embassy of india bogota - confederation of indian...

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Embassy of India

Bogota

No. BOG/201/1/2009 August 15 2010

Monthly Commercial and Economic Report for Colombia, Ecuador and Costa Rica, July 2010

Colombia

i. GDP

GDP growth for the first quarter of 2010 was 4.4% compared to the first quarter of 2009. In respect of the last quarter of 2009, GDP growth was 1.3%.

ii. Rate of inflation

Annual inflation 2.24% (July 2010)

Total Trade

US $ 31.19 billion, January – May 2010

iii. Total trade in US $ million and its growth to 10 major countries January – May 2010

Country 2010 2009 % of variation

USA 9,122.18 8,073.16 12.99%

China 2,409.45 1,652.85 45.78%

Mexico 1,533.94 1,060.70 44.62%

Brazil 1,183.47 1,110.68 6.55%

Germany 778.79 708.08 9.99%

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Ecuador 772.19 764.89 0.95%

Argentina 580.50 452.12 28.40%

Japan 554.41 505.85 9.60%

Canada 445.94 425.31 4.85%

South Korea 407.51 330.12 23.44%

Source: Colombian Customs Agency

iv. India‐ Colombia Bilateral trade ( January – May 2010 as compared to January – May 2009)

Exports to Colombia : US $ 235.57 mn (US $ 189.8 mn in 09);

Imports from Colombia US $ 122.09 mn (US $ 63.51 mn in 09)

Total trade US $ 357.66 million (US $ 253.31 in 2009, increase of 41.20%)


v. Top ten items of export from India to Colombia January – May 2010

Item CIF value in US million Dollars

Share in total exports to Colombia

Equipment for motor vehicles 62.75 26.64%

Vehicles other than railways 30.49 12.94%

Cotton yarn and woven fabrics of cotton 29.87 12.68%

Miscellaneous Chem. Products 20.87 8.86%

Organic Chemicals 20.82 8.84%

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Pharmaceutical Products 16.24 6.89%

Iron and Steel 6.63 2.81%

Man-made Filaments 5.62 2.39%

Man-made Staple Fibers 5.45 2.31%

Machinery and Mech. Appliances 4.91 2.09%


vi. Top ten items of Import from Colombia by India in January – April 2010

Item FOB Value in US million Dollar Share in total Imports

Mineral Fuels, mineral oils (US $ 64.61 mn in exports of crude oil, US $ 50.79 mn in exports of coal) 115.42 94.81%

Sugars 2.54 2.08%

Wood and articles of wood 0.89 0.73%

Natural or Cultivated Pearls 0.74 0.61%

Aluminium and Articles thereof 0.37 0.30%

Copper and Articles thereof 0.33 0.27%

Other Base Metals 0.29 0.24%

Cocoa and Cocoa Preparations 0.28 0.23%

Glass and Glassware 0.16 0.13%



vii. The principal five export destinations in January – May 2010

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USA

China

Netherlands

Venezuela

Ecuador


viii. The principal five‐import sources in January – May 2010

USA

China

Mexico

Brazil

Germany


ix. The principal five export commodities in January – May 2010

Mineral oils and fuels

Natural or cultivated pearls

Coffee

Live trees and other plants

Iron & Steel

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x. The principal five import items in January – May 2010

Machinery and mechanical appliances

Electrical Machinery and Equipment

Vehicles and autoparts

Aircrafts, space crafts and parts



i) Other important economic news: Colombia's July Oil Output Up 19.6% On Year To 786,000 Barrels per day Colombia's crude‐oil output in July rose by 19.6% to an average of 786,000 barrels a day from 661,000 barrels a day a year earlier, according to the government's oil‐licensing agency, ANH.The July output, which is slightly higher than June's 783,000 barrels a day, was also the highest monthly average since November 1999, when production averaged 795,000 barrels a day. Mining and Oil Boom Propel Investment in Colombia Security gains and capitalist‐friendly investment rules are spurring an unprecedented mining and oil boom in Colombia, a pro‐business outpost on an increasingly leftist continent. Investors are deeming Colombia well worth the risk though many parts of the country where reserves are being exploited continue to be plagued by illegal armed groups. South America's third‐largest oil producer behind Brazil and Venezuela, Colombia is on track to generate more than 1 million barrels of crude a day by 2012 — double its production in 2006 — the government says. A full 80 percent of the $7.2 billion in direct foreign investment the country reaped last year went to petroleum and mining — with investment in the latter sector nearly doubling to $3.1 billion. Colombia is so bullish on the foreign investment bonanza flourishing under new President Juan Manuel Santos, a former foreign trade, defense and finance minister, that the government is forecasting a

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healthy jump in gross domestic product this year, 4.5 percent.

ii) India‐ Colombia bilateral relations‐ Latest Development

Negotiations on DTAA concluded in Bogotá

On July 8 the Colombian and Indian Government representatives agreed on the final text of Double Taxation Avoiding Agreement between the two countries. The final text will be put forward for approval from Indian Cabinet for signatures.

Trade Queries for Colombia Received in July 2010

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ITEM: JEWELLERY

NAME: ABDUL ANSARI

COMPANY: GORI JEMS

Email: [email protected]

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ITEM: MACHINERY SPARE PARTS

NAME: RAVINDRA AGARWAL

COMPANY: SANJAY PLASTICS AND INDUSTRY SERVICES


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ITEM: MADE UPS

NAME: SAHIL SABHERWAL

COMPANY: SARA GROUP


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ITEM: GLASS

NAME: SANDIP MITRA

COMPANY: IAG COMPANY


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ITEM: BYCICLES

NAME: SANDEEP SINGH

COMPANY: EASTMAN INDUSTRIES


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ITEM: FOOTWEAR

NAME: SUNIL GOEL

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COMPANY: GM EXPORTS


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ITEM: JEWELLERY

NAME: NAVAL SONI

COMPANY: SILVER SLOTUS


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ITEM: JEWELLERY

NAME: PRATIK NAWALKHA

PRATIK JEWELLS

Email: [email protected]>

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ITEM: CDS AND DVDS

NAME: VINITA ANAND

COMPANY: MOSER BAER

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ITEM: FOOTWEAR

NAME: SUNIL GOEL

COMPANY: LIBERTY SHOES


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ITEM: MACHINERY

NAME: ROSELY

COMPANY: ASHOK MACHINERY


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ITEM: JEWELLERY

NAME: JARYON RASTA

COMPANY: CHOURA RASTA


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ITEM: FRUITS

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NAME: PARESH PATEL

COMPANY: UMIYA EXPORTS AND IMPORTS


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ITEM: TEXTILES

NAME: UNSPECIFIED

COMPANY: RSWM LIMITED


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ITEM: PHARMA

NAME: KOMAL GUPTA

COMPANY: KEVA INDUSTRIES


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ITEM: PHARMA

NAME: RANJIT SINGH

COMPANY: SERUM INSTITUTE OF INDIA


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ITEM: MACHINERY

NAME: JU SHAH

COMPANY: ACME MACHINERY


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ITEM: SEVERAL

NAME: SANDEEP

COMPANY: SHIVALIK BIMETAL CONTROLS


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ITEM: LEAD INGOTS

NAME: KUMAR VERMA

COMPANY: PILOT INDUSTRIES LIMITED


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ITEM: SEVERAL

NAME: NELAH SHAH

COMPANY: BHARAT ENTERPRISES


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ITEM: SPICES

NAME: VINOD KUMAR JAIN

COMPANY: HURTLE OVERSEAS


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ITEM: COTTON

NAME: BIKAS MOHANTA

COMPANY: BIKAS MOHANTA


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ITEM: HEAVY MACHINERY

NAME: AMIT CHAKRABARTI

COMPANY: BEML LIMITED


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ITEM: LEATHER PRODUCTS

NAME: AMIT KARANIA

COMPANY: TEJAS VI EXPORTS


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ITEM: COTTON

NAME: PRIYANKA GIRDONIA

COMPANY: MR TEXTILES

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ITEM: CHEMICALS

NAME: HERMANT UCHIL

COMPANY: GUJARAT ORGANICALS


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ITEM: PHARMA

NAME: SUPERNA KOUL

COMPANY: BHARGAVA PHARMACY


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ITEM: HANDICRAFTS

NAME: MAHESH KHATRI

COMPANY: SHAKTI STONE ART INDUSTRIES


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ITEM: CERAMIC TILES

NAME: CHANDRESH PATEL

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COMPANY: CMP EXPORTS


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ITEM: FOOD

NAME: ANIL SHARMA

COMPANY: BEST FOOD INTERNATIONAL


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ITEM: JEWELLERY

NAME: YADVEER SONI

COMPANY: LAKHMI JEWELLERY


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ITEM: JEWELLERY

NAME: RITESH AGARWAL

COMPANY: SG JEWELLERS


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ITEM: HANDICRAFTS

NAME: MANISH SHARMA

COMPANY: MANISH SHARMA

[email protected]

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ITEM: LABORATORY GLASSWEAR

NAME: ABHISEK SHARMA

COMPANY: PUJA INTERNATIONAL EXPORT SOLUTIONS


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ITEM: FOOD

NAME: UNSPECIFIED

COMPANY: RAKSHANA EXPORTS


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ITEM: SEVERAL

NAME: RAINTECH

COMPANY: ANKUR GUPTA


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ITEM: LABORATORY EQUIPMENT

NAME: S. SIDHU

COMPANY: TERA MED


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ITEM: TRACTORS

NAME: SANDEEP SINGH

COMPANY: EASTMAN INDUSTRIES


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ITEM: TEXTILES

NAME: SHASHANK RASHVANSHY

COMPANY: GEOTEXTILES


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ITEM: PHARMA

NAME: MANOJ SARDA

COMPANY: INDIAN PHARMA

[email protected]

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ITEM: MINERALS

NAME: HERMINIA ACOSTA LOSADA

COMPANY: HERMINIA ACOSTA LOSADA

Email: [email protected]>

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Ecuador

i. GDP

GDP growth in the first quarter of 2010: 0.33%.



Total Trade January – June 2010

US $ 17.44 billion

iii. Total trade in Million US$ in January – June 2010

Country 2010 2009 % of variation USA 5,167.08 3,964.28 30.34%

PANAMA 1,391.06 813.21 71.06%

COLOMBIA 1,260.25 1,054.14 19.55%

PERU 1,102.15 535.37 105.87%

VENEZUELA 880.33 524.12 67.96%

CHINA 800.33 574.01 39.43%

CHILE 525.88 520.16 1.10%

JAPAN 500.68 373.62 34.01%

ITALY 458.77 381.23 20.34%

BRAZIL 423.39 326.38 29.72%

Source: Central Bank of Ecuador

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iv. India‐ Ecuador bilateral trade January – June 2010 as compared to January – May 2009)

Exports to Ecuador: US $ 64.18 mn (US $ 36.01 in 09)

Imports from Ecuador US $ 4.32 mn (US $ 3.89 in 09);

Total trade US $ 68.50 million (US $ 39.90 in 2009, increase of 71.69%)


v. Top ten items of export from India to Ecuador January‐ June 2010


Share in total exports to Ecuador



Man-made Staple Fibers 3.85 6.00%

Railway or tramway locomotives 3.32 5.17%


Electrical Machinery and Equipment 3.13 4.88%



Plastics and Articles thereof 1.94 3.03%

Man-made Filaments 1.80 2.80%


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vi. Top ten items of import from Ecuador by India, January ‐ June 2010

Item FOB Value in US million Dollar Share in total imports


Cocoa and Cocoa Preparations 1.26 29.22%

Raw hides and skins 0.03 0.63%




Optical, Medical or Surgical Inst 0.0022 0.05%

Live Trees and other plants 0.0019 0.04%

Edible vegetables 0.0016 0.04%

Coffee, tea, mate 0.0001 0.00%



vii. The principal five export destinations in January ‐ June 2010

USA

Panama

Peru

Venezuela

Colombia

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viii. The principal five‐import sources in January ‐ June 2010

USA

Colombia

China

Brazil

Venezuela


ix. The principal five export commodities in January ‐ June 2010


Fish and crustaceans

Edible fruits

Edible preparations of meat

Live trees and other plants


x. The principal five import items in January ‐ June 2010

Minerals and fuels

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Machinery and mechanical appliances

Electrical Machinery and Equipment

Vehicles and autoparts

Iron and steel


i) Other important economic news:

Ecuador announced $1B credit line from China Deputy Finance Minister Maria Dolores Almeida says the financing agreement will be signed at the end of August in China. She says about 80 percent of the financing is available for a variety of projects and 20 percent is reserved for joint ventures with China. China is already financing what will be the South American country's largest hydroelectric project. China also is backing major development projects in Venezuela under a $20 billion package to be paid off with oil shipments. Ecuador set to renegotiate foreign oil deals OPEC member Ecuador will renegotiate dozens of foreign oil contracts with the aim of bringing in 85‐90 percent of the revenue for itself. Ecuador’s government will renegotiate 33 foreign oil contracts starting next week with Spanish‐Argentine YPF and Chile's Enap, Non‐Renewable Resources Minister Wilson Pastor told a press conference. President Rafael Correa's government on July 26 signed a legal reform under which the state is 100‐percent owner of crude oil production in the South American nation. Currently Ecuador produces 472,000 barrels per day.

Trade Queries for Ecuador Received in July 2010

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ITEM: TOURISM

NAME: ROSI ANDRADE

COMPANY: VIPECUADOR VACACIONES

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Costa Rica

i. GDP

GDP growth for the first quarter of 2010 5.1%.



Total Trade January ‐ June 2010

US $ 11.31 bn

iii. Total trade in million US$ and its growth to 10 major countries January – June 2010

Country 2010 2009 % of variation USA 2,577.96 1,865.7 38.18%

China-Taiwán 410.92 324.8 26.53%

México 410.53 356.7 15.09%

Guatemala 278.21 258.2 7.76%

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Colombia 266.53 135.2 97.21%

Panamá 254.42 226.0 12.58%

Nicaragua 201.41 184.4 9.23%

Germany 200.33 150.9 32.75%

Belgium-Luxemburg 187.93 160.7 16.92%

Japan 163.02 122.7 32.91%

Source: Central Bank of Costa Rica

iv. India‐ Costa Rica bilateral trade January ‐ March 2010 as compared to January ‐ March 2009

Exports to Costa Rica 2010: US $ 10.99 mn (US $14.13 in 09)

Imports from Costa Rica in 2009 US $ 6.28 mn (US $6.30.49 in 09)

Total trade US $ 17.27 million (US $ 20.43 in 2009, decrease of 15.47%)

Top ten items of export from India to Costa Rica from January ‐ March 2010


Share in total exports to Costa Rica



Special Woven Fabrics 1.35 12.61%


Rubber and Articles thereof 0.57 5.34%

Oil, seeds and oleaginous 0.43 4.03%

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Man‐made Filaments 0.43 3.97%



Articles not Knitted 0.23 2.19%

Source: Procomer

Top ten items of import from Costa Rica by India, January ‐ March 2010

Item FOB Value in USmillion Dollar

Share in total imports From Costa Rica




Oil, seeds and oleaginous 0.17 2.63%


Optical, Medical or Surgical Inst 0.04 0.56%

Articles of Iron and Steel 0.03 0.47%



Live Trees and other plants 0.01 0.08%

Source: Procomer

vii. The principal five export destinations January – June 2010

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USA

Belgium

Nicaragua

Panama

Netherlands


viii. The principal five‐import sources January – June 2010

USA

China

Mexico

Colombia

Japan


ix. The principal five export commodities January ‐ June 2010

Manufactures

Agro and sea products

Bananas

Coffee

Meat


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x. The principal five import items January ‐ June 2010

Raw material and intermediate products

Consumption goods

Capital goods for industry and Mining

Capital goods for transport

Fuels and oils


Trade Queries for Costa Rica Received in July 2010

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No trade queries were received for Costa Rica in July 2010

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