| Economy of Colombia | |
| Currency | Colombian peso |
|---|---|
| Fiscal year | Calendar year |
| Trade organisations | CAN and SACN |
| Statistics | |
| GDP (PPP) | US$156. only the letters that would be capitalized in that language in the middle of a sentence The Andean Community ( Spanish: Comunidad Andina, CAN) is a Trade bloc comprising the South American countries of __FORCETOC__The Union of South American Nations (Unión de Naciones Suramericanas - UNASUR, União de Nações Sul-Americanas - UNASUL, Unie van Zuid-Amerikaanse Naties The purchasing power parity ( PPP) theory uses the long-term equilibrium Exchange rate of two currencies to equalize their Purchasing power. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been 690 billion (2008) (44) |
| GDP growth | 6. There are three lists of Countries of the world sorted by their Gross domestic product (GDP (the value of all final goods and services produced within a nation 8% (2006) |
| GDP per capita | US$3,246 |
| GDP by sector | Agriculture: 12%; industry: 35. 2%; services: 52. 7% (2006 est. ) |
| Inflation (CPI) | 4. In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time CPI redirects here For other uses see CPI (disambiguation. A consumer price index ( CPI) is a measure of the average price of consumer 3% (2006) |
| Population below poverty line |
49% (2005)[1] |
| Gini index | 58. The poverty threshold, or poverty line, is the minimum level of Income deemed necessary to achieve an adequate Standard of living in a given country The Gini coefficient is a measure of statistical dispersion most prominently used as a measure of inequality of income distribution or inequality of wealth 6 (2004) |
| Labour force | 20. 81 million (2006) |
| Labour force by occupation |
Agriculture: 22. 7%, industry: 18. 7%, services: 58. 5% (2000 est. ) |
| Unemployment | 11. Unemployment occurs when a person is available to work and currently seeking work but the person is without work. 1% (2006) |
| Main industries | Textiles, food processing, petrochemicals, aircraft, electronics, clothing and footwear, automobilistic industry, beverages, chemicals, cement, gold, coal, emeralds |
| External | |
| Exports | $24. 86 billion f. o. b. (2006 est. ) |
| Main export partners | US 41. 8%, Venezuela 9. 9%, Ecuador 6. 3% (2005) |
| Imports | $24. 33 billion f. o. b. (2006 est. ) |
| Import goods | US 28. 5%, Venezuela 6. 5%, Mexico 8. 3%, People's Republic of China 7. 6%, Brazil 6. 5%, Venezuela 5. 7% (2005) |
| Gross External Debt | $37. 21 billion (2006 est. ) |
| Public finances | |
| Public debt | 45. 3% of GDP (2006 est. ) |
| Revenues | $50. 7 billion (2005 est. ) |
| Expenses | $52. 29 billion (2005 est. ) |
| Main data source: CIA World Factbook All values, unless otherwise stated, are in US dollars |
|
Colombia is a free market economy with major commercial and investment ties to the United States. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Colombia (kəˈlʌmbɪə officially the Republic of Colombia () is a country in northwestern South America. Economics is the social science that studies the production distribution, and consumption of goods and services. The Economy of the United States is the largest national economy in the world Transition from a highly regulated economy has been underway for more than a decade.
Contents |
History
In 1990, the administration of President César Gaviria Trujillo (1990-94) initiated economic liberalism policies or "apertura economica" and this has continued since then, with tariff reductions, financial deregulation, privatization of state-owned enterprises, and adoption of a more liberal foreign exchange rate. César Augusto Gaviria Trujillo (born March 31, 1947 in Pereira, Risaralda) is a Colombian politician and a Latin American statesman Economic liberalism is the Economic component of Classical liberalism. Almost all sectors became open to foreign investment although agricultural products remained protected.
The original idea of his then Minister of Finance, Rudolf Hommes, was that the country should import agricultural products in which it was not competitive, like maize, wheat, cotton and soybeans and export the ones in which it had an advantage, like fruits and flowers. The finance minister is a Cabinet position in a Government. A minister of Finance (also called financial affairs the treasury the economy or economic Rudolf Hommes Rodríguez is a Colombian Politician and Economist, mostly known for serving a term as Colombian Minister of Finance under the Maize (ˈmeɪz ( Zea mays L. ssp mays) known as corn in some countries is a cereal grain domesticated in Mesoamerica Wheat ( Triticum spp is a worldwide cultivated grass from the Levant area of the Middle East. Cotton is a soft staple Fibre that grows around the seeds of the cotton plant ( Gossypium sp The term fruit has different meanings dependent on context and the term is not synonymous in Food preparation and Biology. A flower, also known as a bloom or Blossom, is the reproductive structure found in Flowering plants (plants of the division Magnoliophyta, also In ten years, the sector lost 7,000 km² to imports, represented mostly in heavily subsidized agricultural products from the United States, as a result of this policy, with a critical impact on employment in rural areas. An agricultural subsidy is a governmental Subsidy paid to Farmers and Agribusinesses to supplement their income manage the supply of agricultural The United States of America —commonly referred to as the A policy is a deliberate plan of action to guide decisions and achieve rational outcome(s [1] Still, this policy makes food cheaper for the average Colombian than it would be if agricultural trade were more restricted.
Until 1997, Colombia had enjoyed a fairly stable economy. The first 5 years of liberalization were characterized by high economic growth rates of between 4% and 5%. The Samper administration (1994-98) emphasized social welfare policies which targeted Colombia's lower income population. Ernesto Samper Pizano also known as "El elefante" (born August 3, 1950 in Bogotá) is a Colombian politician However, these reforms led to higher government spending which increased the fiscal deficit and public sector debt, the financing of which required higher interest rates. An over-valued peso inherited from the previous administration was maintained.
The economy slowed, and by 1998 GDP growth was only 0. 6%. In 1999, the country fell into its first recession since the Great Depression. The economy shrank by 4. 5% with unemployment at over 20%. While unemployment remained at 20% in 2000, GDP growth recovered to 3. 1%.
The administration of President Andrés Pastrana Arango, when it took office on August 7, 1998, faced an economy in crisis, with the difficult internal security situation and global economic turbulence additionally inhibiting confidence. Andrés Pastrana Arango (born August 17, 1954) was the President of Colombia from 1998 to 2002 following in the footsteps of his father Events 322 BC - Battle of Crannon between Athens and Macedon following the death of Alexander the Great. Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) As evidence of a serious recession became clear in 1999, the government took a number of steps. It engaged in a series of controlled devaluations of the peso, followed by a decision to let it float. Colombia also entered into an agreement with the International Monetary Fund which provided a $2. The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic 7 billion guarantee (extended funds facility), while committing the government to budget discipline and structural reforms.
By early 2000 there had been the beginning of an economic recovery, with the export sector leading the way, as it enjoyed the benefit of the more competitive exchange rate, as well as strong prices for petroleum, Colombia's leading export product. Petroleum ( L petroleum, from Greek πετρέλαιον, lit Prices of coffee, the other principal export product, have been more variable. CoFFEE is an Open source Software for computer supported collaborative learning (CSCL in a digital classroom
Economic growth reached 3. 1 % during 2000 and inflation was 9. 0% although unemployment has yet to significantly improve. Colombia's international reserves have remained stable at around $8. 35 billion, and Colombia has successfully remained in international capital markets. Colombia's total foreign debt at the end of 1999 was $34. 5 billion with $14. 7 billion in private sector and $19. 8 billion in public sector debt. Major international credit rating organizations have dropped Colombian sovereign debt below investment grade, primarily as a result of large fiscal deficits, which current policies are seeking to close.
Several international financial institutions have praised the economic reforms introduced by current president Álvaro Uribe (elected August 7, 2002), which include measures designed to reduce the public-sector deficit below 2. Álvaro Uribe Vélez ('alβ̞aɾo u'ɾiβ̞e 'β̞eles born July 4 1952 in Medellín) is a Colombian politician and lawyer who is currently the 39th President Events 322 BC - Battle of Crannon between Athens and Macedon following the death of Alexander the Great. See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. 5% of GDP in 2004. The government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector, and GDP growth in 2003 was among the highest in Latin America, at over 4%. Democratic security or Democratic security policy refers to a Colombian security policy implemented during the administration of President Álvaro Uribe By 2007, GDP is hoped to grow 8%.
Statistics
Economy - overview: Colombia's economy has experienced positive growth over the past three years despite a serious armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export-oriented growth strategy, an improved security situation in the country, and high commodity prices. Ongoing economic problems facing President Uribe range from reforming the pension system to reducing high unemployment, and to achieving congressional passage of a fiscal transfers reform. New exploration is needed to offset declining oil production. International and domestic financial analysts note with concern the growing central government deficit, which hovers at 5% of GDP. However, the government's economic policy and democratic security strategy have engendered a growing sense of confidence in the economy, particularly within the business sector.
GDP (purchasing power parity): $374. 4 billion (2006 est. )
GDP (official exchange rate): $106. 8 billion (2006 est. )
GDP - real growth rate: 6. 8% (2006 est. )
GDP - per capita (PPP): $8,600 (2006 est. )
GDP - composition by sector: agriculture: 12% industry: 35. 2% services: 52. 7% (2006 est. )
Labor force: 20. 81 million (2006 est. )
Labor force - by occupation: agriculture: 22. 7% industry: 18. 7% services: 58. 5% (2000 est. )
Unemployment rate: 11. 1% (2006 est. )
Population below poverty line: 14. 7% (2005)
Household income or consumption by percentage share: lowest 10%: 7. 9% highest 10%: 34. 3% (2004)
Distribution of family income - Gini index: 53. 8 (2005)
Inflation rate (consumer prices): 4. 3% (2006 est. )
Investment (gross fixed): 22. 8% of GDP (2006 est. )
Budget:
revenues: $50. 7 billion
expenditures: $52. 29 billion; including capital expenditures of $NA (2006 est. )
Public debt: 45. 3% of GDP (2006 est. )
Agriculture - products (Main article: Agriculture in Colombia): Colombian coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa beans, oilseed, vegetables; forest products; shrimp
Industries: textiles, food processing, oil, clothing and footwear, beverages, chemicals, cement; gold, coal, emeralds
Industrial production growth rate: 5. Agriculture in Colombia refers to all agricultural activities essential to food feed and fiber production including all techniques for raising and processing livestock Colombian Coffee is a Protected designation of origin granted by the European Union (September 2007 that applies 8% (2006 est. )
Electricity - production: 46. 93 billion kWh (2004)
Electricity - consumption: 42. 01 billion kWh (2004)
Electricity - exports: 1. 682 billion kWh (2004)
Electricity - imports: 48 million kWh (2004)
Oil - production: 578,100 bbl/day (2007 est. )
Oil - consumption: 269,000 bbl/day (2004 est. )
Oil - exports: NA bbl/day (2003)
Oil - imports: NA bbl/day (2003)
Oil - proved reserves: 1. 506 billion bbl (2006 est. )
Natural gas - production: 6. 18 billion cu m (2004 est. )
Natural gas - consumption: 6. 18 billion cu m (2004 est. )
Natural gas - exports: 0 cu m (2004 est. )
Natural gas - imports: 0 cu m (2004 est. )
Natural gas - proved reserves: 114. 4 billion cu m (1 January 2005 est. )
Current account balance: $-2. 219 billion (2006 est. )
Exports: $24. 86 billion f. o. b. (2006 est. )
Exports - commodities: petroleum, coffee, coal, nickel, emeralds, apparel, bananas, cut flowers
Exports - partners:US 41. 8%, Venezuela 9. 9%, Ecuador 6. 3% (2005)
Imports: $24. 33 billion f. o. b. (2006 est. )
Imports - commodities: industrial equipment, transportation equipment, consumer goods, chemicals, paper products, fuels, electricity
Imports - partners: US 28. 5%, Mexico 8. 3%, China 7. 6%, Brazil 6. 5%, Venezuela 5. 7% (2005)
Reserves of foreign exchange and gold: $16. 5 billion (2006 est. )
Debt - external: $37. 21 billion (30 June 2006 est. )
Economic aid - recipient: $NA
Currency (code): Colombian peso (COP)
Exchange rates: Colombian pesos per US dollar - 2,382. 9 (2006), 2,320. 75 (2005), 2,628. 61 (2004), 2,877. 65 (2003), 2,504. 24 (2002)
Fiscal year: calendar year
Economic Growth
| Quarterly | Growth |
|---|---|
| 2005 - I | 4. 92% |
| 2005 - II | 6. 26% |
| 2005 - III | 5. 89% |
| 2005 - IV | 1. 99% |
| 2005 | 4. 765% |
| 2006 - I | 5. 52% |
| 2006 - II | 5. 89% |
| 2006 - III | 7. 74% |
| 2006 - IV | 8. 42% |
| 2006 | 6. 8925% |
| 2007 - I | 8. 23% |
| 2007 - II | 6. 97% |
Source: [2]
Mining and energy
Colombia is well-endowed with minerals and energy resources. A mineral is a naturally occurring substance formed through geological processes that has a characteristic chemical composition a highly ordered atomic structure and specific It has the largest coal reserves in Latin America, and is second to Brazil in hydroelectric potential. |utc_offset = -2 to -4 |time_zone_DST = BRST |utc_offset_DST = -2 to -5 |cctld Hydroelectricity is electricity generated by Hydropower, ie the production of power through use of the gravitational force of falling water Estimates of petroleum reserves in 1995 were 3. Petroleum ( L petroleum, from Greek πετρέλαιον, lit 1 billion barrels (493,000 m³). It also possesses significant amounts of nickel, gold, silver, platinum, and emeralds. Nickel (ˈnɪkəl is a metallic Chemical element with the symbol Ni and Atomic number 28 Gold (ˈɡoʊld is a Chemical element with the symbol Au (from its Latin name aurum) and Atomic number 79 Silver (ˈsɪlvɚ is a Chemical element with the symbol " Ag " (argentum from the Ancient Greek: ἀργήντος - argēntos gen Platinum (ˈplætɪnəm is a Chemical element with the Atomic symbol Pt and an Atomic number of 78 Emeralds are a variety of the Mineral Beryl (Be3Al2(SiO36 colored Green by trace amounts
The discovery of two billion barrels (0. 3 km³) of high-quality oil at the Cusiana and Cupiagua fields, about 200 km (125 miles) east of Bogotá, has enabled Colombia to become a net oil exporter since 1986. Bogotá —officially named Bogotá DC (DC for " Distrito Capital " which means "Capital District" formerly called Santa Fe de Bogotá Total crude oil production averages 620,000 barrel/day (99,000 m³/day); about 184,000 barrel/day (29,000 m³/day) is exported. The Pastrana government has significantly liberalized its petroleum investment policies, leading to an increase in exploration activity. Andrés Pastrana Arango (born August 17, 1954) was the President of Colombia from 1998 to 2002 following in the footsteps of his father Refining capacity cannot satisfy domestic demand, so some refined products, especially gasoline, must be imported. Plans for the construction of a new refinery are under development.
While Colombia has vast hydroelectric potential, a prolonged drought in 1992 forced severe electricity rationing throughout the country until mid-1993. The consequences of the drought on electricity-generating capacity caused the government to commission the construction or upgrading of 10 thermoelectric power plants. Thermoelectricity ( Thermo - Electricity) refers to a class of phenomena in which a Temperature difference creates an Electric potential or an electric Half will be coal-fired, and half will be fired by natural gas. Natural gas is a Gaseous Fossil fuel consisting primarily of Methane but including significant quantities of Ethane, Propane, The government also has begun awarding bids for the construction of a natural gas pipeline system that will extend from the country's extensive gas fields to its major population centers. Plans call for this project to make natural gas available to millions of Colombian households by the middle of the next decade.
As of 2004, Colombia has become a net energy exporter, exporting electricity to Ecuador and developing connections to Peru, Venezuela and Panama to export to those markets as well. For a topic outline on this subject see List of basic Ecuador topics. Peru (Perú Piruw Piruw officially the Republic of Peru ( reˈpuβlika del peˈɾu is a country in western South America. Venezuela (ˌvɛnəˈzweɪlə) officially the Bolivarian Republic of Venezuela (Spanish República Bolivariana de Venezuela) is a country on the Panama, officially the Republic of Panama (República de Panamá) is the southernmost country of Central America. A pipeline connecting western Venezuela to Panama through Colombia is also under construction, thanks to cooperation between presidents Álvaro Uribe of Colombia, Martín Torrijos of Panama and Hugo Chávez of Venezuela. Álvaro Uribe Vélez ('alβ̞aɾo u'ɾiβ̞e 'β̞eles born July 4 1952 in Medellín) is a Colombian politician and lawyer who is currently the 39th President Martín Erasto Torrijos Espino (born July 18, 1963, in Chitré, Herrera) is a Panamanian politician and the current President Hugo Rafael Chávez Frías (ˈuɰo rafaˈel ˈtʃaβ̞es ˈfɾias (born July 28 1954 is the current President of Venezuela. The pipeline will be inaugurated by October, 2007
Human Rights Abuse in Mining Zones
The oil pipelines are a frequent target of extortion and bombing campaigns by the ELN and, more recently, the FARC. National Liberation Army (Ejército de Liberación Nacional ELN is a Revolutionary Marxist, Insurgent guerrilla group that has been operating The Revolutionary Armed Forces of Colombia – People’s Army (Fuerzas Armadas Revolucionarias de Colombia – Ejército del Pueblo also known by the Acronym of The bombings, which have occurred on average once every 5 days, have caused substantial environmental damage, often in fragile rainforests and jungles, as well as causing significant loss of life. Rainforests are Forests characterized by high Rainfall with definitions setting minimum normal annual rainfall between 1750–2000 mm (68-78 inches In April 1999 in Cartagena de Indias, Clinton's Secretary of Energy Bill Richardson spoke before investors from the United States, Canada and other countries. He expressed his government's willingness to use military aid to support the investment that they and their allies were going to make in Colombia, especially in strategically important sectors like mining and energy.
In 2002 there were 170 attacks on the 2nd largest pipeline, which travels 780 km from the Caño Limón to the Atlantic port of Coveñas. Caño Limón is an Oil field in the municipalities of Arauca and Arauquita in Arauca Department, Colombia, on the border of Venezuela. The pipeline was out of operation for 266 days of that year. The government estimates that these bombings reduced the GDP of Colombia by 0. 5%. The government of the United States increased military aid, in 2003, to Colombia to assist in the effort to defend the pipeline. The United States of America —commonly referred to as the Occidental Petroleum privately contracted mercenaries who flew Skymaster planes, from AirScan International Inc. Occidental Petroleum Corporation (" Oxy " is an international Oil and Gas exploration and production company with operations in the United AirScan Inc is a Private military contractor that specializes in airborne surveillance and security , to patrol the Cano Limon-Covenas pipeline. Many of these operations used helicopters, equipment and weapons provided by the U. S. military and antinarcotics aid programs.
On the morning of December 13, 1998, after two days of fierce combat between the army protecting Occidental Petroleum and the FARC in the region, a Colombian Air Force helicopter carried out an air attack against guerrillas, near the village of Santo Domingo, including the use of cluster-bombs. Events 1294 - Saint Celestine V abdicates the papacy after only five months Celestine hoped to return to his previous life Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) Occidental Petroleum Corporation (" Oxy " is an international Oil and Gas exploration and production company with operations in the United After the bombing was over, the bodies of seventeen civilians were found in Santo Domingo, including seven children.
When questioned about the matter by civilian prosecutors in Colombia, the helicopter crew argued that an AirScan Skymaster surveillance plane had provided them with incorrect coordinates for a planned bombing attack on guerrilla positions. The case was subsequently handed over to a Colombian military court, as the crime occurred during official military duty.
In September 2000, a non-binding informal tribunal was organized at Northwestern University in Chicago regarding this case. In December of the same year, the tribunal concluded that Occidental Petroleum, AirScan, the Colombian State, and Generals Fabio Velasco of the Air Force and Hernando Barbosa of the Army were mutually responsible for the attacks. Occidental Petroleum Corporation (" Oxy " is an international Oil and Gas exploration and production company with operations in the United
The decision also called for the case to be judged in civil court, for comprehensive reparations to the victims, special aid for the children and the suspension of U. S. military support for the military unit involved, in accordance with U. S. law, and a suspension of the human rights certification required for the approval of U. S. aid through Plan Colombia. The term Plan Colombia is most often used to refer to controversial U The case was later brought before a Federal Court in California in April 2003.
Recent conflict in areas of wealth, such as Magdalena Medio, have seen the current neo-liberal economic process (supported internationally by the World Bank) be accompanied with violentence. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e Many actors are involved in the internal conflict. 68% of forced displacement in the country occurs in mining zones (mostly in mining municipios of Rio Blanco-Ataco in Tolima, La Gabarra and surrounding areas in Norte de Santander, the municipios of the South of Bolivar, and Barrancabermeja in Santander).
In 1996 and 2001, after new mining codes were written, huge increases in human rights violations in the zones affected by the legislation were reported. In Bolivar there was a 1000% increase in homicides, forced disappearances, injuries, torture, and arbitrary detentions. A forced disappearance occurs when an organization forces a person to vanish from Public view either by Murder or by simple Sequestration. Torture, according to the United Nations Convention Against Torture, is "any act by which severe pain or suffering, whether physical or mental is intentionally Between 1997 and 1998, forced displacements in the south of Bolivar grew by 1500%, as the paramilitary operation was implemented. The departments that showed the highest increase in human rights violations were also those that with the greatest concentration of mining operations: Antioquia, Bolivar, Norte de Santander, and Cesar. Others with high levels of oil and gas production, like Arauca and Putumayo, show the same rates. Over the past fifteen years in Colombia, a union leader has been assassinated every other day. During the government of Álvaro Uribe Vélez the number has fallen slightly, to one every five days. The national union of mine workers Sintraminercol has been facing dissolution. Since Álvaro Uribe Vélez's government has come into office, an indigenous person has been assassinated every five days, most of these in areas of natural resource exploitation.
Mining and Natural Exploitaton has had environmental consequences. The region of Guajira is undergoing an accelerated desertification with the disappearances of forests, land, and water sources, due to the increase in coal production.
Social Consequences or lack of development in resource rich areas is common. Eleven million Colombians survive on less than one dollar a day. Over 65% of these live in mining zones. There are 3. 5 million children out of school, and the most critical situation is in the mining zone of Choco, Bolivar, and Sucre.
Economic consequences of privatization and liberal institutions have meant changes in taxation to attract foreign investment. Colombia will lose another $800 million over the next ninety years that Glencore International operates in El Cerrejon Zona Media, if the company continues to produce coal at a rate of 5 million tons/year, because of the reduction of the royalty tax from 10-15% to . Glencore International AG (management buy out of Marc Rich & Co AG) is one of the world's largest suppliers of commodities and raw materials and is also among Cerrejón is a coal mine located in the Guajira department in the north of Colombia. 04%. If the company, as is plausible, doubles or triples its production, the losses will be proportionally greater. The operational losses from the three large mining projects (El Cerrejon, La Loma, operated by Drummond, and Montelíbano, which produces ferronickel) for Colombia to more than 12 billion. Cerrejón is a coal mine located in the Guajira department in the north of Colombia. La Loma is a Town in the Coclé province of Panama. Sources World Gazeteer Panama &ndash World-Gazetteer Montelíbano is a town and municipality located in the Córdoba Department, northern Colombia. Ferroalloy refers to various Alloys of Iron with a high proportion of one or more other element, Manganese or Silicon for example Just $10 billion would be enough to provide employment for Colombia's three million unemployed, to save the lives of the up to 160 children who die daily of hunger, malnutrition and curable diseases, and to have avoided the closing of over 20 hospitals around the country, which has created a humanitarian emergency in the poorest sectors of the population. Hunger is a feeling experienced usually followed by a desire to Eat. Malnutrition is a general term for a medical condition caused by an improper or insufficient diet.
Coal production has grown rapidly, from 22. 7 million tons in 1994 to 50. 0 million tons in 2003. [2] Over 90% of this amount was exported, making Colombia the world's sixth largest coal exporter, behind Australia, the People's Republic of China, Indonesia, South Africa and Russia. For a topic outline on this subject see List of basic Australia topics. Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES The Republic of Indonesia ( (Republik Indonesia is a Country in Southeast Asia. The Republic of South Africa (also known by other official names) is a country located at the southern tip of the continent of Africa Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending [3] From the mid-1980s the center of coal production was the Cerrejón mines in the Guajira department. Cerrejón is a coal mine located in the Guajira department in the north of Colombia. The Department of La Guajira or simply La Guajira (la ɰwa'hiɾa is a department of Colombia. However, the growth in output at La Loma in neighboring Cesar mean that this department has been the leader in coal production since 2004. Production in other departments, including Boyacá, Cundinamarca and Norte de Santander, forms about 13% of the total. The coal industry is largely controlled by international mining companies, including a consortium of BHP Billiton, Anglo American and Glencore International at Cerrejón, and Drummond Company at La Loma, which is undergoing a lawsuit in the U. Anglo American PLC () is a world-wide group of companies, originally founded in South Africa as a Mining enterprise but now extending into other areas Glencore International AG (management buy out of Marc Rich & Co AG) is one of the world's largest suppliers of commodities and raw materials and is also among Drummond Company Inc is a privately owned company based in Birmingham Alabama, United States, involved in the mining and processing of coal and coal products S. District Court in Alabama for union assassinations and alleged paramilitary links.
Trade
Colombia's estimated balance of trade showed a surplus $910 million in 1999, up from a $3. The balance of trade (or net exports, sometimes symbolized as NX) is the difference between the monetary value of Exports and imports in an 8 billion deficit in 1998. Total 1999 imports were $10. 6 billion, while exports were $11. 5 billion. Estimated 2000 imports were $11. 2 billion with $14. 0 exports. Colombia's major exports continue to be petroleum, coffee, coal, nickel, gold and nontraditional exports (e. g. , cut flowers, semiprecious stones, sugar, and tropical fruits).
The United States remained Colombia's major trading partner in 1999, taking 48. 5% of exports and providing 42. 1% of imports. The EU and Japan also are important trading partners, as are Andean Pact countries and Venezuela. The Andean Community ( Spanish: Comunidad Andina, CAN) is a Trade bloc comprising the South American countries of
Foreign Investment
In 1990, to attract foreign investors and promote trade, an experiment from the IMF known as "la apertura" was adopted by the government as an open trade strategy. The International Monetary Fund ( IMF) is an International organization that oversees the Global financial system by following the Macroeconomic Although the analysis of the results are not clear, the fact is that the agricultural sector was severely impacted by this policy.
In 1991 and 1992, the government passed laws to stimulate foreign investment in nearly all sectors of the economy. The only activities closed to foreign direct investment are defense and national security, disposal of hazardous wastes, and real estate--the last of these restrictions is intended to hinder money laundering. Colombia established a special entity--CoInvertir--to assist foreigners in making investments in the country. Foreign investment flows for 1999 were $4. 4 billion, down from $4. 8 billion in 1998.
Major foreign investment projects underway include the $6 billion development of the Cusiana and Cupiagua oil fields, development of coal fields in the north of the country, and the recently concluded licensing for establishment of cellular telephone service. The United States accounted for 26. 5% of the total $19. 4 billion stock of nonpetroleum foreign direct investment in Colombia at the end of 1998.
On October 21, 1995, under the International Emergency Economic Powers Act (IEEPA), President Clinton signed an Executive Order barring U. Events 1512 - Martin Luther joins the theological faculty of the University of Wittenberg. Year 1995 ( MCMXCV) was a Common year starting on Sunday. Events of 1995 S. entities from any commercial or financial transactions with four Colombian drug kingpins and with individuals and companies associated with the traffic in narcotics, as designated by the Secretary of the Treasury in consultation with the Secretary of State and the Attorney General. The list of designated individuals and companies is amended periodically and is maintained by the Office of Foreign Asset Control at the Department of the Treasury, tel. (202) 622-0077 (ask for Document #1900). The document also is available at the Department of Treasury web site.
Colombia is the United States' fifth-largest export market in Latin America--behind Mexico, Brazil, Venezuela, and Argentina--and the 26th-largest market for U. S. products worldwide. The United States is Colombia's principal trading partner, with two-way trade from November 1999 through November 2000 exceeding $9. 5 billion--$3. 5 billion U. S. exports and $6. 0 billion U. S. imports. Colombia benefits from duty-free entry--for a 10-year period, through 2001--for certain of its exports to the United States under the Andean Trade Preferences Act. Colombia improved protection of intellectual property rights through the adoption of three Andean Pact decisions in 1993 and 1994, but the U. S. remains concerned over deficiencies in licensing, patent regulations, and copyright protection.
The petroleum and natural gas coal mining, chemical, and manufacturing industries attract the greatest U. S. investment interest. U. S. investment accounted for 37. 8% ($4. 2 billion) of the total $11. 2 billion in foreign direct investment at the end of 1997, excluding petroleum and portfolio investment. Worker rights and benefits in the U. S. -dominated sectors are more favorable than general working conditions. Examples include shorter-than-average working hours, higher wages, and compliance with health and safety standards above the national average.
Industry and Agriculture
The most industrially diverse member of the five-nation Andean Community, Colombia has four major industrial centers--Bogota, Medellin, Cali, and Barranquilla, each located in a distinct geographical region. Colombia's industries include textiles and clothing, particularly lingerie, leather products, processed foods and beverages, paper and paper products, chemicals and petrochemicals, cement, construction, iron and steel products, and metalworking. Its diverse climate and topography permit the cultivation of a wide variety of crops. In addition, all regions yield forest products, ranging from tropical hardwoods in the hot country to pine and eucalyptus in the colder areas.
Cacao, sugarcane, coconuts, bananas, plantains, rice, cotton, tobacco, cassava, and most of the nation's beef cattle are produced in the hot regions from sea level to 1,000 meters elevation. CACAO is a research Java Virtual Machine developed at Vienna University of Technology. Sugarcane ( Saccharum) is a genus of 6 to 37 species (depending on taxonomic interpretation of tall perennial grasses (family Poaceae tribe Andropogoneae The Coconut Palm ( Cocos nucifera) is a member of the Family Arecaceae (palm family For the fruit see Banana. For other meanings see Banana (disambiguation. The plantain is a crop in the genus Musa and is generally used for cooking in contrast to the soft sweet Banana (which is sometimes called the Rice is a Cereal foodstuff which forms an important part of the diet of many people worldwide and as such it is a staple food for many Cotton is a soft staple Fibre that grows around the seeds of the cotton plant ( Gossypium sp Tobacco is an Agricultural product recognized as an addictive drug processed from the fresh Leaves of plants in the genus Nicotiana. The cassava, yuca, manioc, or mandioca ( Manihot esculenta) is a woody Shrub of the Euphorbiaceae (spurge family native The temperate regions -- between 1,000 and 2,000 meters -- are better suited for coffee; certain flowers; maize and other vegetables; and fruits such as citrus, pears, pineapples, and tomatoes. CoFFEE is an Open source Software for computer supported collaborative learning (CSCL in a digital classroom Maize (ˈmeɪz ( Zea mays L. ssp mays) known as corn in some countries is a cereal grain domesticated in Mesoamerica Citrus is a common term and Genus of Flowering plants in the family Rutaceae, originating in tropical and subtropical southeast regions of A pear is a pomaceous Fruit produced by a tree of Genus Pyrus. Pineapple ( Ananas comosus) is the common name for an edible Tropical Plant and also its Fruit It is native to the southern part of Brazil The tomato ( Solanum lycopersicum, syn Lycopersicon lycopersicum) is a herbaceous usually sprawling plant in the Solanaceae or nightshade family The cooler elevations -- between 2,000 and 3,000 meter -- produce wheat, barley, potatoes, cold-climate vegetables, flowers, dairy cattle, and poultry. Wheat ( Triticum spp is a worldwide cultivated grass from the Levant area of the Middle East. Barley ( Hordeum vulgare) is an annual Cereal Grain, which serves as a major animal Feed crop, with smaller amounts used for The potato is a Starchy Tuberous crop Vegetable from the perennial Solanum tuberosum of the Solanaceae A dairy is a facility for the extraction and processing of animal Milk &mdashmostly from goats or cows, but also from buffalo, Sheep Poultry is the category of Domesticated Birds which some humans keep for the purpose of collecting their eggs, or kill for their Meat and/or
Notes
- ^ cia world fact book
- ^ Unidad de Planeación Minero Energética - UPME (2004), Boletín Estadístico de Minas y Energía 1994 - 2004. The World Factbook ( ISSN; also known as the CIA World Factbook) is an annual publication of the Central Intelligence Agency of the PDF file in Spanish.
- ^ World Coal Institute (2004), Coal Facts - 2004 Edition. PDF file.
See also
- Colombia
- List of Colombian companies
- Economy of South America
- Emigration from Colombia
- A U.S.-Colombia Free Trade Agreement: Strengthening Democracy and Progress in Latin America
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