Colombia to Reintroduce Tariffs on 32 Goods and Raw Materials in April

Colombia is reimposing tariffs on the import of dozens of raw materials and capital goods to protect the industries and companies that already produce them domestically.

The tariff, which will take effect in early April, will vary by product, according to the government, and levied at a rate of 5%, 10%, or 15% depending on the good “given that they are currently produced domestically,” stated the Ministry of Commerce, Industry and Tourism (MinCIT).

The following goods and materials are among those affected: certain fertilizers, herbicides, appliances, agricultural tools, hammers, axes, parts for semi-trailers, paper bags, and various textiles and yarns.

The decision follows a formal review from MinCIT into tariffs previously imposed and officially comes in the form of Decree 0324 of March 11, 2024.

The tariffs will not apply to goods that are shipped and arrive in Colombia prior to the formal date when it comes into force, per MinCIT.

Despite the move, Colombia is coming off a year in which it evened out a trade imbalance with a 15.2% drop in overall imports in 2023.

Photo: The Port of Barranquilla. (Photo credit: Puerto de Barranquilla)