Colombia's trade deficit narrowed to USD 1.09 billion in July 2020 from USD 1.31 billion in the corresponding month of the previous year. Imports tumbled 20.8 percent year-on-year to USD 3.64 billion, due to lower purchases of manufactured products (-17.3 percent), namely machinery & transport equipment (-22.6 percent); and fuels & extractive industry products (-58.9 percent), in particular petroleum products & related (-67.9 percent); and agricultural products, food & beverages (-7 percent), of which inedible raw materials, except fuels (-44.4 percent). Exports declined 21.7 percent to USD 2.55 billion in July 2020, as sales fell for fuels & mining products (-44.8 percent), mostly oil & oil products (-50.9 percent); and manufacturing goods (-21.4 percent), namely machinery & transport equipment (-38.7 percent).
Balance of Trade in Colombia averaged -0.22 USD Billion from 1980 until 2020, reaching an all time high of 0.81 USD Billion in December of 2011 and a record low of -1.97 USD Billion in January of 2015. This page provides - Colombia Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Colombia Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Dane, Colombia
Balance of Trade in Colombia is expected to be -0.50 USD Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Colombia to stand at -0.40 in 12 months time. In the long-term, the Colombia Balance of Trade is projected to trend around 0.20 USD Billion in 2021 and -0.90 USD Billion in 2022, according to our econometric models.