Colombia Trade Balance March 2022


Colombia: Merchandise export growth picks up in March

May 3, 2022

Merchandise exports expanded 46.8% year-on-year in March, accelerating from February’s 43.0% increase. Looking at the details of the release, March’s pickup was due to a sharp acceleration of growth in fuel shipments—the country’s key export—which more than offset after export growth of agricultural and manufacturing goods.

Merchandise imports, meanwhile, grew 41.4% in March, easing from February’s 44.9% expansion, and marking the softest increase in eight months. Consequently, the merchandise trade deficit narrowed to USD 1.1 billion in March from the USD 1.2 billion shortfall recorded in March 2021. Accordingly, the trend deteriorated, with the 12-month trailing merchandise trade balance coming in at a USD 16.2 billion deficit in March (February: USD 16.3 billion shortfall).

LatinFocus Consensus Forecast panelists project merchandise exports to expand 16.7% in 2022, and merchandise imports to grow 7.6%, resulting in a USD 11.2 billion trade deficit. In 2023 our panel estimates merchandise exports and imports to grow 3.3% and 2.8% respectively, with a trade deficit of USD 11.2 billion.

Author:, Economist

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Colombia Trade Balance Chart

Colombia Exports March 2022

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

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