Agricultural sector imports in May 2024 increased by 0.5%

This increase is mainly due to the rise in imports of rice (USD 37 million, 1,708.2%), wheat (USD 13.7 million, 22%), and ethyl alcohol (USD 13.5 million, 128%).
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Bogotá D. C., (@Minagricultura, @UPRAColombia, @claudialili76). The Agricultural Rural Planning Unit (UPRA) reports that imports of agricultural and agro-industrial products during May 2024 reached a value of USD 827 million CIF, representing an increase of 0.5% compared to the same month in 2023. This increase is mainly due to the rise in imports of rice (USD 37 million, 1,708.2%), wheat (USD 13.7 million, 22%), and ethyl alcohol (USD 13.5 million, 128%). 
 

 

Between January and May 2024, sector imports totaled USD 3.953 ​billion CIF, showing a reduction of 7.3% compared to the same period the previous year. This decrease is mainly explained by the drop in imports of corn (USD 188.4 million, -21.7%), soybean meal (USD 135.1 million, -28.9%), and soybeans (USD 65.5 million, -38.2%). Meanwhile, during the last 12 months (June 2023 to May 2024), the value of imports decreased by 14.4% compared to the same period the previous year.

 
"The results of May 2024 underline the complexity and volatility of international trade in the agricultural sector. Our commitment is to continue strengthening the productive and commercial capacities of the country to ensure sustainable and competitive development in the agricultural sector," said Claudia Cortés, director of UPRA.

In terms of volume, sector imports in May 2024 amounted to 1,421,464 tons, representing an increase of 22.4% compared to the same month in 2023. This behavior is mainly explained by the increase in imports of corn (179,944 tons, 44.6%), wheat (83,182 tons, 49.9%), and rice (68,257 tons, 2,270.1%). 

Between January and May 2024, the volume of imports reached 6,590,993 tons, representing an increase of 7.6% compared to the same period the previous year. This increase is mainly due to the rise in imports of corn (291,338 tons, 11.3%), wheat (165,154 tons, 21.8%), and ethyl alcohol (116,293 tons, 187.1%). During the last 12 months (June 2023 to May 2024), the volume of imports decreased by 2.2% compared to the same period the previous year.

 
The trade balance in value for the period January-May 2024 showed a surplus of USD 1.015 billion FOB, a figure 146.9% higher than the surplus recorded in the same period in 2023. In terms of volume, the trade balance showed a negative balance of 4.05 million tons, a deficit 0.6% lower than the balance recorded in the same period in 2023.