9/9/2024
In June, imports increased by 2.8% compared to the same month last year.
This trend was mainly driven by the increase in imports of products such as ethyl alcohol, soybeans, and barley.
Bogotá D. C., (@Minagricultura, @UPRAColombia, @claudialili76). The Colombian agricultural and agro-industrial sector experienced growth in imports during June 2024, both in value and volume. According to the most recent data, the value of imports reached USD 711 million CIF, representing a 2.8% increase compared to the same month last year. This trend was mainly driven by the rise in imports of products like ethyl alcohol, soybeans, and barley.
In June 2024, imports of ethyl alcohol increased by USD 16.1 million (109.5%); soybeans by USD 11.8 million (180%); and barley by USD 8.5 million, reflecting a significant rise in these key products for the agricultural and agro-industrial industry. However, during the January to June 2024 period, the total value of imports registered a 5.9% decrease compared to the same period in 2023, reaching a total of USD 4.664 million CIF. This reduction was mainly due to decreases in imports of corn (-20.1%), soybean meal (-26.3%), and coffee (-50.9%).
In a broader analysis, imports in the sector over the past 12 months (July 2023 to June 2024) showed a value decrease of 11.4% compared to the same period the previous year, reflecting changes in demand and market dynamics.
Increase in Import Volume
The volume of imports in the agricultural and agro-industrial sector also showed a notable increase in June 2024, reaching 1,146,061 tons. This represents a 25.5% rise compared to the same month in 2023. This increase was driven by higher imports of corn (31.3%), barley, and soybeans (235.3%).
Between January and June 2024, the volume of imports reached 7,737,054 tons, a 9.9% increase compared to the same period last year. This growth was mainly driven by higher imports of corn (13.9%), wheat (18.5%), and ethyl alcohol (182.3%). Over the past 12 months, the volume of imports in the sector grew by 2.2%.
Trade Balance in 2024
So far in 2024 (January to June), the trade balance of the agricultural and agro-industrial sector showed a surplus in value of USD 1.259 billion FOB, an increase of 111.7% compared to the same period in 2023. However, in terms of volume, the trade balance showed a deficit of 4.77 million tons, which represents a 5.5% increase compared to the same period last year.
