Colombia's trade balance deficit grew 63% in one year

Colombia’s trade balance deficit grew 63% in one year

The deficit of Colombia’s trade balance grew 63.21% between the first two months of 2022, compared to the same period in 2021. This was stated by the National Administrative Department of Statistics (Dane) in the publication of the import report this Thursday.

Specifically, between January and February 2021, imports from Colombia were US$10,790.6 million and exports totaled US$8,003.8 million, which resulted in a deficit of US$2,786.8 million.

This data represents a rebound of more than 63% when compared to the same period in 2021 when the deficit stood at US$1,707.2 million after registering US$7,257.1 million in imports and US$5,549.9 million in exports.

Likewise, when comparing the data for 2022 against its similar data for 2020, there is evidence of a growth of 82.69% in the trade deficit. In the first two months of the year of the pandemic, the trade deficit was US$1,525.1 million, after registering US$7,888.2 million in imports and US$6,363.1 million in exports.

Trade balance with the war countries

Like last year in January, the Dane once again highlighted the country’s commercial activity with Ukraine and Russia, the countries involved in the war that has been raging in Eastern Europe for two months.

Thus, in February 2022, Colombia registered a trade balance deficit with the Russian Federation of US$52.3 million and with Ukraine of US$16.8 million.

IMPORTS

In the period January-February 2022, Colombian imports were US$11,877.3 million and registered an increase of 53.7%, compared to the same period in 2021, according to the Dane report.

According to import declarations, merchandise of Chinese origin participated with 28.4% of the total registered in the two-month period, followed by those originating in the United States, Brazil, Mexico, France, Germany and India.

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