Volumes within the Colombian tourism industry have increased over the past four years, driven by the country's improved air connectivity and government initiatives to promote tourism.
However, the government's expenditure on tourism is relatively low and accounted for only 5.3% of the nation's total GDP in 2012, valuing US$0.02 trillion.
In comparison, neighbouring countries such as Brazil and Venezuela allocated US$176.81 trillion and US$10.23 trillion respectively.
The country's inbound tourist volumes expanded at a 2007-2012 period compound annual growth rate (CAGR) of 8.49% and are expected to record growth over 2013−2017 at a CAGR of 6.98%.
Colombia's tourism figures have experienced a steady growth over the last 10 years. From 2011 to 2012, tourism into the country grew 7% reaching 1.69 million tourists in 2012; with the United States, Canada, and Mexico among the 10 top markets for Colombia.
Colombia has been investing in its travel industry over the past decade and is finally starting to garner international attention. Instead of finding itself on lists of travel warnings, the country is appearing on lists of travel recommendations.
National Geographic listed the country's northern coast as one of the best trips for 2012, and Travelzoo has Colombia listed as one of its top destinations to visit in 2013.
Being an undiscovered destination, the country offers unique and magical experiences to amaze international visitors.
Colombia's tourism industry has been struggling with the country's dangerous reputation since the 1980s, which has been a hurdle for its international arrivals figure.
However, the country has improved its security situation drastically over the last decade and promoted a new, safer image internationally, which has helped tourism to flourish.
Most Colombians organize their trips through a local travel agent, and are known to be last minute planners, especially to overseas destinations.
The Internet has begun to affect the competitive balance in the travel and tourism industry, as it provides an efficient vehicle for information access, marketing, purchasing and paying for services. Most of the local travel agents have developed their own travel websites to offer online flight booking, hotels and car rentals.
For more information on the Colombian tourism industry, see the latest research: Tourism Market Research
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