Colombia Trade Balance December 2020


Colombia: Decline in exports moderates in December

February 4, 2021

Merchandise exports dropped at a softer pace of 9.0% year-on-year in December 2020, following November’s 14.3% plunge and logging the weakest contraction since February 2020. December’s milder downturn was largely attributed to a softer decline in fuel shipments. Meanwhile, exports of agricultural products grew at a significantly quicker rate.

Similarly, in November, the latest month for which data is available, merchandise imports dropped at a weaker annual rate of 12.7%, following October’s 15.0% contraction. As a result, the merchandise trade deficit narrowed to USD 1.4 billion in November from USD 1.6 billion in November 2019. Lastly, the trend also improved slightly, with the 12-month trailing merchandise trade balance recording a USD 9.8 billion deficit in November, compared to the USD 10.0 billion deficit tallied in October.

LatinFocus Consensus Forecast panelists project merchandise exports to expand 11.6% in 2021, and merchandise imports to grow 9.8%, resulting in a USD 7.5 billion trade deficit. In 2022 our panel estimates merchandise exports and imports to grow 11.5% and 10.2% respectively, with a trade deficit of USD 7.8 billion.


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Colombia Trade Balance Chart

Colombia Exports December 20 20 2

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

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