Colombia registered a trade deficit of US$7,199.2 million in the period between January and July 2022, reported the National Administrative Department of Statistics (Dane), presenting a new report on the dynamics of national foreign trade.
This figure is the result of achieving exports in this period for US$34,561.2 million and imports for US$41,760.4 million, according to the records of the document.
(See: Merchants concerned about high import and credit costs).
Now, when comparing the trade deficit for seven months in 2022 compared to the same period in 2021, a slight reduction of US$628.2 million, that is, 8.02%, since for this period last year the imbalance was US$7,827.4 million.
Last year’s data reflects a record of exports for US$21,633.1 million and imports for US$29,460.6 million.
However, toComparing the trade deficit for the period January-July 2022 with its similar one in 2019, it can be seen that the imbalance has increased by US$1,728.4 million, or 31.61%, from the US$5,470.8 million of the pre-pandemic.
(See: Imports close the first semester at US$38,506.3 million CIF).
When segmenting the study for the seventh month of the year, a reduction is also observed between July 2022 and its counterpart in 2021.
Specifically, for July of this year exports were registered for US$5,913.9 million and imports for US$6,408.2 million, yielding a deficit result of US$494.2 million, an amount slightly less than the figure reached last year, when the imbalance was US$1,017.4 million.
At the same time, It also represents a considerable reduction compared to the trade deficit figure reached in July 2019, when it was US$1,103.7 million, after registering US$3,255.8 million for exports and US$4,359.5 million for imports.
(See: In seven months, the trade deficit was reduced by US$628.2 million).
In fact, the result of the trade deficit for July 2022, US$494.2 million, is the second lowest for Colombia since July 2017 when it reached US$459.6 million.
By countries, as of July this year, Colombia has a deficit of US$1,109 million with Brazil; US$1,328 million with Mexico and US$358.8 million with Argentina; these being the largest in Latin America.
With the United States, the imbalance rises to US$2,215.3 million and with the European Union it is US$1,312.3 million.
(See: The challenge is to exceed exports by US$60,000 million this year).
On the other hand, there are balances in favor with Chile of US$444.7 million; Venezuela with US$301.6 million; Panama with US$3,636.5 million and Ecuador with US$562.5 million.
Between January and July 2022, the country’s exports were for US$34,561.2 million.
As in each monthly foreign trade bulletin, the National Administrative Department of Statistics (Dane) presented the balance of purchases abroad.
When talking about imports in seven months of 2022, a record of US$45,397.1 million CIF is observed, registering an increase of 44.3% compared to the same period of 2021.
It is worth clarifying that the CIF value is the calculation that includes the cost of the merchandise, insurance and freight.
(See: Antioquia, Bogotá and Cesar, the regions that export the most).
In this period, purchases abroad were led by the category of manufactures, in the order of US$33,478.6 million CIF, growing by 37.6% versus 2021 when they reported US$24,321.8 million CIF.
It is followed by the categories of agriculture, food and beverages for US$6,524.3 million CIF, that is, growing by 36.6% versus the previous year; while the fuel division closed at US$5,316.8 million CIF, a rebound of 129.5% versus 2021.
On the other hand, imports also rose by 49.2% when compared to the same period in 2019, when they totaled US$30,420.2 million CIF.
Compared to the time of the pre-pandemic, that is, 2019, all categories also grew, being the fuel division the one with the greatest growth with a rebound of 67.4%, followed by agriculture, food and beverages with 63.4%.
(See: Mining-energy exports to the US exceed pre-pandemic levels).
Finally, when doing the monthly analysis for July, imports grew by 43.5% between 2021 and 2022, registering a balance of US$6,890.9 million for the current year.
In this period, for the dynamics of the war in Ukraine, the category with the greatest variation was fuels with a rebound of 215.5% contributing US$871.1 million of the total registered.
Where do the imports come from?
According to the Dane document, merchandise of United States origin participated with 26% of the total registered in the period January-July 2022; followed by those from China with 24%; Brazil, with 6.2%; Mexico, with 5.2%; France, obtaining 3.1%; Germany with 3% and India with 2.2%.
Going deeper, it is evident that imports from the United States, the country’s main trading partner, grew by 60.7% annually, driven by purchases of diesel and gasoline for motors; while those of China they were boosted by 44.8%.
According to the text, the greatest variation was recorded in the activity with France, which grew by 127.4% in response to imports of aircraft of more than 2,000 kg and 15,000 kg, which rose by 192.1% and 293%, respectively.
When segmenting only by the month of July, the destinations are the same except that India is replaced by Spain with 2.7% of purchases.
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