Colombia’s potential to make exports an engine of growth and job-creation is large, thanks to stable macroeconomic conditions and several trade agreements. However, the potential remains unrealised. Exports have remained low over the last decades and highly concentrated in terms of goods, destinations and regions. The costs to trade are among the highest in the world, driven by infrastructure bottlenecks and weak logistics. Good progress has been made in improving primary roads but significant gaps remain in other areas. Colombia has now a historic opportunity to explore new export opportunities beyond extractive activities, including agriculture or services. Realising Colombia’s potential and opportunities will require promoting competitiveness and productivity by reducing the scope of non-trade barriers, continuing to improve infrastructure and boosting competition in services, including logistics. Optimising innovation support programmes and fostering entrepreneurship and access to finance would also be fundamental. Going digital, by promoting further adoption and use of ICT technologies, would also boost firms’ competitiveness and the connectivity of regions.