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Colombian Economy Essay

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How Low Prices Affect the Colombian Economy and its Currency
This country located in South America depends substantially in its oil exports for a prosper economy. Colombia, with most of its goods exported as commodities have been seen affected due to some of the challenges that the oil market has been facing lately since 2013. Colombia’s economy exports most of the time commodities such as flowers, coffee, fruits and vegetables, emeralds and gold, coal and leaving the most important to last, oil. Oil represented 20 % of the total Colombia’s revenue in 2014 exports and it is the third biggest oil exporter after Venezuela and Brazil, amount that is translated in a production 1 million barrels of crude per day.

According to Stratford Enterprises the drop by almost 60% of the oil prices …show more content…

the biggest export partner for this country is United States that left the year with a 30.9% drop on national products’ imports according to Colombia Reports. Oil, the biggest representer of Colombia’s exports was less bought by United States and Asian countries such as China, and at the same time products such as Coal faced a hard economic situation during the year analyzed.
The economic sector is always a part of business that is uncontrollable. To illustrate it, Colombia on some of its economic projections realized in the year 2012 had indicated an ambitious and prosperous future for the economy reflected in the growing of the petroleum sector. Unfortunately, this ideal was just a simple expectation converted in decadence. According to Bloomberg, the Colombia’s principal oil company Ecopetrol SA, has lost more than $120 billion in market value since 2012. This company which in the year of 2012 was recognized the world’s fifth biggest oil company is now the number 38 and its market cap has been reduced in

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