Colombian exports are on pace to reach a record-breaking $40 billion this year as companies offset a decline in exports to neighboring Venezuela by finding new markets in Central America and the Caribbean, Trade Minister Guillermo Plata said.
"Colombia is diversifying its exports, and in the last three months, firms have started to offset the losses to Venezuela," he said.
Venezuela has traditionally been Colombia's second-largest trading partner, surpassed only by the US.
As a result of the problems with Venezuela, China is now Colombia's second-largest trading partner. Plata, however, highlighted that the products Colombia used to sell to Venezuela, such as manufactured and agricultural goods, are being redirected to markets in Central America and the Caribbean.