Colombia: Bound rate, simple mean, all products (%)

Key figures

What the numbers say

In 2022, Colombia's bound rate, simple mean, all products (%) did not change 0 percentage points on 2021 (from 42.84% to 42.84%).

Across the 26 yearly changes before that (1996 to 2021), the average change was +0.03 percentage points and a typical year strayed about 0.14 percentage points from that (the standard deviation). This year's change was 0.2 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 0.71 percentage points in 2013 and the biggest yearly fall was 0.05 percentage points in 1996. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2013 to 2022 the straight-line trend is upward, about 0.02 percentage points a year. A straight line explains 73% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2022, Colombia had the 10th highest value of the 35 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Colombia in the 2022 ranking

• Guyana — 7th of 35: 57.23%
• Grenada — 8th of 35: 56.64%
• Trinidad and Tobago — 9th of 35: 55.97%
• Bolivia — 11th of 35: 39.98%
• Venezuela, RB — 12th of 35: 36.72%
• Mexico — 13th of 35: 34.99%

What this measures

Simple mean bound rate is the unweighted average of all the lines in the tariff schedule in which bound rates have been set. Bound rates result from trade negotiations incorporated into a country's schedule of concessions and are thus enforceable.

All 28 values

Bound rate, simple mean, all products (%) in nearby economies

• Antigua and Barbuda — 58.75% (2021)
• Argentina — 31.78% (2022)
• Barbados — 78.93% (2022)
• Belize — 59.31% (2021)
• Bolivia — 39.98% (2022)
• Brazil — 31.47% (2022)
• Chile — 25.15% (2022)
• Costa Rica — 43.05% (2021)
• Cuba — 21.77% (2022)
• Dominica — 59.77% (2020)
• Dominican Republic

More trade data for Colombia

• Tariff rate, applied, simple mean, manufactured products (%) — 3.55% (2022)
• Tariff rate, most favored nation, simple mean, manufactured products (%) — 6% (2022)
• Tariff rate, applied, weighted mean, manufactured products (%) — 2.98% (2022)
• Tariff rate, most favored nation, weighted mean, manufactured products (%) — 5.5% (2022)
• Tariff rate, applied, simple mean, all products (%) — 3.55% (2022)
• Tariff rate, most favored nation, simple mean, all products (%) — 7.09% (2022)
• Tariff rate, applied, weighted mean, all products (%) — 2.83% (2022)
• Tariff rate, most favored nation, weighted mean, all products (%) — 7.06% (2022)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Colombia's bound rate, simple mean, all products (%)?

42.84% in 2022, according to the World Bank (World Development Indicators).

How has it changed since 1995?

It is up 0.9 percentage points from 41.94% in 1995. The highest value was 42.84% in 2017 and the lowest 41.85% in 2002.

How does Colombia rank?

10th highest of 35 economies with data for 2022.

Is the latest change in bound rate, simple mean, all products (%) unusual for Colombia?

In 2022, Colombia's bound rate, simple mean, all products (%) did not change 0 percentage points on 2021 (from 42.84% to 42.84%). Across the 26 yearly changes before that (1996 to 2021), the average change was +0.03 percentage points and a typical year strayed about 0.14 percentage points from that (the standard deviation). This year's change was 0.2 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator TM.TAX.MRCH.BR.ZS, licensed CC BY 4.0. Original source: Staff estimates, World Bank (WB); World Integrated Trade Solution system (WITS), World Bank (WB); World Trade Organization (WTO) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

Want to ask your own questions of data like this? Try AnalyzeIt: upload a file or ask about public data in plain words, and every figure comes with its working.