.mercadomila.com/QuienesSomos|title=The Latin American Integrated Market (MILA)|access-date=14 March 2014|publisher=mercadomila.com|archive-url=https://web.archive.org/web/20140315042207/http://www.mercadomila.com/QuienesSomos|archive-date=15 March 2014|url-status=dead}}</ref><ref>{{cite web|url=http://www.banrep.org/series-estadisticas/see_m_bursatil.htm|title=Colombia's Colcap Index|access-date=9 March 2014|publisher=banrep.org|language=es|archive-date=17 July 2017|archive-url=https://web.archive.org/web/20170717083555/http://www.banrep.org/series-estadisticas/see_m_bursatil.htm|url-status=live}}</ref> Colombia is now one of only three economies with a perfect score on the strength of legal rights index, according to the [[World Bank]].<ref>{{cite web|url=http://www.doingbusiness.org/~/media/WBG/DoingBusiness/Documents/Annual-Reports/English/DB17-Report.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.doingbusiness.org/~/media/WBG/DoingBusiness/Documents/Annual-Reports/English/DB17-Report.pdf |archive-date=9 October 2022 |url-status=live |title=World Bank's 2017 Doing Business ranking|access-date=29 October 2016|publisher=doingbusiness.org}}</ref>
 
Colombia is rich in natural resources, and it is heavily dependent on energy and mining exports.<ref>{{cite web |title=Is Colombia a poor country? {{!}} – CountryReports |url=https://www.countryreports.org/country/Colombia/economy.htm |website=countryreports.org |access-date=19 January 2022 |archive-date=18 March 2022 |archive-url=https://web.archive.org/web/20220318083341/https://www.countryreports.org/country/Colombia/economy.htm |url-status=live }}</ref> Colombia's main exports include mineral fuels, oils, [[distillation#Industrial distillation|distillation]] products]], fruit and other agricultural products, sugars and sugar confectionery, [[food products]], plastics, precious stones, metals, forest products, [[Chemical industry|chemical goods]], [[pharmaceuticals]], vehicles, electronic products, electrical equipment, perfumery and cosmetics, machinery, manufactured articles, textile and fabrics, clothing and footwear, glass and glassware, furniture, prefabricated buildings, military products, home and office material, construction equipment, software, among others.<ref name="ITC Colombia Exports">{{cite web|url=http://legacy.intracen.org/appli1/TradeCom/TP_EP_CI.aspx?RP=170&YR=2013|title=International Trade Centre: Colombia Exports|access-date=15 April 2015|publisher=intracen.org|url-status=dead|archive-url=https://web.archive.org/web/20150413170259/http://legacy.intracen.org/appli1/TradeCom/TP_EP_CI.aspx?RP=170&YR=2013|archive-date=13 April 2015}}</ref> Principal trading partners are the United States, China, the European Union and some Latin American countries.<ref name="Exports">{{cite web|url=https://www.dane.gov.co/files/investigaciones/boletines/exportaciones/bol_exp_dic17.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.dane.gov.co/files/investigaciones/boletines/exportaciones/bol_exp_dic17.pdf |archive-date=9 October 2022 |url-status=live|title=Exports – partners|publisher=dane.gov.co|access-date=15 February 2018}}</ref><ref name="Imports">{{cite web|url=https://www.dane.gov.co/files/investigaciones/boletines/importaciones/bol_impo_dic17.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.dane.gov.co/files/investigaciones/boletines/importaciones/bol_impo_dic17.pdf |archive-date=9 October 2022 |url-status=live|title=Imports – partners|publisher=dane.gov.co|access-date=15 February 2018}}</ref>
 
Non-traditional exports have boosted the growth of Colombian foreign sales as well as the diversification of destinations of export thanks to new free [[Colombia trade agreements|trade agreements]].<ref>{{cite web|url=http://www.mincit.gov.co/publicaciones.php?id=4930|title=Non-traditional exports|access-date=31 January 2014|publisher=mincit.gov.co|language=es|archive-url=https://web.archive.org/web/20140202205854/http://www.mincit.gov.co/publicaciones.php?id=4930|archive-date=2 February 2014|url-status=dead}}</ref> Recent economic growth has led to a considerable increase of new millionaires, including the new entrepreneurs, Colombians with a net worth exceeding US$1&nbsp;billion.<ref>{{cite web|url=http://blogs.ft.com/beyond-brics/2013/10/21/colombia-making-many-millionaires/|title=Colombia: making many millionaires|access-date=29 March 2014|work=Financial Times|archive-date=9 July 2015|archive-url=https://web.archive.org/web/20150709123707/http://blogs.ft.com/beyond-brics/2013/10/21/colombia-making-many-millionaires/|url-status=live}}</ref><ref>{{cite web|url=http://www.dinero.com/edicion-impresa/negocios/articulo/pais-ricos/163667 |title=País de ricos |access-date=8 April 2013 |publisher=dinero.com |language=es |url-status=dead |archive-url=https://web.archive.org/web/20140329100504/http://www.dinero.com/edicion-impresa/negocios/articulo/pais-ricos/163667 |archive-date=29 March 2014 }}</ref>