29/5/2024
In March, agricultural sector imports dropped by 21%.
This decline is primarily attributed to the reduction in imports of key products such as wheat, corn, and rice.
Bogotá D. C., (@Minagricultura, @UPRAColombia, @claudialili76). The Agricultural Rural Planning Unit (UPRA) presents the report on imports of agricultural and agro-industrial products in March 2024, highlighting significant changes in imported values and volumes.
In March 2024, imports in the sector reached a value of USD 791 million CIF, representing a decrease of 21% compared to the same month in 2023. This decline is mainly attributed to the reduction in imports of key products such as wheat (USD 40.4 million, -43.9%), corn (USD 35.3 million, -19.9%), and rice (USD 31.9 million, -58.8%).
Claudia Cortés, director of UPRA, commented on these results: "The decrease in imports of key products reflects an adjustment in the behavior of the Colombian agricultural and agro-industrial market."
During the first quarter of the year (January-March), imports totaled USD 2.272 billion CIF, registering a reduction of 11.8% compared to the same period last year. This behavior is mainly explained by the decrease in imports of corn (USD 136.1 million, -25.3%), coffee (USD 40.2 million, -51.9%), and milk and its derivatives (USD 33.4 million, -38.3%).
In the analysis of the last 12 months (April 2023 to March 2024), imports decreased in value by 15.9% compared to the same period last year.
Import volumes
In terms of volume, imports in March 2024 were 1,427,720 tons, showing a decrease of 2.7% compared to March 2023. This decrease is mainly due to the reduction in imports of rice (64,521 tons, -58.4%), wheat (59,676 tons, -25.1%), and barley (28,044 tons, -99.9%).
Between January and March 2024, import volumes reached 3,755,227 tons, representing an increase of 2.1% compared to the same period last year. This increase is mainly due to the increase in imports of ethyl alcohol (74,253 tons, 213.9%), corn (73,147 tons, 4.6%), and wheat (46,763 tons, 10.2%).
During the last 12 months (April 2023 to March 2024), imports decreased in volume by 4.4% compared to the same period last year.
Trade balance in March 2024
In the year-to-date (January-March), the trade balance, in value, showed a surplus of USD 581 million FOB, representing an increase of 174.4% compared to the surplus recorded in March 2023.
In terms of volume, in March 2024, the trade balance showed a negative balance of 2.36 million tons, a deficit 6.7% lower than the balance recorded in March 2023.
