Colombia: Trade balance, percent of GDP
* indicates monthly or quarterly data series
| Colombia |
Trade balance as percent of GDP |
|---|---|
| Latest value | -4.96 |
| Year | 2023 |
| Measure | percent |
| Data availability | 1960 - 2023 |
| Average | -1.73 |
| Min - Max | -7.67 - 6.84 |
| Source | The World Bank |
The latest value from 2023 is -4.96 percent, an increase from -7.61 percent in 2022. In comparison, the world average is -3.03 percent, based on data from 137 countries. Historically, the average for Colombia from 1960 to 2023 is -1.73 percent. The minimum value, -7.67 percent, was reached in 2021 while the maximum of 6.84 percent was recorded in 1986.
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* indicates monthly or quarterly data series
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The trade balance for Colombia and other countries is calculated as the difference between the exports and imports of goods and services, as percent of GDP. A positive number means trade surplus and a negative number means trade deficit.
Definition: External balance on goods and services (formerly resource balance) equals exports of goods and services minus imports of goods and services (previously nonfactor services).
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 126.39 | 2021 | percent |
| Trade openness | 40.49 | 2023 | percent |
| Financial openness | -0.166 | 2021 | index points |
| Exports, percent of GDP | 17.84 | 2023 | percent |
| Exports, billion dollars | 64.84 | 2023 | billion U.S. dollars |
| Growth of exports | 3.13 | 2023 | percent |
| Imports, percent of GDP | 22.72 | 2023 | percent |
| Imports, billion dollars | 82.35 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 4.72 | 2023 | percent |
| Foreign Direct Investment, billion dollars | 17.14 | 2023 | billion U.S. dollars |
| Portfolio investment inflows, equities | 19.92 | 2023 | million dollars (current) |
| Current account, percent of GDP | -3.88 | 2023 | percent |
| Current account, in dollars | -9.13 | 2023 | billion U.S. dollars |
| Current Account, quarterly | -2.13 | 12/2024 | percent |
| Trade balance, percent of GDP | -4.96 | 2023 | percent |
| Trade balance, in dollars | -7.96 | 2023 | billion U.S. dollars |
| Reserves | 59.04 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 2.78 | 2023 | percent |
| Remittances | 10,111.59 | 2023 | million U.S. dollars |
| Net errors and omissions | 804.30 | 2023 | million USD |
| External debt | 55.79 | 2022 | percent |
| Short-term external debt | 10.09 | 2023 | percent |
| Short-term debt to reserves | 33.74 | 2023 | percent |
| Foreign exchange reserves | 63.61 | 9/2024 | billion |