Imports of foreign products increased 2.2% in May, about US$ 117 million more than in May 2023.

Foreign trade improved in Colombia. Imports of foreign products increased 2.2% in May. In total, US$5,535 million CIF were traded, an increase of US$117 million, compared to the same month in 2023, according to the National Administrative Department of Statistics (DANE).

Fuels and extractive industries drove this growth, with 10.4% and a share of 1.2%.

By segment, manufacturing imports were US$3,988.2 million CIF, an increase of 1.4% compared to the fifth month of 2023.

But what was it due to? The report indicates that there were greater purchases of chemical products and related products, with 12.8%, and manufactured items, with 8%.

Regarding the value of imports of fuels and products from extractive industries, it totaled US$ 718.5 million CIF. The market leader was natural and manufactured gas, which contributed 3.8% to the total variation.

On the other hand, external purchases by the Agricultural, food and beverage group fell 1.1%, with US$ 821.4 million CIF. According to DANE, it was due to lower imports of non-edible raw materials, except fuels, which plummeted 20.7%.

THE FIRST FIVE MONTHS ARE IN FALL

Despite this improvement in imports in May, so far this year the market continues to be negative, with -3.3%, mainly due to the agricultural sector, which registers a -9.6% drop. It is followed by the fuel and manufacturing sectors, with -5.3% and -1.7%, respectively.

In total, from January to May, Colombian imports were US$25,911.8 million CIF. Approximately US$ 984 million less than in the first five months of 2023.