Colombia reduced its trade balance deficit by almost half in July compared to the same month last year, due to a strong rebound in exports and a moderate increase in imports due to low domestic consumption, government figures showed on Monday.
According to the National Administrative Statistics Department (DANE), Colombian imports grew 11.8% in July. Analysts attribute the growth to an increase in foreign purchases of manufacturing products, a trend that has endured for seven consecutive months. In the first semester of 2017, including July, foreign purchases reached $26.6 billion dollars, representing an increase of 6.8%.
In July, imports from the United States represented 25% of the total, followed by imports from China, Mexico, Brazil, Germany, and Japan. Imports in the farming and agricultural sector increased by 1.4% as well, for a total of $459 million dollars.
Colombia’s trade deficit has continued to fall, from $7 billion in the first 6 months of 2016 to $4.8 billion between January and July of this year.