This paper studies the dynamics between the Colombian external trade sector and real exchange rate variations of the Colombian currency within the theoretical framework of the Marshall-Lerner condition. To comprehensively study these dynamics, the analysis is disaggregated for commodity trade, i.e. goods with prices set in the international market, and trade of non-commodities, for which prices are formed at an exporter-importer level. In addition, Colombian bilateral trade with the U.S. and Venezuela, its two main trading partners, is provided distinct attention alas to consider two distinct trade scenarios, one where a country transacts internationally in its local currency versus another where the country does not. The M-L condition holds for the cases of Colombian non-commodity trade between with the U.S., and with Venezuela. Colombian commodity trade showed being unresponsive to changes in the Colombian terms of trade.