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The trade conflict started last month when Ecuador's President Daniel Noboa imposed tariffs as a complaint over Colombia's alleged failure to address security concerns.

The reduction is largely due to declines in key imports such as corn (-45.4%), soybean meal (-34.7%), and wheat (-37.3%).

Of the total corn subsidies paid by the US government, 68.7% went towards the production of ethanol, amounting to $0.06646 USD per kilogram subsidy.

Colombian energy company Bioenergy has signed its first commercial deal to begin selling ethanol from its plant in Meta to Bogotá-based oil and gas leader Terpel.

Bioenergy, operating from its El Alcaraván plant in the department of Meta, is currently storing its ethanol as it ramps up toward its target production goal.