Colombia: Merchandise exports grow at weaker pace in October

Merchandise exports shot up 16.6% over the same month last year in October, on the heels of September’s 26.0% jump. The result marked the softest increase since October 2021. Meanwhile, merchandise imports rose 3.4% over the same month last year in October (September: +11.9% yoy), marking the weakest result since February 2021.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.6 billion shortfall in October (September 2022: USD 1.1 billion deficit; October 2021: USD 2.8 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 17.2 billion deficit in October, compared to the USD 17.5 billion deficit in September.

LatinFocus Consensus Forecast panelists project merchandise exports to contract 1.4% in 2023 and imports by 2.2%, resulting in a USD 9.4 billion trade deficit. In 2024 our panel estimates merchandise exports to grow 7.1% and imports by 5.3%, with a trade deficit of USD 8.8 billion.