Colombian Car Parts Top Export, 34 Million Vehicles, $2.5 Billion Market

Posted by Harry Tapias on April 29, 2013

800px-Chiva_Turismo

In 2006, I traveled to Cúcuta Colombia, a major trading city on the Venezuelan border where I visited with my uncle. It is a hot dry city full of old Renaults, Mazdas, Chevys, and colorful “Chivas” buses moving to and from the Venezuelan border. My uncle explained that in Colombia like in his home town there is high demand for replacement auto parts because drivers tend to keep their vehicles for very long periods. Car, bus, and motorcycle drivers do their own mechanic work at home to save money. Replacement parts, however, are very hard to find, and are occasionally stolen from other vehicles to supply the demand. I ignored his offer to start an automotive parts export business because I did not see the potential in it. Today the 2012 US-Colombian Free Trade Agreement makes this $2.5 Billion market accessible to all Americans. The US Department of Commerce reports that Colombia has access to a market of 34 Million vehicles in a country of 44.5 Million inhabitants. Because GM is a major car seller in Colombia, the

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US-Colombia Free Trade Agreement (CFTA) creates an opportunity for American exporters by eliminating tariffs ranging from 5%-30%.

The CFTA also creates a niche for remanufactured automotive parts that would meet the demand my uncle told me about for handyman vehicle owners. According to the department’s report, the remanufactured automotive parts sector needs the following:

  • Gasoline and diesel engines
  • Electronic Storage batteries
  • Cabinets for motor vehicles
  • Suspension shock absorbers
  • Brake parts
  • Lights, high and low beams
  • Air filters and Oil filters
  • Windshields, Gaskets
  • Tires, ball bearing, etc.

 

Contact LOIGICA today to learn more about automotive parts exports to Colombia and to other South American countries.

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