Colombia Trade Balance September 2021


Colombia: Merchandise export accelerated notably in September

November 2, 2021

Merchandise exports expanded 40.4% year-on-year in September, accelerating markedly from August’s 28.4% growth. Looking at the details of the release, September’s stronger increase was largely due to fuel shipments—the country’s key export—increasing at a more robust pace in September compared to August.

Merchandise imports increased 56.0% in September, picking up from August’s 45.4% increase. Consequently, the merchandise trade deficit widened to USD 1.6 billion in September from the USD 0.8 billion one clocked in September 2020. Accordingly, the trend deteriorated, with the 12-month trailing merchandise trade balance logging a USD 14.3 billion deficit in September from the USD 13.5 billion deficit recorded in August.

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 September 2021

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

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