Colombia Trade Balance August 2021

Colombia

Colombia: Merchandise export growth picks up slightly in August

October 1, 2021

Merchandise exports grew 28.4% year-on-year in August, accelerating mildly from July’s 27.4% expansion. Looking at the details of the release, August’s stronger increase was largely due to manufacturing exports growing at a faster pace. That said, fuel shipments—the country’s key export—expanded at a more moderate pace in August compared to July.

Merchandise imports increased 41.7% in August, accelerating markedly from July’s 29.3% increase. Consequently, the merchandise trade deficit widened to USD 1.5 billion in August from the USD 0.8 billion one clocked in August 2020. Accordingly, the trend deteriorated, with the 12-month trailing merchandise trade balance logging a USD 13.6 billion deficit in August from the USD 12.9 billion deficit recorded in July.

LatinFocus Consensus Forecast panelists project merchandise exports to expand 24.1% in 2021, and merchandise imports to grow 18.6%, resulting in a USD 8.9 billion trade deficit. In 2022 our panel estimates merchandise exports and imports to grow 8.2% and 5.7% respectively, with a trade deficit of USD 8.4 billion.


Author:, Junior Economist

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Colombia Trade Balance Chart


Colombia Exports August 2021 1

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


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