Imports 2023: these are the countries from which Colombians buy the most

September 16, 2023

These are the countries to which Colombia has bought the most so far in 2023. With all of them, Colombia has a trade balance deficit. The figures are exorbitant.

Imports allow countries to purchase products abroad that for various reasons they do not produce or do not produce in sufficient quantity.

With globalization, imports are also explained by buyers’ preferences or the difference in prices or quality, so that in some cases the country does produce the good, but some consumers prefer to buy it imported.

You may read: Top 10 Most Influential Economists in History

In Colombia, five countries accounted for 61.5% of total imports between January and June 2023, according to DANE data. Recognizing these countries allows us to have a clearer picture of the trade relations that Colombia establishes with the world.

The following is a ranking of the five countries from which Colombia bought the most products in the first six months of the year, according to figures from the National Statistics Department.

The United States reigns in imports to Colombia

The North American power consolidates its position as Colombia’s main supplier, with imports valued at USD $8,087.1 million CIF between January and June 2023. So far this year, they represented 25.4% of the country’s foreign purchases.

Imports from the United States amounted to USD $157,825 million CIF between 2012 and 2022. The aggregate trade balance with this country during the same period was in deficit by USD $8,090 million FOB.

Among the most relevant products imported from the United States are fuels and mineral oils and their products, which accounted for 26% of U.S. imports, equivalent to USD $2,122.3 million CIF in 2023. Within this group of goods, motor gasoline and gas oils stand out.

Imports from China: astronomical figures

China is positioned as the second country that sells the most products to Colombia. Imports from that country had a value of USD $6,647 million CIF in 2023. So far this year, the weight of this country in total imports was 20.9%.

Between 2012 and 2022, imports of Chinese origin totaled USD $124,798 million CIF. The trade balance with the Asian giant during the same decade totaled a deficit of USD $78,942 million FOB.

Electrical, recording or imaging apparatus and equipment, such as cell phones, occupy a prominent place among the goods imported from China, representing 27% of the total, with a value of USD $1,823.9 million CIF in 2023.

You may also read: Colombia ranked last in the International Tax Competitiveness Index

Brazil

Brazil is consolidated as the third country to which Colombia bought more products in the first months of 2023, with imports for a total value of USD $2,256.9 million CIF and a share in the first six months of 2023 of 7.1% of total imports.

Imports from Brazil between 2012 and 2022 reach USD $31.83 billion CIF. And, in the same period, the trade balance with the neighboring country totaled a deficit of USD $13,357 million FOB.

The main products imported from Brazil are motor vehicles, tractors, cycles, parts and accessories, which accounted for 20% of total imports from this country, with a value of USD $452 million CIF in 2023.

Mexico

In fourth place is Mexico, with imports worth USD $1,564.8 million CIF so far in 2023. This represents 4.9% of total imports during 2023.

Purchases of Mexican products between 2012 and 2022 had a cumulative value of USD $46,649 million CIF. The trade balance with Mexico in the same decade was in deficit by USD $31,865 million FOB.

The most prominent products imported from Mexico are mainly motor vehicles, tractors, cycles, parts and accessories, which accounted for 19% of total imports, with a value of USD $301.6 million CIF in 2023.

Germany

Germany closes this ranking as the fifth country to which Colombia bought the most products between January and June 2023, with imports worth USD $1,255 million CIF over the course of 2023. German imports weigh 3.9% of total imports in 2023.

Between 2012 and 2022, products were purchased from Germany for a total value of USD $23,261 million CIF. With the European country, the trade balance was in deficit by USD $16,133 million FOB during the same period.

The main products imported from Germany are pharmaceutical products, which represented 23% of imports from the European country for a value of USD $286.7 million CIF in the first six months of the year.