The economic literature establishes that increases in the exchange rate (i.e., a depreciation) favors a country's competitiveness by decreasing not only country's relative prices but the price of productive inputs such as labor.Little is known about the causal effect between exchange rate depreciations and the level of employment in Colombia.This paper explores the effects that changes in the real exchange rate have on industrial employment for the thirteen major cities of the country.To do so, we take into account the degree of exposure of each city to exchange rate fluctuations.We use the industrial composition of each city and its levels of interaction with the rest of the world.The results suggest that when the export exchange rate depreciates 1% above the average of the sample, industrial employment increases by 0.2%.This effect is not amplified by a greater export orientation.Contrarily, when the import exchange rate depreciates 1% above the average of the sample, local employment is reduced by 0.4%.This last result suggests the existence of complementarities between local employment and foreign inputs, as not only the demand for imported goods but also for local employment is reduced when the exchange rate increases.The evidence suggests that the largest effects of an exchange rate depreciation on industrial employment are mainly due to the increase of the imports' cost and less due to cheapening exports.