Colombia Trade Balance November 2021

Colombia

Colombia: Merchandise export growth hits seven month high in November

December 31, 2021

Merchandise exports expanded 58.0% year-on-year in November, accelerating markedly from October’s 43.5% increase. The print marked the strongest growth in seven months. Looking at the details of the release, November’s upturn was largely due to fuel shipments—the country’s key export—growing at a skyrocketing pace in November.

Merchandise imports increased 41.9% in November, moderating from October’s 51.3% rise. Consequently, the merchandise trade deficit widened to USD 1.6 billion in November from the USD 1.4 billion shortfall recorded in November 2020. Accordingly, the trend deteriorated, with the 12-month trailing merchandise trade balance coming in at a USD 14.9 billion deficit in November (October: USD 14.7 billion shortfall).

LatinFocus Consensus Forecast panelists project merchandise exports to expand 10.0% in 2022, and merchandise imports to grow 4.7%, resulting in a USD 11.7 billion trade deficit. In 2023 our panel estimates merchandise exports and imports to grow 4.2% and 4.7% respectively, with a trade deficit of USD 12.5 billion.


Author:, Economist

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Colombia Trade Balance Chart


Colombia Exports November 2021 1

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


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