Colombia's trade deficit narrowed to USD 1.0 billion in August 2020 from USD 1.65 billion in the same month of the previous year. Imports slumped 27.3 percent over a year earlier to USD 3.57 billion, due to lower purchases of manufactured products (-22.2 percent), of which machinery & transport equipment (-21.5 percent); fuels & extractive industry products (-67.1 percent), namely petroleum products & related (-73.7 percent); and agricultural products, food & beverages (-19.1 percent), in particular food products & live animals (-17.3 percent). Exports dropped at a softer 21.3 percent to USD 2.57 billion, as sales declined for fuels & mining products (-35.8 percent), mostly oil & oil products (-38.8 percent); manufacturing goods (-17.2 percent), of which manufactured articles, classified mainly according to material (-29.7 percent); and agricultural goods, food & beverages (-7.1 percent), mainly flowers (-27.4 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 October of 2020. source: Dane, Colombia
Balance of Trade in Colombia is expected to be 1.20 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.