Colombia Trade Balance July 2021


Colombia: Merchandise export growth eases in July

August 30, 2021

Merchandise exports grew 27.4% year-on-year in July, slowing from June’s 33.1% expansion. Looking at the details of the release, July’s milder increase was largely due to fuel shipments—the country’s key export—growing at a more moderate pace compared to June.

Merchandise imports increased 28.3% in July, moderating markedly from June’s record-high expansion of 69.2%. Consequently, the merchandise trade deficit widened to USD 1.2 billion in July from the USD 0.9 billion one clocked in July 2020. Accordingly, the trend deteriorated, with the 12-month trailing merchandise trade balance logging a USD 12.9 billion deficit in July from the USD 12.6 billion deficit recorded in June.

LatinFocus Consensus Forecast panelists project merchandise exports to expand 21.7% in 2021, and merchandise imports to grow 16.2%, resulting in a USD 7.5 billion trade deficit. In 2022 our panel estimates merchandise exports and imports to grow 9.1% and 7.5% respectively, with a trade deficit of USD 7.4 billion.

Author:, Junior Economist

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Colombia Trade Balance Chart

Colombia Exports July 2021

Note: Year-on-year and annual average variation in %.
Source: Colombia National Statistical Office (DANE).

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