30/9/2024
In July, agricultural and agro-industrial imports decreased
The total value of imports reached USD 648 million CIF, representing a 7.4% decrease compared to the same month last year.
Bogotá D.C., (@Minagricultura, @UPRAColombia, @dorairey). The Colombian agricultural and agro-industrial sector recorded a reduction in its imports during July 2024. According to recent data, the total value of imports reached USD 648 million CIF, which corresponds to a 7.4% decrease compared to the same month last year. This reduction is mainly due to the drop in imports of corn (-45.4%), soybean meal (-34.7%), and wheat (-37.3%).
Between January and July 2024, imports for the sector totaled USD 5.312 billion CIF, a decrease of 6.1% compared to the same period in 2023. The most significant declines were in corn (-23.4%), soybean meal (-27.2%), and coffee (-51.1%).
However, in terms of volume, imports in July reached 896,751 tons, showing a reduction of 13.2%. This negative trend was also driven by the drop in imports of corn (-28.9%), wheat (-28.8%), and soybean meal (-26.2%).
"The reduction in the value of imports reflects greater efficiency in national production chains and the implementation of policies promoting domestic consumption of agricultural products. This reinforces the importance of continuing to strengthen our national production and its capacity to supply the domestic market," said Dora Inés Rey, director of the Rural Agricultural Planning Unit (UPRA).
Increases in Accumulated Volume
Between January and July 2024, imports increased by 7% in volume, reaching 8.63 million tons. This increase is mainly explained by the rise in imports of corn (7.8%), ethyl alcohol (162.8%), and wheat (12.4%).
Over the last 12 months (August 2023-July 2024), imports in value decreased by 10.3%, while in volume, they recorded a slight growth of 2.1% compared to the same period last year.
Trade Balance
In terms of the trade balance, between January and July 2024, Colombia posted a value surplus of USD 1.601 billion FOB, representing a 105.1% growth compared to the same period in 2023. However, in volume, the trade balance registered a deficit of 5.26 million tons, 1.7% higher than the deficit recorded in the same period last year.
With these results, the Colombian agricultural sector continues to establish itself as a key player in the country's economic growth, while promoting more sustainable practices and strengthening the trade balance.
