Exports suffered a drop of 12.9% in 2023
Last year, Colombian exports reached US$49,542.9 million, which represented a decrease of 12.9% compared to the same period in 2022, when they totaled US$56,910.1 million, according to the Administrative Department. National Statistical Office (Dane).
According to data provided by Dane, between January and December 2023, exports of the group of fuels and products from the extractive industries were US$25,913.2 million, showing a reduction of 18.6% compared to the year former. This decrease was mainly influenced by the drop in external sales of coal, coke and briquettes (-25.4%), as well as oil and its derivatives (-16.6%).
On the other hand, exports of the group of agricultural products, food and beverages reached US$10,078.6 million in 2023, reflecting a decrease of 12.8% compared to the previous year. This reduction was mainly attributed to the decrease in sales of unroasted coffee, decaffeinated or not (-29.4%).
Likewise, manufacturing exports totaled US$10,125.5 million in 2023, experiencing a drop of 3.8% compared to the previous year. This decrease was mainly attributed to the reduction in exports of chemicals and related products (-9.7%).
The only group in the export basket that increased sales was other sectors, with an increase of 14.3%, mainly explained by the increase in gold sales.
The United States remained Colombia’s main trading partner in 2023, with a 26.4% share of the total exported value (US$13,098.0 million). They were followed by Panama, China, India, the Netherlands, Ecuador and Brazil.
Economic analysts pointed out that this downward trend in Colombian exports during the month of December 2023 marked 13 consecutive months of contraction. This is mainly attributed to the slowing boom in commodity prices, such as oil, coal and coffee, which boosted exports in 2022, according to economic researchers at Bancolombia.