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23.7% Growth in Imports of Automobiles and Parts to Japan(Colombia)

The Colombian National Statistics Office (DANE) released export and import statistics for 2022 on January 31 and February 14, respectively. According to the report, trade (on a customs-cleared basis) in 2022 was $57.115 billion in exports, up 38.0% from the previous year, and $77.413 billion in imports, up 26.7% from the previous year (see attached Table 1). The trade balance showed a deficit of $14.331 billion, narrowing by $9.278 billion (see note).

Traditional products, which accounted for 63% of exports, totaled $36,097.59 million, up 58.4% from the previous year. By commodity, petroleum and its derivatives saw a slight 0.8% increase in export volume over the previous year, but a 40.2% increase in value due to higher prices, while coal and coke also saw only a 2.2% increase in export volume, but a more than doubling in value. Coffee exports fell 8.8% in volume, but increased 28.2% in value. According to the Colombian Coffee Growers Federation (FNC), the internationally traded price of Colombian coffee beans averaged $2.9 per pound in 2022, up 44% from the previous year.

By major country/region, the largest destination was the U.S. at $14.758 billion, a 34.7% increase over the previous year (see attached Table 2). Mineral fuels and their derivatives, which account for about half of exports to the country, were up 59.7%, while exports of coffee (up 32.9%) and flowers (oysters, up 21.9%) were also strong. Next in growth were Panama ($5.834 billion, up 2.4x), the Netherlands ($2.698 billion, up 2.8x), India ($2.466 billion, up 10.1%), and Brazil ($2.333 billion, up 13.8%), which was second only to the U.S. in export value in 2021. China, which declined 40.8% to $2.167 billion in 2022. This was due to a 59.4% year-on-year decline in mineral fuels and their derivatives, its main export commodities.

Imports in 2022 totaled $77,413 million, up 26.7% from the previous year, with industrial products, which account for more than 70% of total imports, increasing 21.6% to $57,241 million, and agriculture, forestry, fisheries, food, and beverages, which account for 14.6%, rising 25.6% to $11,307 million. By product category, petroleum and its derivatives took the top spot, nearly doubling from the previous year. This was due to imports from the U.S., which nearly doubled. This was followed by automobiles at $7.086 billion, up 31.7%, and telecommunications and video reproduction equipment at $4.294 billion, up 9.4%.

By major country/region, the U.S. was the largest import partner, with $18.839 billion, up 33.9% from the previous year. China was next, with $18.699 billion, up 26.4% from the previous year. From China, sales of recording and video equipment increased 30.9%, machinery and electrical equipment rose 23.5%, and automobiles and parts for automobiles and parts for automobiles rose a substantial 61.3%.

In trade with Japan, exports to Japan rose 29.6% to $606 million, while imports from Japan increased 13.2% to $1,436 million. Among exports, coffee and fuel increased 28.4% and 1.5 times more than the previous year, respectively. Among imports, automobiles and parts thereof rose 23.7%, and machinery and electrical equipment increased 14.4%.


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