Oil recovery helped reduce trade balance deficit in 2017
The balance of trade deficit in Colombia was US $ 6,176.5 million FOB, while in 2016 there was a deficit of US $ 11,092.6 million FOB, according to the Dane.
In 2017 there was a reduction in the trade balance deficit of 44.3%. Market analysts said that the drop was due to an increase in exports that was mainly due to oil.
According to market agents, crude showed signs of recovery compared to 2015 and 2016, so exports benefited in price and quantity. In addition, the stability in the exchange rate, which was around $ 3,000, also contributed to the deficit being reduced considerably last year.
“The result of the commercial balance of 2017 and, especially, that of the month of December confirm that the economic reactivation is underway.
Colombia knew how to face the difficult global environment that marked the world economy in recent years. We continue working to be more competitive so that Colombian products reach more markets, “said Minister of Commerce, Industry and Tourism, María Lorena Gutiérrez.
On the other hand, in 2017 the deficit with China decreased by US $ 763.1 million FOB (Free on Board), this behavior was explained by the increase of US $ 683.7 million FOB in exports of crude oil.
It is worth noting that, in December of last year, there was a surplus in the Colombian trade balance of US $ 485.4 million FOB, while in the same period of 2016 there was a deficit of US $ 384.2 million.
The country’s external purchases reached US $ 46,075.7 million CIF (Cost, Insurance and Freight) with a variation of 2.6% compared to the figure of 2016 when imports were US $ 44,889.4 million CIF.
According to the Dane, this behavior was mainly explained by the 3.9% growth in imports of manufactures, from US $ 33,921.9 million CIF in 2016 to US $ 35,232.0 million CIF in 2017.
“Imports of manufactures increased 3.9%, as a result of higher purchases of machinery and transport equipment (3.1%),” said Dane.
On the other hand, in the group of fuels (-1.2%) the products that contributed most to the drop in imports were fuels and mineral lubricants and related products (-3%).
In addition, imports of the agricultural, food and beverages group decreased 0.3%; this result was explained by the lower imports of cereals and cereal preparations (-2.2%).
In December 2017, imports declined by 10% compared to the same period of 2016 when the variation showed a fall of only 2.8%.
It must be said that the purchases of fuels and products from the extractive industries presented a decrease of 25.2%, standing at US $ 385.1 million CIF due to lower external purchases of gas oil, and gasoline for engines and other light oils.
Meanwhile, the products of the manufacturing group registered imports amounting to US $ 2,749.1 million CIF, falling by 8.2% compared to December 2016, when they stood at US $ 2,993.5 million CIF.
In addition, purchases of agricultural products, food and beverages showed a decrease of 4.3%, standing at US $ 485.5 million CIF. Behavior explained in the decrease of imports of fixed oils and fats of vegetable origin and beverages.
Finally, in December, Colombian imports from the United States participated with 25.5% of total imports; Foreign purchases followed from China, Mexico, Brazil, Germany, Japan and India.