Focusing on expanding to new markets remains a winning strategy for most food producers as there is still huge untapped potential in many areas around the globe; identifying the best importers and distributors in some of the most promising economies in 2016 will allow companies to be a step ahead of their competition and create a solid export strategy. So what are the countries that should be included in your export strategy based on their growth potential for next year?
Colombia is one of the most promising markets in South America and the image of a dangerous and unstable zone is starting to fade. The presence of an increasing number of multinationals in Bogota is a clear sign that things area heading in the good direction. The country has a population of more than 46 million people, a growing middle class and a GDP that is growing at a steady pace year after year. The per capita income has also been rising, from US $7,826 in 2013 to an estimated US $ 14,400 in 2018.
Colombia has an excellent record of Free trade agreements and is part of the Pacific Alliance and has access to markets that reach up to a little more than 85% of the World GDP.
The fact that after more than 50 years of conflict Colombian President Juan Manuel Santos stated that he wants to enter into a truce with the Farc rebel group at the start of 2016 is another excellent news for the latin country.
The country is importing most of its products from the US, China, Mexico and Brazil, but important quantities are also coming from EU countries. Food and livestock reach 8% of the country’s imports, which in August 2015 were US $4.44 Billion. Corn, wheat, soybeans, pork and processed foods are the most important products that Columbia is importing from the US. The country is also importing important quantities of fats, oils and cocoa from other markets.
Colombia’s retail sector is another area that contributes to the country’s attractiveness, discounters and especially internet retailing exhibiting strong growth in the last years. Trend is expected to continue.