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October 20, 2022
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Trade deficit increased 46% in August compared to 2021

Trade deficit increased 46% in August compared to 2021

In August of this year, imports registered a growth of 36.2% compared to the same month of 2021, going from US$5,348.5 million CIF (price that includes not only the cost of the merchandise but also transportation and insurance) to US$7,297.6 million, as announced yesterday by the National Administrative Department of Statistics (Dane).

(Read: The reasons for those who did not lower energy service rates).

Likewise, the Dane announced that in August 2022 the deficit in the trade balance Colombia recorded a balance of US$2,168.2 million FOB (not including freight or insurance), while in August 2021 there was a deficit of US$1,477.1 million FOB. This represents an increase of 46%.

On the other hand, for the year to August, the trade balance deficit accumulated a negative balance of US$9,373.2 million, while for the period January-August 2021 it was US$9,304.5 million.

In relation to importsthe manufacturing group, which for the eighth month of the year registered purchases for US$5,398.4 million, saw an increase of 49.2%, and contributed 36.2 percentage points to the total variation in the balance of imports. According to Dane, the general increase was explained especially by purchases abroad in this category.

(Also: 2023 Budget, the first advance of the Government before Congress).

In the case of imports of agricultural products, food and beverages, there was an increase of 60.7% compared to last year, and registered a value of US$ 1,100.3 million during August, while expert purchases of fuels and products of the extractive industries increased 32% and invoiced US$796.5 million.

Depending on the country of origin,he majority of Colombian imports in August came from Chinawith 24.4% of total purchases abroad, followed by imports from the United States, with 22.4%, Brazil (8.8%), Mexico (5.0%), France (4.1% ), Germany (3.4%) and Argentina (2.3%).

In the accumulated of first eight months of the year, imports were registered for US$52,694.7 millions, 43.2% above foreign purchases made in the same period of 2021 (US$36,802.6 million). Most of these have been manufactured, with a balance of US$38,876.9 million.

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