While cocoa is produced en masse in Africa and Asia, plantations in Colombia compete by yielding fine aroma beans, which make up 5% of the global market, according to the International Cocoa Organisation (ICCO). Processing is primarily divided between Nutresa, formerly the Compañía Nacional de Chocolate, and CasaLuker. Nestlé Colombia also produces...
Over the past decade, retail has become one of the biggest contributors to economic growth, consistently surpassing high-value industries such as oil, gas and mining. According to Fenalco, the national trade federation, the sector’s contribution to GDP reached 8.1% in 2011, placing it just after financial services (19.1%), services (15.3%) and...
Growth in domestic and international air travel has exceeded that of the national economy in recent years. In 2012, when Colombia’s GDP grew by 4%, the number of airline passengers (measured at the level of airport traffic) grew by 14.5%, reaching 24.7m, according to the Colombian Air Transport Association (Asociación del Transporte Aéreo, ATAC)....
Albeit modest compared to the revenues brought in by coffee producers, palm oil is increasingly establishing its agricultural value. While moderately growing since the start of production in the early 1960s, the sector has experienced faster growth from the early 2000s onwards as a result of regulatory incentives and profitable export prices. Since...
Similar to growing economies in the region, Colombia’s shopping mall segment is expanding in both sales and nationwide presence. According to Acecolombia, the national mall association, annual sales had reached COP26trn ($15.6bn) by the end of 2012, representing 13% year-on-year growth. The number of malls with a surface area larger than 5000 sq...
An increase in consumer spending facilitated by the arrival of numerous foreign retailers and a slate of new and upcoming bilateral trade agreements are set to significantly improve Colombia’s foreign trade activity. However, Colombian freight handlers fear a rise in cargo volumes will overburden already pressured physical and institutional...
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