Agricultural Imports Into Colombia Decline for July 2024

Colombia’s agricultural and agro-industrial sector experienced a drop in imports for July 2024, totaling USD $648 million CIF. This represents a 7.4% decrease compared to the same month in 2023. The reduction is largely due to declines in key imports such as corn (-45.4%), soybean meal (-34.7%), and wheat (-37.3%).

From January to July 2024, total imports reached USD 5.31 billion, a 6.1% decrease compared to 2023. Significant reductions were seen in corn (-23.4%) and soybean meal (-27.2%). The sector’s total import volume for July also fell by 13.2%, reaching 896,751 tons, with corn and wheat leading the decline.

Dora Inés Rey, director of the Unidad de Planificación Rural Agropecuaria (UPRA), defended the numbers and her administration, saying that the reduction in import value reflects increased efficiency in local production chains and the implementation of policies promoting domestic consumption of agricultural products.

However, from January to July 2024, there was a 7% rise in import volume, reaching 8.63 million tons, driven by increases in corn (7.8%), ethanol (162.8%), and wheat (12.4%).

In terms of the trade balance, Colombia posted a value surplus of USD 1.6 billion FOB between January and July 2024, a 105.1% increase from the previous year. Despite this, the country recorded a volume deficit of 5.26 million tons, a 1.7% increase over the same period in 2023.

For more details, visit the MinAgricultura website.

Above image of Colombia’s signature chicken and potato soup called Ajiaco by Loren Moss